Financial Performance Highlights
Overview Operating Environment Financial Review Guidance
Financial Performance Highlights - SCI
Summary of Income Statement
N'million
H1 2020
H1 2021
% VAR
Gross Earnings
105,755
112,304
6.2%
Interest Income Loans
63,713
74,850
17.5%
Interest Income Liquid Assets
23,909
14,272
-40.3%
Total Interest Income
87,622
89,121
1.7%
Interest Expense Deposits
-26,268
-24,345
-7.3%
Interest Expense Borrowings
-13,034
-14,479
11.1%
Total Interest Expense
-39,302
-38,824
-1.2%
Net Interest Income
48,320
50,297
4.1%
FX Income
Digital Income
Other Fee Income
Net Fee Income
8,319
9,720
16.8%
3,170
4,737
49.4%
3,880
5,416
39.6%
15,369
19,873
29.3%
Operating Revenue
63,689
70,171
10.2%
Operating Expenses
-46,841
-42,247
-9.8%
Gain/(Loss) from Fin. Instrument
2,956
-4,990
-268.8%
Net Impairment Losses
-7,841
-2,305
-70.6%
Profit Before Tax
11,963
20,628
72.4%
Gross earnings increased by 6.2% YoY as the
gradual recovery of business activities translated
to an increase in non-interest revenue.
➤ Total
customer
induced transactions
across all service channels increased by
58.0% YoY and 21.2% QOQ.
Digital banking income now represents 23.8% (H1
2020: 20.6%) of Net Fee Income and 20.4% (H1
2020: 17.5%) of NIR.
Total interest income increased by 1.7% YoY,
though interest income on liquid assets dropped
by 40.3% YoY caused by a combination of:
N52bn YTD drop in investments as we
optimize our balance sheet due to lower
market yields.
Maturing investments in securities carried
at lower yields.
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