The management of
Funds managed by Actis, a private equity investor specialising in investments in emerging markets, acquired a significant equity stake in the Bank in 2007, which are now coming to the end of its closed-end period.
A statement by
Also commenting, Dr.
According to the result, gross earnings income limped by 7 per cent from N124.202 billion to N132.985 billion, on the back of the interest income growth of 8 per cent to N99.715 billion and 20 per cent rise in interest expenses at N28.153 billion; leaving a net interest income of N71.562 billion. Operational expenses rose by 9 per cent to N45.362 billion; just as loan loss expenses jumped by 287 per cent to N5.104 billion, as against the previous N1.317 billion.
Profit before tax therefore stood at N53.396 billion, down by 7 per cent from N57.364 billion; while after tax profit fell 10 per cent to N44 billion, from N49.018 billion. The board is offering a dividend of N7.357 billion, same as in the corresponding period of last year, translating to a dividend of 25 kobo, from earnings per share of N1.55.
On the balance sheet, loans and advances portfolio managed to rise by 3 per cent to N1.038 trillion, from N1.007 trillion; on the back of a N1.568 trillion deposit base, as against the previous N1.442 trillion. Net assets for the period dropped marginally to N328.648 billion from N332.353 billion.
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