The bank posted a profit after tax (PAT) of N19.306 billion, indicating a growth of 70 per cent compared to N11.303 billion in the corresponding period of 2020.
Speaking on the bank's performance, the Managing Director/Chief Executive Officer of
A review of the financial result for the period indicated that the bank's gross earnings increased by 6.2 per cent to N112.3 billion on account of 27.8 per cent growth in non-interest revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.
NIR was driven by strong growth in commission on banking services (57.7 per cent), account maintenance charges (50.6 per cent), digital banking income (49.4 per cent) and trade income (33.7 per cent).
The report also indicated that total customer induced transactions across all distribution channels increased by 58.0 per cent year-on-year and 21.2 per cent quarter-on-quarter.
"Digital banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cen of customer-induced transactions were done on digital platforms", Onyeali-Ikpe explained.
The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent year-to-date to N1,535.4 billion from N1,326.1 billion in 2020 full year.
However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/$ - H1 2021: N410.6/$) accounted for a 1.1 per cent YTD growth in the loan book.
The bank's performance result also showed that cost of risk came in at 0.3 per cent and the non-performing loans (NPL) ratio (Stage 3 loans) dropped to 2.8 per cent from 3.8 per cent in 2020FY.
Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio (CAR) at 18.8 per cent from 18.2 per cent in 2020.
Total deposits increased by 16.5 per cent YTD to N1.980 trillion from N1.699 trillion in 2020FY, driven by increased deposit mobilization across all deposits types.
Foreign currency deposits increased by 23.1 per cent YTD (
"We look forward to sustaining the current momentum in H2 2021 by optimizing our balance sheet and lowering our cost - to - serve which will translate to improved earnings while we remain committed to our medium to long-term strategic objectives," the MD said.
Following her assumption of office as the bank's MD/CEO in
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