Investor Presentaiton
Financial Highlights
ā Gross Earnings increased by 7.7% YoY to N55.1bn in Q1 2021 on account of 66.7% increase in Non-Interest
Revenue to N12.1bn from N7.2bn in Q1 2020. In absolute figure, the increase in NIR came from FX Related
Income, Digital Banking Income and Account Maintenance Charge etc.
NIM was unchanged at 6.3% compared to 2020FY, however, we sustained YoY drop in Interest Expenses which
translated to 17.1% increase in Net Interest Income despite 4.3% YTD growth in our Interest Bearing Liabilities.
Total Operating Income increased by 13.4% to N34.4bn while Operating Expenses grew by only 6.2% to
#23.0bn, resulting in 53.9% YoY increase in PBT to N10.1bn from N6.6bn in Q1 2020.
We converted our FCY Balance Sheet at FX Rate of N407.6/$ compared to N400.3/$ in Dec 2020.
Total Deposits grew by 3.1% YTD to N1,751.3bn driven by a strong growth in Low Cost Deposit which led to
N5.1bn (26.2% YoY) decline in Interest Expenses as Avg. Funding Cost dropped to 2.5% from 3.6% in 2020FY. FCY
Deposits increased by 7.7% YTD to #321.2bn while LCY Deposits increased by 2.1% YTD to N1,430.1bn.
Savings Deposits grew by 4.1% YTD to N441.6bn from N424.4 in 2020FY and was responsible for 32.9% of the
absolute growth in Total Deposits, an attestation of our increasing market share in the retail segment.
Risk Assets increased by 7.6% YTD to #41,426.3bn from N1,326.1bn in 2020FY. However, the actual growth was
6.8% while the impact of the currency adjustment accounted for 0.8% growth in the loan book.
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