, has reported a 46 percent slide in profit for the June 2023 period when compared to the earlier (June 2022){kind=link}
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The Nigerian Exchange Group (NGX), has reported a 46 percent slide in profit for the June 2023 period, when compared to the earlier (June 2022) period as revenues fell on slumping transaction fees.
Transaction fees the largest share of core revenues for the NGX in the half year (H1) period, were down by 21% to N1.82 billion, from N2.33 billion in H1, 2022.
Revenues for the group fell by 16% to N3.2 billion in the period. Personnel expense rose marginally to N1.4 billion, representing a huge outlay equivalent to 43.75% of revenues.
NGX which now has an ownership stake in CSCS after increasing its equity stake with total investments of N27.8 billion in the securities clearing firm, received N857.2 million as dividends from it in the period, helping to push its gross profit into a positive position of N725.9 million.
CSCS is Nigeria’s Central Securities Depository (CSD) licensed to carry on the depository, clearing and settlement of all transactions in the Nigerian Capital Market.
Net Income for NGX in the period fell 46% to N444 million.