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which is below the 42 percent increase in gross earnings.
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The moderation enabled a decline in operating cost margin from 38.2 percent in 2021 to 36.2 percent at the end of 2022. This means the bank used a lower operating cost to generate the naira of its revenue in 2022 than in the prior financial year as well as any time in more than a decade.
The cost saving from operating expenses and the improvements in non-interest income provided the upside force that bridged the 25.8 percent drop in net income to achieve a moderate decline of 5 percent in after-tax profit in the year.
Highlights of the bank’s first quarter (Q1) earnings performance in the current financial year, show that the disparity between the growths in interest income and expenses is persisting but with a slowdown in credit losses, profit for the quarter has stretched out to N71.6 billion.
The directors have announced a final cash dividend of N1.30 per share, having paid an interim cash dividend of N20 kobo per share in the course of the financial year.
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