Constancy Financial institution’s first quarter revenue rises 64% on larger foreign exchange positive factors

Constancy Financial institution’s revenue after tax for the primary three months of 2021 swelled by practically two-thirds, the unaudited monetary statements of the tier 2 lender confirmed on Wednesday.

It highlighted a surge in web overseas change positive factors from N1.5 billion to N5.four billion as a significant enhance to its bottom-line, serving to to cushion the blow dealt by working expenditure on earnings.

At N6.7 billion, the banking sector decision price of Constancy Financial institution greater than doubled the determine for the primary quarter of final yr, serving to different working bills to extend by 14.2 per cent. It spent N11.9 billion for that goal for the entire of 2020.

Gross earnings accelerated by 7.7 per cent to N55.1 billion, helped by enhancements within the financial institution’s two principal revenue streams: curiosity in addition to charges and commissions.

Whereas the online curiosity revenue climbed to N28.eight billion, 17.1 per cent larger than the determine from a yr earlier, web charge and fee revenue was modestly up by four per cent at N4.174 billion.

Revenue earlier than revenue tax expense superior from N6.853 billion to N10.134 billion, whereas revenue for the interval stood at N9.590, in comparison with the N5.859 billion reported for the corresponding interval of 2020. Earnings per share have been N0.33, up from N0.20.