The bank’s audited result for the period ended December 31, 2021, indicated a 49.9 per cent increase in PBT. The bank’s profit after tax rose by 52.1 per cent to N3.17 billion from N2.09 recorded in 2020. It also grew its gross earnings by 8.1 per cent to N50.28 billion from N46.52 billion in 2020.
The bank explained that the faster-than-expected recovery from the disruptions of the COVID-19 pandemic provided an opportunity to expand its retail footprint through strategic product offerings that appealed to broader segments of the market. Also, in the year under review, the lender grew its loan portfolio by 33.2 per cent to N269.27 billion from N202 billion, following the aggressive focus on boosting its liquid assets base.
This is even as the net interest income recorded a significant jump of 12.2 per cent to N20.05 billion from N17.74 billion in the corresponding period. Earnings per share closed at 27.15 kobo.