Reviewing its performance at the 60th yearly general meeting of the bank held in Lagos at the weekend, the chairman of the bank, Asue Ighodalo said the strategy has helped to reduce the bank’s exposure to non –performing loans from 1.9 per cent in 2020 to 0.7 per cent in 2021, as well as increased its shareholder funds by 4.2 per cent.
According to Ighodalo, the bank reported a 20.2 per cent growth in its profits to N13.515 billion from N11.242 billion achieved in the corresponding period in 2020 while gross earnings rose by 4.8 per cent from N135.8 billion in 2020 to N142.3 billion in 2021, driven by 28.5 per cent growth in non-interest income.
“The pace of economic recovery exceeded expectations despite threats of a third wave and the emergence of variants of the virus. This brought wind to our sails as we navigated the Bank to increase her profitability and growth.” “This enabled us to focus and deliver innovative solutions that enabled our customers to thrive in a dynamic environment. We are unwavering in our commitment to building a forward-thinking organization focused on delivering the best value to our stakeholders.”
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