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