This performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment
its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. ., the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023. Profit after tax also grew by 149% from N174.3 billion to N434.2 billion in the same period.
The cost-to-income ratio reduced from 55.8% in Q3 2022 to 37.8% in the current period. Impairment levels increased due to the deliberate incremental provisions necessitated by theconservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates. This caused the cost of risk to deteriorate from 1.3% in Q3 2022 to 5.
The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.