Income Statementย
โข Gross earnings ย rose 49% to N45.2 ย billion from N30.4 ย billion ย in ย 2010 ย driven by ย 110% growth in non-interest income
โข Interest income rose 23% to N30.2 billion compared to N24.5 billion in 2010. However,ย net interest margin was relatively stable at N14.6 billion due to an increase in fundingย costs arising from tighter monetary policy measures of the CBN
โข Operating income rose 32% to N27.0 billion compared to N20.4 billion in 2010
โข Operating expenses ย increased 35% to N20.4 billion from N15.2 billion ย in 2010 due toย merger related expenses and inflationary pressures during the period
โข Profit after Tax and Extra-ordinary Income grew 60% to N6.7 billion from N4.2 billion inย 2010 driven by strong revenue growth and net gain from sale of subsidiaries.
โข Total Assets grew by 94% to N504.4 billion from N259.6 billion in December 2010
โข Deposits increased 104% to N406.5 billion from N199.3 billion in December 2010
โข Net Loans & Advances ย including Advances under Finance Lease ย grew ย 60% to N163.5 billion from N101.9 billion in December 2010 (organic growth: 30%)
โข Shareholdersโ ย Equity ย rose ย 56% ย to ย N41.0 billion from N26.3 billion in December 2010ย arising from revenue accretion and the completion of the business combination withย Equitorial Trust Bank (ETB)
โข Dividend per share of 10 kobo
โข Return on Average Equity of 20% (17% in 2010)
โข Non-performing Loans Ratio of 4.8% (10.7% in 2010)
โข Net Interest Margin of 48% (59% in 2010)
โข Cost to Income ratio (including allowances for risk assets) of 82% (78% in 2010)
โข Liquidity Ratio of 64% (47% in 2010)
โข Capital Adequacy Ratio of 17% (13% in 2010)
Shina Atilolaย
