Providus Bank declares 70 per cent increase in gross revenue to N39.7bn

Providus Bank Limited on Tuesday declared  70 per cent increase in gross revenue for the 2021 full year audited financial statement declaring growth of gross revenue which moved from N23.38 billion in corresponding period of 2020 to N39.71 billion in the current period.

From the released on the Nigerian Exchange Limited (NGX), profit after tax recorded appreciated by 10 per cent from N6.44 billion in 2020 to N7.11 billion in 2021.

Also, the bank reported 12 per cent increase in profit before tax to N7.452 billion in 2021 from N6.673 billion reported in 2020.

Despite a 19 per cent drop in loan impairment charges, Net interest income after loan impairment charges still grew 4.9 per cent to N11.196 billion in 2021 from N10.669 billion reported in 2020.

The bank fee and commission income grew by 96 per cent from N3.572 billion in 2020 to N7.011 billion in 2021.

However, the bank net operating income recorded reveals 40 per cent growth after impartment charge on the other financial assets has been deducted moved from N14.73 billion in 2020 to N20.7 billion reported in 2020.

Basic earnings per share recorded for the period declined by 8 per cent from 25 kobo  in the 2020 to 23 kobo in 2021.

In the audited results, Providus Bank recorded higher total assets as growth total equity and current total assets impressively improved.

The bank total assets rose by 46 per cent to N543.07 billion in 2021 from N373.34 bit in 2029 audited result and accounts for the period ended, December 31, 2020. As Total Liabilities gained 45 per cent from N349.72 billion in 2020 to N505.8billion in 2021, Share capital of the bank improved further by 40 per cent from N12.863 billion in corresponding period of 2020 to N18.018billion in the current period.

The bank share premium appreciated by huge per cent of 291 from N13.85billion in 2021 to N3.545billion in 2020.

The bank retained earnings declared indicates  drop of 55 per cent to N3.005 billion in 2021 from N6.72 billion in 2020.

In addition, total equity gained by a 58 per cent to N37.24billion in 2021 from N23.63billion declared in 2020.