COVID-19 Impact and Financial Review
Financial Highlights
Summary of Income Statement: QoQ Change
N'million
Q1 2020
Q2 2020
VAR
% VAR
Gross Earnings
51,159
54,596
3,437
6.7%
Interest Income Loans
32,340
31,373
(967)
-3.0%
Interest Income Liquid Assets
11,586
12,323
737
6.4%
Total Interest Income
43,926
43,696
(230)
-0.5%
Interest Expense Customer Deposits
(12,673)
(13,595)
922
7.3%
Interest Expense Borrowings
(6,653)
(6,381)
(272)
-4.1%
Total Interest Expense
(19,326)
(19,976)
650
3.4%
Net Interest Income
24,600
23,720
(880)
-3.6%
FX Income
1,965
6,354
4,389
223.4%
E-banking Income
1,624
1,546
(78)
-4.8%
Other Fee Income (Net)
2,126
4,710
2,584
121.5%
Net Fee Income
5,715
12,610
6,895
120.6%
Operating Income
30,315
36,330
6,015
19.8%
Total Expenses
(21,628)
(25,213)
3,585
16.6%
Net Impairment Losses
(2,103)
(5,738)
3,635
172.8%
Profit Before Tax
6,583
5,380
(1,204)
-18.3%
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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