The audited half year results of the bank released on the Nigerian Stock Exchange, NSE, indicated that profit before tax dropped by 12.7 per cent from N72.2 billion to N63 billion, while profit after tax dropped by 15.68 per cent to N44.84 billion from N53.180 billion in 2015.
Gross earnings of the group dropped by 6.2 per cent, from N229.08 billion in 2015 to N214.81 billion in 2016. Interest and similar income stood at N181.41 billion from N176.22 billion it recorded in 2015. While it’s interest and similar expenses decline from N63.585 billion in 2015 to N54.385 billion at the end of half year 2016.
The lender’s earning per share decreased by 26 kobo, from 169 kobo in 2015 half year to 143 kobo at the end of half year 2015. However, the non-performing loan (NPL) of the bank rose to 2.34 per cent from 1.44 per cent.
Total assets of the lender’s increased from N4.01 trillion to N4.36 trillion in half year 2016. Similarly, its total liabilities rose from N3.412 trillion to N3.737 trillion at the end of the review period.
