The management proposed dividend payment of 10 kobo per share for the full year 2016. From the Group income statement, gross earnings closed the year under review at N176.4 billion, a 16 per cent increase from N152.5 billion for the same period prior year.
Non-interest income recorded N47.7 billion, an increase of 86 per cent Year-on-Year (YoY), from N25.6 billion for the same period prior year. The increase according the FCMB was mainly driven by N29.3 billion in foreign exchange revaluation gains.
The Group in a statement said the 2016 financial year results were headlined by a 109 per cent increase from prior year in Profit before Tax, and showed marked improvement across most indices.
“Earnings were buoyed by revaluation gains arising from the substantial foreign currency balance sheet. The banking group took the opportunity to continue to aggressively provision for impairments in the face of a weak macroeconomic environment. Ongoing automation and digital migration initiatives enabled the group reduce operation expenses by two per cent in spite of the 19 per cent increase in gross earnings and 20per cent in total customers to 3.7 million.
“Low activity levels in the capital markets adversely affected non-banking subsidiaries, whilst the holding company was able to realise N1.7 billion in income from its financial investments. 2017 will continue to be a challenging year for the banking sector, which is the key driver of our earnings.