Shelter Afrique Development Bank's shareholders approved the financial results presented by the Chair of the Board of Directors, Dr. Patience Chii Akporji, during the 44 th Annual General Meeting of the bank in Algiers.
The result indicates remarkable resilience in the face of regional monetary turmoil, with the pan-African bank, which specialises in housing finance, turning an economic challenge into an opportunity.
While the drastic 70.7 depreciation of the Nigerian naira could have weakened the institution, Shelter Afrique rose above the headwinds to post an overall result of 1.7m as at 31 December 2024, a spectacular increase of 1.673m compared to the previous year.
This counterintuitive performance can be explained by several factors. The devaluation of the naira paradoxically benefited the bank by reducing its interest expenses on bonds denominated in that currency.
At the same time, the improvement in the net interest margin, which improved from 20 to 7, was the main driver of this growth. Valuation gains on five equity investments also boosted the institution's overall profitability.