Digital Banking and Financial Performance Review
Revenue Generation
Revenue continued to improve as Gross earnings which comprise Funded Income (FI) and Non-Funded
Income (NFI) increased by 20.4% from #447.8bn in FY-2021 to #539.2bn in FY-2022.
Growth of 18.2% in Earning Assets volumes coupled with improvement in yields on Fixed Income
Securities (FY-2022: 5.0% vs FY-2021: 4.5%) and Loans and Advances (FY-2022: 11.8% vs FY-2021: 10.5%) led
to a 21.9% growth in Interest Income to #347.20bn in FY-2022 from #266.9bn in FY-2021. Consequently,
Funded Income contribution to Gross earnings grew to 60.3% in FY-2022 from 59.6% in FY-2021.
Non-Funded Income (NFI) grew by 18.2% to #213.8bn in FY-2022 from #180.9bn in FY-2022 based on an
increase in Fees and Commission Income, Net Trading Income and Other Income by 22.2%, 35.9% and
7.5% respectively.
Fees and Commission performance were helped by significant increases in fee-based transaction
volumes and E-Banking volumes, translating to growth in earnings posted on Account Maintenance
Charges of #2.66bn to #19.4bn in FY-2022, Account Services of #3.96bn to #13.4bn, E-Business Income of
N1.88bn to #25.45bn and Credit-Related Fees of N1.59bn to #7.64bn in FY-2022 respectively.
Other Income growth resulted from FX revaluation & derivative gains in the sums of #34.5bn and #14.7bn
largely. FX revaluation gains as a result of depreciation in Naira against USD in the I&E Window- #461.5/$1
vs #435/$1) between the two relevant periods and the Forward Rates applied while revaluing the Bank's
US$1.3bn net long position (inclusive of Other 3rd currencies) and, derivative gains from its US$563mm
swap position.
Interest Income (#'Bn)
224.7
190.8
195.0
181.6
185.5
110.4
104.5
103.7
11.6
10.9
4.8
4.2
85.8
67.7
14.9
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Placement
Investment Securities
Loans and Advances
Revenue Mix (N'Bn)
307.0
296.2
300.7
266.9
325.4
Non-Interest Income (\'Bn)
62.4
213.8
55.8
180.9
50.8
52.4
154.5
139.1
127.7
Dec-18
Dec-19
84.4
76.8
53.2
90.6
82.9
74.1
24.6
24.5
22.4
20.9
40.3
Dec-18
Dec 19
Dec-20
Dec-21
Dec-22
Dec-21
Dec-22
Other Income
Net Gains
Fee and Commission
Dec-20
Interest Income
Non interest income
20
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