Firm projects higher interest income, increased earnings for banks

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THE Group Managing Director (GMD) of Cowry Asset Management, Johnson Chukwu, has said that rising interest rates, expected to persist till the end of the year, might benefit the banking sector through higher interest income and increased earnings.

Chukwu, who is the founder of Cowry Asset Management, said this at the company’s Nigerian Economic Report Card (third quarter review) held on Wednesday.

He said, “Strained purchasing power and the rising cost of doing business will depress both the topline and the bottom-line, though the banks might benefit from rising interest rates.”

Interest rates are projected to remain elevated for the rest of 2022, thereby suppressing…



Source: Nigerian Tribune