- Deposit growth of 20.29% to 306.09 billion naira in the first quarter of 2018, compared to 254.46 billion naira in fiscal 2017.
- Gross earnings increase 5.02% to N16.07 billion.
- Best digital bank in Africa award at the Asian Banker Awards 2018.
- Obtains a line of credit of 15 million dollars and 7.3 billion naira from the AfDB and the DBN.
Commenting on the results, the CEO, Segun Oloketuyi provided further information on the Bank’s performance during the period:
Our strategic priorities in 2018 focus on increasing our market share and improving profitability, given the constraints to deposit growth in 2017. Through concerted efforts, the Bank achieved deposit growth 20.29% to 306.09 billion naira (Dec. 2017; 254.N. 46 billion naira) while interest charges fell 1.92% from 8.47 billion naira to first quarter of 2017 to 8.31 billion naira in the first quarter of 2018, due to the revaluation of deposits and low cost funding resulting from the increase in account openings.
Despite the declining yield environment, gross profits rose 5.20% from N15.28 billion in the first quarter of 2017 to N16.07 billion in the first quarter of 2018. This increase was supported by 21.07% growth in non-interest income to 3.43 billion naira (Q1’2017; 2.83 billion naira), driven by a 424.77% growth in net trading income. Profit before tax (PBT) reached 0.88 billion naira (Q1’2017; 0.85 billion naira), despite the increase in depreciation charges for the period.
Our digital journey is arousing enthusiasm, as the Bank was named Best Digital Bank in Africa at the 2018 Asian Bankers Award. The Bank also recorded significant growth in partnerships, particularly in the area of Agency Banking. As of March 2018, the number of our agents had increased by 126.52% in 95 locations across the country. We remain focused, leveraging our platforms and integrated capabilities to reduce our service costs and increase our market share.
As the national economy improves, despite global uncertainties, we recognize the opportunities among key sectors. As a result, the Bank obtained credit lines of $ 15 million and $ 7.3 billion from the African Development Bank (AfDB) and the Development Bank of Nigeria (DBN) respectively. These funds will help strengthen the Bank’s strategic vision of supporting micro, small and medium enterprises (MSMEs) as a panacea for long-term economic growth.
In the coming months, we will develop platforms and support initiatives that prioritize the needs of our customers, leveraging technology to solve problems across industries.