Whilst we seek opportunities for growth, we remain focused on sustaining the quality of our balance sheet.
We grew the loan book by a modest N13 billion or USD65 million in the quarter and maintained our decent
asset quality metrics – 1.7% NPL ratio and 0.4% cost of risk. As we look forward to the 2016 budget
implementation in Nigeria (being our single largest market), we expect improved economic activities and
business opportunities in the quarters ahead. We remain committed to creating superior and sustainable
value for our shareholders, as we leverage our unique Pan-African platform in gaining a fair share of our
“Our performance in the first three months of the year reflects the efficiency gains from operations and
sales. We effectively balanced our growth appetite with profitability, thus creating value as we serve our
esteemed customers. Year-to-date, we achieved a 40bps improvement in net interest margin (NIM), as we
recorded a notable 50bps moderation in funding cost to 3.5%. It is my pleasure to report that low cost
savings and current accounts now represent 80% of our deposit funding. Even as Nigeria’s headline
inflation rose to 12.8% in the period, we diligently focused on our cost efficiency initiatives to achieve a
1.2% YoY decline in operating expenses. Overall, we finished the quarter with a 64% cost-to-income ratio,
which is broadly in line with our sub-65% target for the year. .
From time to time, the Bank makes written and/or oral forward-looking statements in press
releases and other communications. In addition, representatives of the Bank may make
forward-looking statements orally to analysts, investors, the media and others. All such
statements are intended to be forward looking statements. Forward looking statements
include, but are not limited to, statements regarding the Bank’s objectives and priorities for
2016 and beyond and strategies to achieve them, and the Bank’s anticipated financial
performance. Forward looking statements are typically identified by words such as “will”,
“should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “may” and “could”.