Financial Performance Highlights
Overview Operating Environment Financial Review Guidance
Increased customer deposits is changing our funding structure
N'million
2020FY
H1 2021
VAR
% VAR
Demand Deposits
883,300
1,046,064
162,764
18.4%
Savings Deposits
424,384
437,915
13,531
3.2%
Tenor Deposits
391,342
496,209
104,867
26.8%
Other Borrowings
99,055
105,450
6,395
6.5%
On-Lending
308,097
320,797
12,700
4.1%
Debt Securities
161,916
208,624
46,708
28.8%
Equity
273,533
273,372
(161)
-0.1%
Total
2,541,627 2,888,431
346,804
13.6%
H1 2021
10%
Demand
7%
11%
■Savings
6%
36%
35%
■Time
12% 2020FY
11%
4% 4%
15% 17%
17%
15%
■Other Borrowings
■ On-lending
■Debt
Equity
Customer deposits constitute 68.6% of total funding
base from 66.8% in 2020FY.
Customer deposits increased across all deposit types
(including FX deposits: 23.1% YTD) by 16.5% YTD to
N1.980.2bn from N1,699.2bn in 2020FY.
Actual growth was 16.0% while FX rate
adjustment was responsible for only 0.5% of the
total growth.
➤ Low cost deposits grew by 13.5% and was responsible
for 75.5% of the absolute growth in total customer
deposits.
➤ Savings deposit grew by 3.2% YTD: growth is now
pressured by relatively high yields in the market.
10yrs N41.2bn Tier II Bonds issued in Jan 2021 @ 8.5% led
to the 28.8% YTD increase in debt securities.
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