Like most lenders that have some of their assets denominated in foreign currency, the bank earned big from a slide of 40 per cent in...
built its biggest half-year profit in history on an unusual surge in foreign currency revaluation gain.
Like most lenders that have some of their assets denominated in foreign currency, the bank earned big from a slide of 40 per cent in the exchange rate of the dollar to the naira in June, which drove up the value of such assets in local currency. Net interest income, a major performance metric that accounts for the difference between interest generated and the cash a bank pays savers for keeping their deposits, rose 41.7 per cent to N261.9 billion.
Independent auditor PricewaterhouseCoopers raised similar concerns in a report accompanying the document.
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