AMCON-backed
The big blow to earnings bucks the ongoing boom among lenders in
The new development even enabled some banks to declare higher dividends.
The
No clarification is provided anywhere in the document as to what made up that sum.
The financials showed N8.9 billion in long-term loans from the
"In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term," CEO
"The negative shareholders' fund has improved considerably through the injection of N135 billion which moderated the negative shareholders' fund from (-ve) N275 billion in
The lender drew N135.2 billion in the form of convertible debentures from its other reserves to pare down the negative balance of its shareholders' fund by 35 per cent.
Revenue for the period saw a flattish growth as gross earnings climbed to N27.8 billion from N27.6 billion.
Net interest income, a key profitability metric, fell 23 per cent to N7.9 billion, strained by a weaker interest income and an increased interest expense.
Adding pressure to the bottom line, operating expenses leapt 16 per cent to N15.3 billion driven by a significant jump in personnel expenses.
According to the balance sheet, its total liabilities of N688.8 billion exceeded its total assets by 35.1 per cent.
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