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Tag: Profit

  • Fidelity Bank posts impressive Q3 results as profits hit N21.3bn

    Fidelity Bank posts impressive Q3 results as profits hit N21.3bn

    Fidelity Bank Plc has recorded impressive results posting N20.4 billion Profit After Tax, PAT for the third quarter ended September 2020, Q3’20, representing a growth of seven per cent as against N19 billion in the corresponding period of 2019, Q3’19.

    The bank has also disbursed over N50 billion in intervention funds to customers in the last three months. Details of the results submitted to the Nigerian Stock Exchange, NSE show improvements in key indices though gross earnings dropped marginally by 3.7 per cent to N155 billion from N161.1billion in 2019.

    Profits were however up by 3.6 percent, closing at a Profit Before Tax (PBT) of N21.3billion. In other indices, customer deposits, net loans and total assets grew in double digits.

    Total assets grew by 21 percent to N2.5 trillion from N2.1 trillion in 2019; customer deposits were up by 22.3 per cent to N1.5 trillion from N1.23 trillion whilst net loans rose by 12 per cent to N1.27billion from N1.12billion.

    Commenting on the results, Group Chief Executive Officer, Mr. Nnamdi Okonkwo said: “Our 9 months results reflect our resilient business model, particularly in a very challenging operating environment. We worked closely with our customers to gradually recover from the economic impact of the pandemic and the attendant effect of the lockdown.”

    He explained that the drop in gross earnings was due to the decline in interest and similar income caused by lower yields and drop in fee income.

    “Net fee income declined by N1.3 billion largely due to a reduction in FX related income on account of the revaluation gains recorded in H1 2020. Digital Banking however continued to gain traction as we now have 52.3 per cent of our customers enrolled on the mobile/internet banking products from 47.4 per cent in 2019 full year and 88.2 per cent of customer-induced transactions are done on digital platforms.”

    Similarly, digital banking income increased by 20.0 per cent quarter on quarter due to improved adoption by customers and new services migrated to our digital channels” he stated.

    Fidelity Bank has over the years implemented a retail digital banking strategy and that has continued to deliver, with the bank on course to achieving the 7th consecutive year of double digits growth.

    “The growth in savings deposits accounted for 40.2 per cent of total growth in customer deposits and savings deposits now represent 25.7 per cent of total deposits, up from 22.3 per cent in 2019” he enthused.

    He further disclosed that the bank has disbursed over N50 billion in intervention funds to customers in the last three months, in critical sectors to kick-start the economy after the lockdown and was quite optimistic about finishing the year strongly.

    “We will continue to monitor and pro-actively manage evolving risks as business activities improve and look forward to delivering another set of resilient results in the remaining quarter of 2020FY” Okonkwo noted.

  • Access Bank Posts N81bn Profit, Gives 25 Kobo Interim Dividend

    Access Bank Posts N81bn Profit, Gives 25 Kobo Interim Dividend

    In the first six months of 2020, Access Bank reported a profit after tax of N81.0 billion, the financial statements of the company for the period ended June 30 have revealed.

    However, this amount is slightly lower than the N81.9 billion achieved in the same period of 2019, the earnings filed to the Nigerian Stock Exchange (NSE) late Thursday further disclosed.

    An analysis of the results showed that the decline in the half-year post-tax profit was largely impacted by the Q2 2020 net profit, which was N42.6 billion versus N49.3 billion in Q2 2019.

    For the pre-tax profit, the financial institution grew this to N73.3 billion from N73.0 billion in the first half of 2019.

    The top line of the results showed that in the first half of this year, the lender recorded higher gross earnings of N396.7 billion as against N324.4 billion recorded in the same period of last year.

    A further analysis indicated that the interest income slipped to N212.0 billion from N226.1 billion, while the interest expense rose to N120.5 billion from N117.8 billion, with the net interest income at N126.2 billion versus N155.2 billion and a net interest income after impairment charges of N109.7 billion in contrast to N150.3 billion in H1 2019.

    The fee and commission income increased to N51.8 billion from N41.9 billion, while the fee and commission expense increased to N11.2 billion from N4.3 billion, with the net fee and commission income closing at N41.0 billion as at June 30, 2020, compared with N37.5 billion as at June 30, 2019.

    The bank also said it spent N36.3 billion on its personnel, higher than N31.3 billion in the same period of 2019 and this was because of the increase in the wages and salaries in the first six months of this year.

    Meanwhile, the board of Access Bank has announced a cash reward to its shareholders for the first half of the year.

    In the financial statements, the lender said investors will get 25 kobo per share as interim dividend to be paid on Monday, September 28, 2020, only to those whose names appear on the register of members at the close of business on Thursday, September 17, 2020, and who have completed the e-dividend registration and have mandated the registrar, United Securities Limited, to pay their dividends directly into their bank accounts.

  • Fidelity Bank announces N6.6bn profits in Q1, reassures commitment to safety of stakeholders

    Fidelity Bank announces N6.6bn profits in Q1, reassures commitment to safety of stakeholders

    Fidelity Bank Plc has reassured that it will continue to take measures that will ensure the safety of customers, staff and other stakeholders during this period.

    This reassurance was given on Thursday during the bank’s 32nd Annual General Meeting (AGM) in Lagos.

    Speaking at the annual shareholders meeting, Chairman, Board of Directors of Fidelity Bank, Mr. Ernest Ebi said the bank “remains committed to building a sustainable business, even in the midst of the challenges associated with the COVID-19 pandemic”. Mr. Ebi, who was a former Deputy Governor of the Central Bank of Nigeria (CBN), revealed that the Board, in line with its oversight responsibilities, has been meeting virtually, to strategize on new opportunity areas to cushion the impact of the pandemic and to sustain the growth trajectory of the bank in recent years.

    These views were also affirmed by Fidelity Bank CEO, Mr. Nnamdi Okonkwo who said Fidelity Bank’s greatest strength its ability to adapt to change. According to him, the bank would explore new prospects that are opening up in the retail market, continue to focus on customer-centricity, innovation and digitization, whilst keeping its eye on governance, risk and liquidity. “We place a high premium on risk management and will continue to review our risk acceptance criteria in reaction to new market realities” he assured.

    The meeting which was held by proxy, in compliance with the Corporate Affairs Commission’s (CAC) issued guidelines on holding AGMs within the period, had in attendance very few shareholders, on account of social distancing and restriction of movement in Lagos as a result of COVID-19 preventive and precautionary measures. Others joined remotely via live streaming.

    The shareholders who spoke on the occasion, gave kudos to the Board and management for the 2019 performance which saw the bank delivering double-digit growth across key performance indices. Gross Earnings grew by 14. percent to N215.5 billion, driven by a 15.8 percent growth in interest and similar income. The bank’s Profit Before Tax (PBT) rose by 21percent from N25.1 billion in 2018 to N30.4 billion in 2019.

    The shareholders unanimously endorsed the payment of a cash dividend of 20 kobo per share, which translates to N5.793 billion for the year ended December 31, 2019. Mr. Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria applauded the dividend growth from 11kobo paid in 2018 to 20 kobo in 2019. “From all the indices, this is a superlative performance. The achievement of over N30 billion in profits is indeed worthy of commendation”, Okezie stated.

    Chief Timothy Adesiyan, President of the Nigerian Shareholders’ Solidarity Association commended the improvements particularly in interest income, Non-Performing Loans (NPLs), Liquidity Ratio, Profit After Tax and Gross Earnings. Whilst lauding the bank for its digitization programme, he expressed optimism that the bank is truly positioned to take advantage of new and emergent opportunities on account of the bank’s comprehensive upgrade of its technology architecture.

    Meanwhile Fidelity Bank has begun the 2020 financial year on a positive note with the announcement of its unaudited results for the three months ended March 31, 2020. Gross Earnings for the first quarter of the year, grew by 5.7 percent to N51.2 billion from N48.4 billion in the previous year, whilst Profit before Tax (PBT) stood at N6.6 billion representing a marginal drop from N6.7billion recorded in the first quarter of 2019. Shareholders’ Funds the other hand grew by 3.6 percent from N234billion in 2019 to N242billion in the first quarter of 2020.

  • Polaris Bank Celebrates First Year of Operation, Declares ₦27.8billion Profit

    Polaris Bank Celebrates First Year of Operation, Declares ₦27.8billion Profit

    *Capital Adequacy and Liquidity Ratios above regulatory requirements
    *To reap benefits of IT investment in 2020

    It was cheering news over the weekend as Polaris Bank Limited released its first Audited IFRS 2019 compliant financial result posting a profit before tax of N27.8billion. The result which posits a compelling narrative in the history of Nigeria’s banking industry followed from the turn-around initiatives undertaken by the leadership of the Bank led by the MD/CEO Mr. Adetokunbo Abiru.

    According to the Bank’s first full year financial result released during the weekend, Polaris Bank Limited posted a gross earnings figure of ₦150.8bilion and a Profit Before Tax (PBT) of N27.8billion within the first full year of operations. The remarkable achievements coming in the first year of operations of the institution is a clear validation of regulatory induced interventions in the nation’s history.

    The Bank also closed the 2019 financial year with Total Assets of N1.1trillion and Shareholders Funds of N83billion. The result shows that Polaris Bank’s Capital Adequacy Ratio (14%) and liquidity ratio (81%) are well above regulatory requirements demonstrating strong prudential compliance and strong capital buffer, careful liquidity management and resilience.

    This result is coming amidst the highly challenging business environment which forced many businesses to cut down on their operating expenses.

    The Bank’s customer deposits stood at N857.9billion even as the Bank continues to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration. Likewise, the loan book stood at N261billion providing the Bank with the desired headroom to accommodate required growth in risk assets to support the nation’s economic growth.

    The Bank equally recorded a Return on Equity (ROE) and Return on Assets (ROA) of 33.0% and 2.4% respectively for the year ended December 31st 2019.

    Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Adetokunbo Abiru said that: “the emergence of Polaris Bank on September 21, 2018, has heralded a new dawn as it laid the foundation for institutional competitiveness and service innovation in the nation’s challenging banking space.”

    Expressing satisfaction with the Bank’s new corporate governance regime, the Chief Executive Officer noted that “We shall continue to run an ethically governed Bank, upholding sound risk management practices and proactively taking measures to mitigate the impact of the adverse business environment while the Board and Management continue to guide the Bank towards a path of sustainable growth.

    Polaris Bank’s performance has assured a strong positive outlook for earnings, margins, and profitability improvement in its cautious pursuit of loan growth, a sustained strategy for operational efficiency, funding cost optimization, and efficient deposit mix. The headroom for loan creation no doubt presents an opportunity for improved margins.

    Going into the year 2020 and despite the challenging macroeconomic environment, The Bank says it is poised to reap the benefits of its investment in both the capacity of its employees to improve service experience as well as in critical infrastructures that will support the digitization of its operations.

    Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.

  • Ecobank Group Records 32% growth in profit before tax of N146.5bn for 2019

    Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year. This was up from the N110.8 billion recorded in 2018.

    The bank which released its figures to the Nigeria stock Exchange earlier today reported gross earning of NGN 842.5 billion, up by 9% against the figures for the previous year.

    Profit after tax stood at NGN 99.5 billion and total asset went up by 5% to close at NGN 8.6 trillion

    Summary of Result

    Ecobank Group reports audited Full year 2019 results

    – Gross earnings up 9% to NGN 842.5 billion

    – Revenue up 3% to NGN 586.9 billion

    – Profit before tax up 32% to NGN146.5 billion

    – Profit after tax up 28% to NGN 99.5 billion

    – Total assets up 5% to NGN 8,621.9 billion

    – Loans and advances to customers up 2% to NGN 3,383.2 billion

    – Deposits from customers up 2% to NGN 5,925.0 billion

    – Total equity up 9% to NGN 688 billion

  • Fidelity Bank Profit Rose By 24% As PBT Hits N30.4bn In 2019FY

    Fidelity Bank Plc has delivered another impressive full year result, sustaining the sterling financial performance that has been witnessed by the top lender in recent years.

    The bank’s FY 2019 results released on Monday at the Nigerian Stock Exchange (NSE), showed strong growth across key income and balance-sheet lines. Gross Earnings grew by 14.0% to N215.5bn from N189.0bn in 2018, whilst Profit before tax rose by 21.0% to N30.4bn compared with N25.1bn recorded in the previous year. Similarly net profits surged by 24% from N22.9bn from 2018 in 2018 to N28.4bn in 2019. Buoyed by the performance, the bank plans to pay a dividend of 20kobo translating to N5.8bn compared to the dividend of 11 kobo paid in 2018.

    In other indices, Net Interest Income increased by 13.2% to N83.1bn in 2018. Net Operating Income rose by 15.6% from N97.2bn to N112.3bn whilst Total Assets grew by 22.9% from N1,719.9bn to N2,114.0bn in the period under review.

    Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo expressed delight with the performance “We are delighted at the results which clearly showed that we sustained our performance trajectory and continued to increase our market share driven by significant traction in our chosen business segments”, he said.

    On Digital Banking he said the results were enhanced by new initiatives in the retail lending segment and the deepening of the bank’s existing digital products. According to him “We now have 47.4% of our customers enrolled on the mobile/internet banking products, 82.0% of total transactions now done on digital platforms and 31.1% of fee-based income now coming from our digital banking business”.

    He further revealed that the efforts aimed at strengthening the bank’s foothold of the retail market, is yielding significant results with savings deposits rising by 20.7% to N275.2bn making it the 6th consecutive year of double-digit growth. “Savings deposits now accounts for about 22.5% of total deposits, an attestation of our increasing market share in the retail segment” stated Okonkwo.

    Just as was seen with deposit growth, there was also a corresponding increase in the bank’s retail assets. Specifically, Retail loans grew by 42.9% to N53.8bn driven by the bank’s new digital lending products and partnership with Fintechs. As at December 2019, the bank had disbursed over 70,000 micro-loans on our flagship digital lending product (Fidelity FastLoan) in partnership with Migo.

    Conversely there was a remarkable improvement in Non-performing loans (NPLs). The bank’s NPL ratio dropped to 3.3% from 5.7% in the 2018FY due primarily to the growth in the loan book and a 25.1% decline in absolute NPLs resulting from the loan write-offs of over N12bn.

  • UBA Records 13% Earnings Growth, Delivers N111billion Profit

    Pan-African financial institution, United Bank for Africa Plc (UBA) has announced its audited results for the full-year ended December 2019, recording impressive growth across top and bottom lines.

    According to the 2019 financials filed at the Nigerian Stock Exchange (NSE) on Friday February 28, 2020, the Africa’s global bank’s gross earnings grew by 13.3 percent to N559.8 billion, compared to N494.0 billion recorded in the corresponding period of 2018. The Bank’s total assets also grew significantly by 15.1 percent to an unprecedented N5.6 trillion for the year under review. This is the first time the Bank’s gross earnings and assets will respectively cross the N500billion and N5trillion marks.

    Notwithstanding the challenging business environment in Nigeria, the Bank’s Profit Before Tax was impressive at N111.3 billion, compared to N106.8 billion at the end of the 2018 financial year. Furthermore, the Profit After Tax rose by 13.3 percent to N89.1 billion compared to N78.6 billion recorded in 2018. On the cost side, Operating Expenses grew by 10.1 percent to N217.2 billion, as against N197.3 billion in 2018, well below average inflation rate within the period, a reflection of cost efficiency gains.

    These results depict the Bank’s deepening of its Pan-African business strategy, given the growth in the contribution of its 19 African subsidiaries to the Group’s net earnings and total assets. Ex-Nigeria Operations’ contributed 46% to the Group’s Profit Before Tax(PBT) in the year under review.

    In addition, UBA has been deploying innovative lifestyle products to expand its market share across Sub-Saharan Africa, leveraging its presence in the United Kingdom, United States of America and France, to build a true Africa’s Global Bank, facilitating trade and capital flows between Africa and the rest of the world.

    In its tradition of rewarding shareholders, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2019. The final dividend which is subject to the affirmation of the shareholders at its Annual General Meeting will bring the total dividend for the year to N1.00, as the Bank had paid an interim dividend of 20 kobo earlier in the year.

    UBA recorded a remarkable 20.2 percent growth (to N2.1 trillion) in loans to customers, whilst customer deposits increased by 14.4 percent to N3.8 trillion, compared to N3.3 trillion recorded in the corresponding period of 2018. This reflects increased customer confidence, enhanced customer experience, early wins from the ongoing business transformation programme and the deepening of its retail banking franchise.

    Commenting on the result, the Group Managing Director/CEO, Kennedy Uzoka noted that the year 2019 was important for UBA Group, as it gained further market share in most of its countries of operation.

    “The year 2019 was a very remarkable one for UBA given the adverse market developments. Nonetheless, we achieved sizable growth in balance sheet and earnings, even as we reposition the Bank for the future. Gross earnings crossed the N500 billion threshold to N559billion, whilst total assets also crossed the N5 trillion mark for the first time to N5.6trillion. Our strategy remains centred around unparalleled service to our esteemed customers. Accordingly, we are making significant investments in a technology-driven transformation journey. We have recorded early gains as shown in the 39% growth in electronic banking income to N38.8bn in 2019 from N27.9bn in 2018. Our businesses are gaining commendable share in their markets across regions in Africa, as we deepen the scale and scope of our operations.”

    Continuing, Uzoka said; “I am indeed excited about the synergy we have built within the UBA Group and the significant progress we have made in our transformation drive. We have positioned the Bank as a truly pan-African banking franchise, leveraging our operations in France, the UK and the USA, to deepen intra-African trade, and facilitate capital flows between Africa and the rest of the world. In 2020, we will pursue aggressive deepening of market share in all our subsidiaries, leveraging technology, rich human resources and our customer-first strategy to win in all the markets we operate, notwithstanding the challenges of our operating environment”.

    Also speaking on the performance, the Group CFO, Ugo Nwaghodoh emphasized that the Bank well-positioned to sustain impressive performance across key financial indices, adding that already, some of its previous investment in digital and technological transformation is already paying off significantly.

    “We navigated the fragile yield environment in our largest market, to deliver an 8% growth in net interest income to N221.9billion. This was bolstered by a 7.8% and 13.9% growth in interest income from corporate loans and investment securities respectively, as well as a 4.0% cost of funds driven by our stable retail deposits. Resulting from cost efficiency gains within the year, cost-to-income ratio moderated to 62.7% (64% in 2018), whilst profit for the year grew 13.3%, to N89.1billion, translating to 16.2% return on average equity (RoAE),” Nwaghodoh said.

  • UBA Delivers 21% Growth in Profit, 21.7% Return on Average Equity; Declares N0.20 Interim Dividend

    Africa’s leading financial institution, United Bank for Africa Plc has announced its audited half year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from its African subsidiaries.

    In spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution delivered double digit growth in its profit before tax as it rose by 21 per cent to N70.3bn for the half year to June 2019, up from N58.1bn recorded in the similar period of 2018, just as the Profit after Tax also improved to N56.7 billion, a 29.6 percent growth compared to N43.8 billion achieved in the corresponding period of 2018. The profit for the first half of the year, translated to an annualised return on average equity of 21.7 per cent.

    According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14 percent year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018. Analysts say that this result emphasises the capacity of the Group to deliver a strong performance through economic cycles in spite of the overall challenging business environment.

    As at 30 June 2019, the Bank’s Total Assets grew by 4.8% crossing the N5 trillion mark to N5.10 trillion. Customer Deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscores UBA’s market share gain, as it increasingly wins customers through its revitalized customer service culture coupled with innovative digital banking offerings. The bank’s Shareholders’ Funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

    In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

    Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “I am pleased with the half performance of the Group, having delivered 14% growth in gross earnings and 21% growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a 9% growth in interest income and defended the net interest margin. We also achieved a 39% growth in our electronic banking revenues, as we broaden and deepened our digital banking play across Africa. Revenues from our remittance and funds transfer businesses grew 69% and 53% respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

    He further stated “I am very optimistic that the ongoing Group-wide transformation program, will in the quarters ahead, enable the Bank deliver substantial operational efficiencies and best-in-class customer service, which will ultimately boost earnings. We sustained our asset quality with the NPL ratio down to 5.62%, from 6.45% as at 2018FY. We will continue to adopt best practice standards to grow and manage the portfolio in the quarters ahead.”

    Also speaking on UBA’s results, the Group CFO, Ugo Nwaghodoh said; “We had a strong start in the year given the prevailing macroeconomic environment across our various markets. There is better diversification in profit contribution as our banking subsidiaries across Africa contributed 38% of the profit before tax, whilst our recently repositioned UK business contributed 4%. We expect this dispersion to continue, as the subsidiaries consolidate on their share of the various markets.”

    “I am particularly delighted that the key ratios are trending in the right direction. The net interest margin is trending upwards and will continue to improve as we responsibly grow the risk asset portfolio and realign the funding mix to lower our cost of funds. The cost-to-income ratio trended down to 60% with our focus on balance sheet and operational efficiencies which should enable us deliver our medium term CIR target. Capital adequacy ratio increased to 28% from 23.6% in December 2018, providing a very strong buffer for asset growth,” he stated.

  • Dangote Cement records fall in revenue, profit in Q1 2019

    Dangote Cement records fall in revenue, profit in Q1 2019

    Dangote Cement, the flagship company of Africa’s richest man, Mr Aliko Dangote, on Friday, April 26, 2019, released its financial position as at the end of March 31, 2019.

    From the results briefly analysed, the leading cement maker in Nigeria recorded decline across key performance indicators.

    For instance, the revenue generated by the company in the period under review dropped to N240.2 billion from N242.1 billion and a closer look into the cause of this showed that there was a slight drop in the cement production volume to 5.97 million tonnes in Q1 2019 from 6.04 million tonnes in Q1 2018.

    Also, the reduction in the trade cement purchases to 187,000 tonnes in the reviewed period from 233,000 tonnes in the same period of last year had an effect on the revenue generated by the firm.

    It further said the production cost of sales increased to N99.5 billion from N97.4 billion, while the gross profit went down to N140.7 billion from N144.8 billion, with the administrative expenses shooting up to N13.2 billion from N11.9 billion.

    During the period being reviewed, the selling and distribution expenses rose to N39.6 billion from N29.6 billion, while the profit from operating activities decreased to N88.4 billion from N103.8 billion.

    It was a similar situation for the finance income, which reduced to N2.3 billion from N2.6 billion, while the finance costs jumped to N11.7 billion from N10.5 billion.

    The profit before tax was not any different from the previous performance indicators as this dropped to N79 billion from N108.4 billion, while the profit after tax declined to N60.3 billion from N72.1 billion.

    The poor performance recorded by the company spread to the earnings per share, which closed lower to N3.54 kobo from N4.20 kobo.

  • EPL: Tottenham break world record with £113m profit

    Tottenham Hotspur made a world-record profit of £113m after tax last season.

    The figure tops the £106m profit posted by Premier League rivals Liverpool earlier this year.

    Yearly financial results for 2017-18 reveal Spurs’ income climbed from £310m to £380m thanks to player sales, bigger crowds at Wembley Stadium and reaching the Champions League knockout stages.

    The figures were released as the club opened a new £1bn stadium – though much of that cost has been met with loans.

    Premier League matchday revenue more than doubled from £19m to £42.6m thanks to playing in front of larger crowds at Wembley while the new stadium was under construction.

    Tottenham beat Crystal Palace 2-0 in their first game at the new ground.

    It left the side third in the Premier League, one point in front of London rivals Arsenal and Chelsea and three points in front of Manchester United in sixth place.

    The financial results show the club is still some way off competing with other top six sides financially, however.

    Last season, Tottenham spent £147m on player wages, for example – almost £100m lower than Arsenal’s £240m wage bill, the next lowest of the top six clubs – and about half that of Manchester United.

    The annual results filed by the club also show £116m was spent on new players in the period, with the likes of Brazil international Lucas Moura and defender Serge Aurier both coming in from Paris St-Germain.

    However, the club also made £84m back in player sales – defender Kyle Walker’s move to Manchester City providing more than half of that.