According to the 2018 financials filed at the Nigerian Stock Exchange on Tuesday, the bank’s gross earnings grew by 7.0 per cent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The bank’s total assets also grew significantly by 19.7 per cent to an unprecedented N4.9 trillion for the year under review.
Reflecting the modest appetite of the bank in the year under review as well as impact of IFRS 9 implementation, net loans recorded a prudent 3.9 per cent growth to N1.72 trillion while Customer Deposits increased by a remarkable 22.5 per cent to N3.3 trillion, compared to N2.7 trillion recorded in the corresponding period of 2017, reflecting increased customer confidence and enhanced service channels. Furthermore, Shareholders’ Funds decreased marginally by 4.8 per cent to N502.
Mr Uzoka remained confident that the bank’s performance would be even stronger in the years ahead and shareholders would enjoy even greater dividends, as the Group is well positioned to take advantage of imminent fiscal reforms across many economies in Africa, a positive outlook which should stimulate new opportunities in infrastructure, manufacturing, agriculture and resource sectors.
“With great optimism, we look forward to a more rewarding 2019 for our shareholders, as we further sweat our resources and optimize productivity towards delivering superior returns,” he concluded.