The group recorded N1.6 trillion in gross earnings, about 95.7 percent above the 2022 figure while the profit before tax rose 126.86 percent to N350.59billion during the
Insiders say that the bank’s performance is testament to the strong leadership provided by erstwhile Group Managing Director, Dr Adesola Adeduntan-led executive management team, who resigned his position in April after serving a record nine years at the helm. Interest income had a higher contribution at 60 percent relative to 40 percent from non-interest income, reflecting that core operation drove the income growth.
On the core operational side, the group’s customer deposits rose by 49.68 percent to N10.66trillion, and deposits from banks increased by 70.88 percent to N1.89trillion in 2023 over the previous year while shareholders’ funds improved by 75.45 percent to N1.75trillion, driven by a 48.09 percent rise in retained earnings, 531.43 percent growth in foreign currency translation reserve, and 35.38 percent in statutory reserve.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »