This was disclosed in the condensed unaudited group interim financial statements for June 2024. The company’s interest income rose to N120.88bn from N76.73bn, marking a 57.5 per cent increase, on the back of improved yields on loans and advances and increased investment in high-yielding securities.

Interest expenses increased by 100.3 per cent to N63.29bn from N31.61bn in the prior period and net interest income grew by 27.6 per cent, reaching N57.59bn compared to N45.13bn in H1 2023.

The increase resulted from growth in interest income, which outpaced the rise in interest expenses.

The company reported net fees and commission income of N15.22bn, a 31.1 per cent increase from N11.61bn, supported by higher transaction volumes and enhanced digital banking services.

Net trading income rose by 57.5 per cent to N12.38bn from N7.86bn in H1 2023, attributed to gains in foreign exchange trading and increased client activity in capital markets.

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