Gross earnings increased by 9.8% year-on-year however, fourth quarter of 2015 numbers were more sombre, declining by 15.2% , after a 62.6% slump in non-interest income. Interest income increased by 19.0% year on year after a flattish fourth quarter of 2015 whilst interest expense was contained, increasing by 6.1% year on year. Therefore, net interest income grew by a robust 30.0% year on year.
Loan loss expense increased by 58.7% but surprisingly fell after recoveries, mainly from the bank’s rest of Africa operations (60% -70%), surpassed impairments made in the fourth quarter of 2015. Operating expense climbed by 5.4% year on year.[pro_ad_display_adzone id=”70560″]
Overall, Pofit Before Tax and Profit After Tax (PBT) and (PAT) increased by 21.8% year on year and 24.5% year on year respectively. ROAE improved to 20.0% from 19.2% in 2014. Loans to customers and customer deposits both fell by 3.3% and 4.1% respectively.