Premium Trust Bank Grows Profit by 327% in 2024

Premium Trust Bank Grows Profit by 327% in 2024

Premium Trust Bank Limited grew profit by 327% to N39.817 billion in 2024, details from its audited financial report has revealed. The bank’s earnings surge was supported by core and non-core banking income.

According to the bank’s report, net interest income expanded to N84.217 billion in 2024, up by 239% year on year from N24.833 billion in the comparable year in 2023. The surge was bolstered by about a 252% spike in interest income, settling at N106.548 billion from N30.290 billion in 2023.

Interest expenses or payments to fund providers accelerated much faster, reflecting a higher interest rate environment. Premium Trust Bank reported a 309% surge in interest expenses, which settled at N22.331 billion in 2024 from N5.457 billion in 2023.

Net fees and commission income reported by the bank increased to N21.699 billion, up by 31.69% year on year from N16.455 billion 12 months earlier. The bank’s operating income inched significantly higher as trading income and foreign exchange gain strengthened the bottom line.

Operating income printed at N109.476 billion at the end of financial year 2024, up by 160% year on year from N42.079 billion the bank reported in 2023. Premium Trust Bank said in its earnings release that net impairment loss on financial instruments increased to N6.313 billion in 12 months from N5.085 billion.

And total expenses rose sharply to N45.766 billion, up by 100.33% from N22.845 billion in 2023, reflecting Nigeria’s double-digit high headline inflation rate.

Premium Trust Bank Limited saw pretax profit of N57.396 billion in 2024, about 306% above N14.148 billion reported in 2023. Profit after tax settled at N39.817 billion in 2024 after the bank accounted for its income tax of N17.579 billion and windfall tax expenses totaling N67.638 million.

For the  year, net income grew by 326.58% to N39.817 billion from N9.334 billion that was reported in the comparable year in 2023. #Premium Trust Bank Grows Profit by 327% in 2024 Naira Exchange Rates Switch Positions in FX Markets