Bucking the underwhelming result, the stock advanced by 1.8 per cent in Lagos on Friday, where it was quoted at N14.25 per share at the close of trade.
The financial services group reached the revenue milestone riding on the wave of higher interest rates in Nigeria, which have risen 650 basis points to 18.5 per cent since May 2022, enabling lenders to charge more for loans.
The group’s financials, the last to be released by a publicly quoted lender, came more than two months after the deadline set by the Nigerian Exchange.Growth for a net fee and commission was flattish as that income category only grew 1.1 per cent to N118 billion. Operating expenses climbed by 23.3 per cent to N218.5 billion, driven by spikes in maintenance costs and insurance premiums, the latter alone jumping by 826.2 per cent.