COVID-19 Impact and Financial Review
Financial Highlights
Summary of Income Statement: YoY Change
N'million
H1 2019
H1 2020
VAR
% VAR
Gross Earnings
103,655
105,755
2,100
2.0%
Interest Income Loans
62,085
63,713
1,628
2.6%
Interest Income Liquid Assets
23,745
23,909
164
0.7%
Total Interest Income
85,830
87,622
1,792
2.1%
Interest Expense Customer Deposits
(35,672)
(26,268)
(9,404)
-26.4%
Interest Expense Borrowings
(13,259)
(13,034)
(225)
-1.7%
Total Interest Expense
(48,931)
(39,302)
(9,629)
-19.7%
Net Interest Income
36,899
48,320
11,421
31.0%
FX Income
4,501
8,319
3,818
84.8%
Digital Income
4,469
3,170
(1,299)
-29.1%
Other Fee Income (Net)
6,582
6,836
254
3.9%
Net Fee Income
15,553
18,325
2,772
17.8%
Operating Income
52,452
66,645
14,193
27.1%
Total Expenses
(43,261)
(46,841)
3,580
8.3%
Net Impairment Losses
621
(7,841)
8,462
1362.6%
Profit Before Tax
9,812
11,963
2,151
21.9%
Please note: Gross earnings was calculated based on total fees & commission income
Net fee income includes net gains/(losses) from financial instruments
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