Bank to optimise, strengthen risk framework

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.

Also at the meeting, shareholders approved a dividend of 10 kobo due to every investor of the bank for the 2021 financial year, representing a 22 per cent increase when compared to five kobo paid in the previous year.

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.

“For us and the nation at large, 2021 was a year of recovery from the adverse economic effects of the coronavirus pandemic. Breakthroughs in the development of vaccines for the virus, along with the campaigns to inoculate the global population gained ground and bolstered consumer and investor confidence globally and locally.