Interest expenses advanced by as much as 85 percent quarter-on-quarter to N33.6 billion for the three months – accounting for about 47 percent of the nine-month figure of N72.5 billion.
Interest expenses have followed a volatile behaviour this year, waking up from a 4.4 percent decline in the preceding financial year. From a 26 percent drop in the first quarter, interest expenses ended only slightly down at half year before the third quarter upsurge led to a year-on-year increase of 26 percent at the end of September 2021.
There is a major drop in credit loss expenses that cuts across the three quarters of the year. The rate of the drop keeps accelerating from 40 percent in the first quarter to 71 percent at half year and further to a 78 percent at the end of the third quarter. The cost savings enabled the bank to moderate rising cost of funds and to keep profit growing well ahead of revenue. It improved net profit margin from 13.2 percent in the same period last year to 15.2 percent at the end of the third quarter.
Interest earnings stepped up from a marginal increase of less than 2 percent at half year to roughly 4 percent to close the third quarter in the region of N133 billion. This is against a decline of 4.4 percent in interest earnings at the end of 2020.
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