Although interest income from loans and advances, treasury bills and government bonds fell by 15%, from N15.1billion in 2015 to N12.8billion in 2016, other income increased by 33% from N6.1billion in 2015 to N8.1billion in 2016. The strong growth in other income was driven by fee and commission income and foreign exchange gains. Although operating costs increased by 39%, from N2.3billion to N3.2billion due to generally higher costs of doing business in the country during the year and an increase in head count as a result of business expansion. We ended the year with profit before tax (PBT) of N4.9billion, 29% above the previous year.
1.+33% INCREASE IN OPERATING INCOMES. THE STRONG GROWTH WAS DRIVEN BY FEES AND COMMISSION INCOME AND FOREIGN EXCHANGE GAINS.
2.+29% INCREASE IN PROFIT FROM THE PREVIOUS YEAR’S FIGURE OF N3.8BILLION
3.+39% OUR OPERATING COSTS INCREASED BY 39% TO N3.2BILLION