FUGAZ’s core banking income beyond forex gains: Who did better?

Oct. 13, 2024 - Nairametrics

GTCO – N418.305 billionGTCO reported the highest net core banking income among the FUGAZ, totalling N418.

305 billion; a 241% year-on-year (YoY) growth. GTCO reported the lowest interest income and net interest income figures in the group.

While core income is a significant contributor to FBNH’s overall profitability, high total operating expenses relative to core income moderated its net core banking income, placing it third among the FUGAZ. The subdued net core banking income can be attributed to the high interest expenses and operating costs that weighed heavily on the bank’s core profitability.

Net fees and commission income of N204.71 billion helped boost the bank’s core banking income to N714 billion, but with operating expenses reaching N671.

224 billion, the net core income was compressed to N46.876 billion.

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