The audited results at the
Non-Interest Revenue was driven by strong growth in
The Bank showed a good appetite in funding the real sector with Net Loans and Advances increasing by 15.8 per cent YTD to N1,535 billion from N1,326 billion in 2020FY.
However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/$ - H1 2021: N410.6/$) accounted for a 1.1per cent YTD growth in the loan book.
Cost of risk came in at 0.3 per cent and the NPL ratio (Stage 3 Loans) dropped to 2.8 per cent from 3.8per cent in 2020FY. Other regulatory ratios remain well above the minimum requirement: CAR at 18.8per cent from 18.2 per cent in 2020FY.
Total Deposits increased by 16.5per cent YTD to N1,980 billion from N1,699 bn in 2020FY, driven by increased deposit mobilization across all deposits types. Foreign currency deposits increased by 23.1 per cent YTD (
Speaking on the Bank's performance, MD/CEO of
"This resulted in 72.4per cent increase in profit before tax to N20.6billion from N12billion in H1 2020.Digital Banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cent of customer-induced transactions were done on digital platforms, "Onyeali-Ikpe.
"We look forward to sustaining the current momentum in H2 2021 by optimizing our balance sheet and lowering our cost - to - serve which will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,"Onyeali-Ikpe sdded.
Onyeali-Ikpe had on assumption of office as the bank's MD/CEO in
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