Financial Performance Highlights:
Earnings Analysis
❖ Gross revenue of ₦94.2 billion for the six months ended June 2021, was a 4% decline from ₦98.2 billion for the same period prior year.
❖ An increase in cost of funds, led to a 5% year on year drop in net interest income from ₦45.4 billion, for the first half of 2020, to ₦43.0 billion for the first half 2021.
❖ Non-interest income of ₦17.9 billion, for the six months ended June 2021, rose 2% Year-on-Year from ₦17.5 billion for the same period prior year. Fees and Commissions income increased 33.5% Year-onYear, as a result of an increase in customers’ transacting activities. However, this increase was muted by an 32.8% Year-on-Year drop in trading income, caused by lower volumes of fixed income instrument trades during the quarter. There was also a non-recurrence, in HY21, of the level of FX revaluation income seen in HY20.
❖ Operating expenses rose 9% Year-on-Year to ₦48.0 billion in the first half of 2021, largely due to increased regulatory costs.
❖ Net impairment loss on financial assets decreased by 48% Year-on-Year to ₦4.0 billion, for the six months ended June 2021, from ₦7.7 billion for the same period prior year.
❖ Profit after tax (PAT) of ₦7.6 billion, for the first half of 2021, dropped 22% Year-on-Year.
Financial Position:
❖ Loans and advances grew, 15% Year-on-Year and 3% Quarter-on-Quarter to ₦916.7 billion in June 2021.
❖ Total assets increased 14% Year-on-Year and 4% Quarter-on-Quarter to ₦2.24 trillion in June 2021.
❖ Customer deposits rose by 21% Year-on-Year and 1% Quarter-on-Quarter to ₦1.3 trillion in June 2021.
❖ Assets Under Management grew by 10% Year-on-Year to ₦500.0 billion in June 2021.
HY21 Key Ratios:
❖ Capital Adequacy Ratio – 15.9%.
❖ Liquidity Ratio – 35.7%.
❖ Non-Performing Loans (NPL) to Total Loans Ratio – 3.3%.
❖ Cost to Income Ratio – 78.8%.
❖ Net Interest Margin – 6.7%.
❖ Earnings per share – 38.16 kobo.
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