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Interest & Non-Interest Income Improved Profitability

Gross earnings for Q1:2024 increased by 189.12% YoY to NGN780.62bn on the back of increased interest and non-interest income.
Interest Income grew by 154.94% YoY to NGN488.55bn while Non-Interest Income climbed 272.72% YoY to NGN292.07bn. On the other hand, Operating Expenses increased by 101.37% YoY to NGN199.77bn following a surge in personnel cost, Licenses, registrations, and subscription cost, AMCON levy and energy cost. Overall, Net Profit Margin increased by 8.91% to 33.36% in the quarter. Profit Before Tax (PBT) and Profit After Tax (PAT) grew by 272.12% and 294.51% to NGN322.28bn and NGN260.42bn respectively.

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