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From the unaudited statement of account submitted to the Nigerian Exchange on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax rose to ₦320 billion in Q1 2024, representing an increase of 270% from the ₦87 billion reported in Q1 2023. Profit after tax equally grew significantly by 291% from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.
The cost of funds grew by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157% from ₦71 billion reported inQ1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year increase in interest expense, net interest margin grew by 20% from 6.9% in the3 months ended March 2023 to 8.3% in the current period ending 31 March 2024.
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