The results showed that the bank recorded a profit before tax of N13.2 billion in its group financial performance for the year ended
Similarly, its gross earnings grew to N49.6 billion in 2013, as against the N47.899 billion it attained in 2012.
The growth was largely driven by increased interest income as the bank significantly grew its loan portfolio by 63 per cent from N34.9billion in 2012 to N57 billion in 2013.
Despite the significant growth in risk assets,
The bank's operational efficiency strategy yielded a 26.6 per cent growth in net interest margin.
Following the impressive 2013 performance, the bank has approved payment of a dividend of N1 per every N1 share held in the bank, totaling N6.25billion. This dividend would be paid to
Speaking at the bank's second annual general meeting held in
"We have achieved this result in spite of the socio-economic challenges and increased competition in the Nigerian banking industry. The result clearly reaffirms that the bank is on the right track of becoming a top tier bank.
"We are particularly encouraged by year-on-year growth in our customers' deposit which shows their increasing confidence in the
Commenting on the several initiatives the bank had put in place to enhance efficiency in its operations, the bank's Group Managing/Chief Executive Officer,
She further noted that the bank has continued to focus deeply on its core business as a commercial bank through the introduction of products and services targeted at the real sector of the economy.
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