Nigeria’s third largest bank by market value released its first half earnings to the Nigerian Stock Exchange today. The company says its earnings rose 13% to N171 billion, whilst net income was up marginally at N45.4 billion in contrast to the N42.4 billion it made over the similar period in 2012.
“The second quarter of this year was a particularly challenging one, especially with the commencement of the revised bank tariffs on services and products,” Chief Executive Officer Godwin Emefiele said in the statement.
The bank’s first-half net interest income rose 15 percent to 91.4 billion naira, while operating expenses rose 14 percent to 70 billion naira.
Loans and advances increased 7.9 percent to 1.1 trillion naira, from a year earlier.