ASSET Management Corporation of Nigeria, AMCON, has recorded a loss of N630 billion in its operations according to the International Financial Reporting Standard, IFRS, statement for the year 2013. This represents an improvement of 10.3 per cent from the loss of N702.4 billion recorded in 2012.
The financial highlights of the corporation as obtained from Afrinvest Research report posted, weekend, showed improvements in top line (turnover) despite its role as an intervention vehicle to absorb Non Performing Loans (NPLs) from banks and recapitalize weak banks.
The financial highlights of the corporation as obtained from Afrinvest Research report posted, weekend, showed improvements in top line (turnover) despite its role as an intervention vehicle to absorb Non Performing Loans (NPLs) from banks and recapitalize weak banks.
Specifically, gross earnings increased by 50.5 per cent Year on Year. The corporation’s top line grew by a significant 50.0 per cent from N182.7billion in 2012 to N274.9 billion in 2013. The improvement in top and bottom lines were both driven by 21.9 per cent increase in interest income to N181.3billion in 2013 from N148.7billion in 2012. Non-interest income also contributed to the growth in top line, increasing 15.9 per cent to N16.3billion in 2013 from N14.0billion in 2012.
Interest expense came in at N556.8billion in 2013, 1.9 per cent higher than N546.3billiion sustained by the inclusion of financing cost, which constitutes 65.2 per cent of the total cost.
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