Providus Bank declares 58% growth in gross revenue to N62.9bn in FY 2022

By Philemon Adedeji

The Nigerian financial services provider, Providus Bank Plc has released its audited financial results for the period ended December 31, 2022. The bank reported stellar performance across all its major business lines, as gross revenue increased impressively by a remarkable 58 per cent to N62.8 billion as of end of December 31, 2022, from N39.7 billion reported in prior financial year 2021.

According to the released statement by the bank, Providus Bank Profit Before Tax stood at N8.635 billion as of end of December 31, 2022 in contrast to N7.452 billion recorded during the corresponding period of 2021, indicating a marginal increase of 15.9 per cent

From the profit and loss figures, the bank declared Profit After Tax of N8.026 billion in 2022 financial year, reflecting a significant improvement of 13.0 per cent from N7.112 billion generated in the corresponding period of 2021, the growth in Profit was driven by increase in gross revenue during the period.

Net Interest Income (NII) reported for the period largely increased by 75 per cent to N21.4 billion in 12 months of 2022 from N12.214 in 12 months of 2021, while Net Operating Income surge by a decent 46.9 per cent to N30.4 billion in full year (FY) 2022 from N20.662 billion in (FY) 2021.

Net interest income after loan impairment charges increased from N11.196 billion in 2021 to N18.142 billion in 2022.

Earnings per share (EPS) recorded for the period declined by 4.0 per cent to 22 Kobo in FY 2022 from 23 Kobo in FY 2021.

In the audited financial statement for the period ended December 31, 2022, it revealed that Providus bank balance sheet remained well structure and resilient as the total assets announced for the period rose marginally to a decent 35.5 per cent to N735.8 billion in FY 2022 from N545 billion reported the previous year 2021.

The breakdown under total assets indicated that property and equipment moved from N16.6 billion in twelve months of 2021 to N22.132 billion in twelve months of 2022, representing an increase of 33 per cent, as Loans and advances at amortised cost gained nearly 70.3 per cent to N282.7 billion in 2022 financial year from N165.9 billion in 2021 financial year, while Intangible assets declined by 2.8 per cent to N2.427 billion in FY 2022 from N2.493 in FY 2021.

Also, the bank grew its customers deposit by impressive 38.2 per cent from N340.3 billion in the previous year 2021 to N504.4 billion in the comparable period of 2022.

However, the bank total liabilities increased from N505.8 billion in corresponding period of 2021 to N690.5 billion in the comparable period of 2022, reflecting an increase of 37 per cent.

In addition, the bank total equity increased by 21.6 per cent to N45.3 billion as of end of December 2022, from N37.2 billion as of end of December 31, 2021.

Providus Bank is an innovative financial institution that offers customised business solutions and advanced products that will not only answer your business and personal needs today, but also steer you into the future.

Providus Bank tailor financial services  delivery which include: Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and Self-service solutions.

Providus Bank’s competitive advantage in Private, Institutional, Business and Personal Banking is driven by the philosophy to create support and value for Institutions, Agencies, SMEs and HNIs.

The business development strategy also focuses on developing expertise and collaborating to improve the non-oil (emerging) sector of the Nigerian Economy, which includes but not limited to Agriculture, Mining, Hospitality, E-commerce, and Art & Entertainment.

The bank believes the New World of Fast, Smart, Personal and Borderless banking relationship is here, and is therefore inspired by its Future Forward Banking ethos to make life (at work and leisure) more exciting for its partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.