ASO Savings & Loan Plc recorded a profit after tax of N89m for the year ended December 31, 2023, reflecting a slight improvement compared to the N85m profit posted in 2022.
According to the company’s audited financial statements, released recently, the firm’s interest income stood at N1.16bn, while interest expense was N1.01bn, resulting in a net interest income of N146m for the year under review.
The company’s total operating income, which includes net fee and commission income of N38m and other income of N216m, reached N400m in 2023. However, the firm faced significant costs, including personnel expenses of N933m and credit loss allowances amounting to N132m, which impacted overall profitability.
ASO Savings & Loan’s total assets grew to N79.46bn as of December 31, 2023, compared with N73.37bn the previous year. Loans and advances increased to N9.19bn, up from N8.38bn in 2022, indicating growth in the company’s lending activities.
On the liabilities side, customer deposits rose to N25.54bn, while borrowings increased to N16.85bn during the year. The company’s total equity stood at N34.77bn, down from N38.60bn recorded at the end of 2022.
Despite the challenges of high operating expenses and credit losses, ASO Savings & Loan maintained a positive financial performance, signalling resilience in a competitive savings and loan sector.
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