Page 2 - Financial Review: Nine Months Ended

FINANCIAL REVIEW FOR THE NINE MONTHS ENDED so SEPYEMBER 2019
Gnoss EARN|NGs 37°/uy/y and 15°/ad/d to N513.7bn in9M 2019. (9M 201E:N.'>75.2bn)iwlth
/x/' ROSE interest and non-interest income contributing 79°/oand 21% respectively.
I |u Interest Income grew by 43% to N4D5bn in BM 2019 (9M‘13; N274.sbn).
coming from the combination with Diamond Bank coupled with the growing
efficiency ofour balance sheet.
on the other nand. Non—lnterest Income increased by 8"/by/y to N108.6brl irl
9M 2019 from N]0D.4I:m in 9M 2013. largely from increased retail corrln1is—
sions. Profit before Tax (PET) for the period was N103.1bn (47%; 9M 2013
N70.3bn) while Profit after Tax (PAT) Increased by 44% to N90.7bn from
N62.9bn in 9M 2013. Return on Average Equity IROAE) stood at 21.9% with a
Return on Asset (ROA) of 2.1% in the period.
with growth of33% YTD in Total Assets to Ha.o1trn in september
THE ASSET BASE OF 2019 from NA.95tm in December 2013. Net Loans and Advances
THE BANK REMAIN ED totaled NZ.9Atrn asat September 2019 (December 2013:
STRONG & DIVERSIFIED Nlldtrn). while Customer deposits Increased by 65% to
N4.24trn in September 2019. from N2.57trrI In December 2018.
The balance sheet growth is reflective ortne Bank's drive to
Irlcveaselendlng and Iow costdeposits.
CARI remained strong at 20.3%. reflecting fu|I Impact orthe IFRS 9
implementation as Risk-Weighted Assets Increased by 26%.
CAPITAL ADEQUACY Transitional CAR stood at 23.9%. similarly. Liquidity ratios of
48.5% [Septerrlber‘18: 44.2%}. remained well above
regulatory requirements.
stood at 5.3% as at September 2019 il:>ecernber 2018: 2.5%).
NON-PERFORMING
LOANS (NFL) RATIO
of 5.3% in 9M 2o19rrorn 5.3% in 9M 20'lB.whi|e cost of
N ET |N1'ERE5'r Funds (CuF| decreased Aflbps y/y to 5.2% from 5.6% in 9M
MARGIN (NIM) 2013. Yield on Assets of 13.0%. up 11obps ylyfrom 11.9% in
9M 2013.
reduced by 170bps y/yto 63.1% in 9M 2019 IBM 2018: 64.3%].
COST-T0-INCOME
E] RATIO (CIR)
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