The Bank’s audited results half year results released on the Nigerian Exchange Limited yesterday revealed that gross earnings increased from N346 billion reported in H1, 2021 to N405 billion in H1, 2022, in spite of a very challenging macroeconomic environment.
According to the results, this growth was underpinned by a 19 per cent year-on-year growth in interest income from N204 billion to N242 billion and an 18 per cent YoY growth in non-interest income from N127 billion to N149 billion. The growth in interest income was driven by the modest increase in the loan book and improved interest margins. The increase in non-interest income attests to the Group’s success in its income diversification strategy.
The Group also recorded an 11 per cent year-to-date increase in total customer deposits to close the period at N7.15 trillion. The retail strategy of the Group continues to deliver outstanding results as retail deposits grew by 17 per cent YtD from N1.82 trillion to N2.13 trillion. Retail activities also supported the growth recorded in fees on electronic products which grew by 45 per cent YoY from N17 billion to N25 billion.
Total assets rose to N10.12 trillion at the end of June 2022 from N9.45 trillion at the end of December 2021. Despite the headwinds imposed by the operating environment, the Group grew its risk assets as gross loans grew by five per cent YtD, from N3.5 trillion to N3.7 trillion.
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