All posts by 08036516651

FBN

By Lydia Ngwakwe

Lagos, July 29, 2022 (NAN) FBN Holdings Plc has announced its unaudited results for the half year ended June 30, 2022 with a gross earnings of N359.2 billion.

The company stated this in a statement on Friday in Lagos.

The gross earnings indicated an increase of 22.4 per cent when compared with N293.4 billion recorded in the preceding period of 2021.

It also recorded a profit before tax of N65.7 billion from N45.2 billion achieved in the corresponding period of 2021, an increase of 45.3 per cent.

The company’s profit for the period stood at N56.5 billion against N38.1 billion posted in the comparative period of 2021, representing an increase of 48 per cent.

Commenting on the result, the Group Managing Director, Mr Nnamdi Okonkwo, said that the company demonstrated resilient performance despite the challenging operating environment.

“FBNHoldings continues to demonstrate resilient performance despite the challenging operating environment with an impressive improvement in revenue and profitability.

“For the half year 2022, gross earnings and profit before tax grew by 22 per cent y-o-y and 45 per cent y-o-y to N359.2 billion and N65.7 billion respectively.

“Furthermore, we continue to see good progress across our performance metrics, which remain in line with our focus on driving sustainable growth.

“The Group remains committed in its transformation drive, which has resulted in stronger balance sheet and better asset quality with non-performing loans closing at 5.4 per cent at H1 2022.

“Similarly, risk management capability remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion,” Okonkwo said.

He said that the company would continue to deliver sustainable value to its stakeholders.

“Our strategic intent remains unchanged in optimising opportunities that drive growth in revenue, profitability, capital accretion and overall operational efficiency that delivers sustainable value to our stakeholders,” Okonkwo said.

Also speaking, Dr Adesola Adeduntan, the Chief Executive Officer of First Bank of Nigeria Ltd., said that the commercial banking group remained focus on executing key initiatives to position the Group for improved profitability in FY2022, amidst a challenging operating and dynamic regulatory environment in H1 2022.

“Our half-year results further reinforced our drive toward our ‘Quantum Profitability Leap’ agenda. Our gross earnings are up 22.6 per cent y-o-y to N338.5 billion and net interest income up 49.3 per cent y-o-y to N152.9 billion, respectively.

“On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40 per cent y-o-y to N60 billion.

“Profit after tax also grew by 42.3 per cent y-o-y to N53.3 billion as the bank continues to reap the dividends of the successful restructuring of its balance sheet and revamping of our risk management architecture.

“We continue to record progress in driving down our non-performing loan ratio which now stands at 5.4 per cent at the end of H1 and we are on target to bring it within regulatory limit of five per cent by end of FY 2022,’’ he said.

Adeduntan expressed the confidence that the current momentum of generating impressive returns from the quality risk assets portfolio already created would be sustained.

“We will continue to strengthen our dominant digital banking capabilities in providing best-in-class services to all segments of our customers across all our footprints in sub-Sahara Africa and beyond,” he said. (NAN)(www.nannews.ng)
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Edited by Chinyere Joel-Nwokeoma

Again, naira drops at Investors and Exporters window

Naira

By Lydia Ngwakwe

Lagos, July 29, 2022 (NAN) The Naira on Friday depreciated against the dollar at the Investors and Exporters window, exchanging  at N429.

The figure represented an increase of 0.66 per cent compared with the N426.20 it exchanged for the dollar on Thursday.

The open indicative rate closed at N428.10 to the dollar on Friday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N429.

The Naira sold for as low as N406 to the dollar within the day’s trading.

A total of 59.59 million dollars was traded in foreign exchange at the official Investors and Exporters’ window on Friday. (NAN)(www.nannews.ng)

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Edited by Dianabasi Effiong/Oluwole Sogunle

Earnings

By Lydia Ngwakwe

Lagos, July 29, 2022 (NAN) Unity Bank Plc has announced a gross earnings of N27.6 billion for the first half of 2022 ended June 30.

This is contained in the company’s unaudited half-year results submitted to the Nigeria Exchange Group Ltd. on Friday.

The figure represented a growth of 17.09 per cent compared with N23.6 billion posted in the comparative period of 2021.

The bank’s profit before tax during the period under review rose by 23 per cent to N1.8 billion from N1.5 billion in the corresponding period of 2021.

Profit after tax for the period equally increased by 23 per cent to close at N1.6 billion from N1.38 billion in the preceding period.

The key highlights of the financial statements showed growth in interest and similar income, which rose from 18 per cent to N23.94 billion from N20.27 billion in the corresponding period of 2021.

The company said this showed an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.

Similarly, the lender posted sustained asset growth as total assets moved up by seven per cent to N574.3 billion from N538.9 billion in 2021.

Other key highlights of the financial statement include a 12 per cent growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021.

The bank said the growth in deposit was a clear indication of the positive trend of its innovative retail products targeting several segments of the retail market.

It added that enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review contributed to the growth in deposit.

Commenting on the performance, Mrs Tomi Somefun, the bank’s Managing Director/Chief Executive Officer, said that the bank posted impressive earnings in spite of the challenging operating environment.

She noted that while the key performance indicators continue on an upward trajectory, the outlook for our financial position had now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.

Somefun said, “As the bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments.”

This, she said, would enable the bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds.

“Having invested massively in technology to drive a major revamp in our digital banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, among others, the major focus is to drive increased optimisation which will enable the bank to provide electronic convenience,” she said. (NAN)(www.nannews.ng)
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Editing by Chinyere Joel-Nwokeoma

Naira

By Lydia Ngwakwe

Lagos, July 28, 2022 (NAN)The Naira on Thursday appreciated against the dollar at the Investors and Exporters window, after a two-day decrease,  exchanging at N426.20.

The figure represented an increase of 0.88 per cent compared with the N430 it exchanged for the dollar on Wednesday.

The open indicative rate closed at N428.10 to the dollar on Thursday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N426.20.

The Naira sold for as low as N413.90 to the dollar within the day’s trading.

A total of 129.13 million dollars was traded in foreign exchange at the official Investors and Exporters’ window on Thursday. (NAN)(www.nannews.ng)
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Edited by Olawunmi Ashafa

Agents

By Lydia Ngwakwe

Lagos, July 27, 2022 (NAN) First Bank of Nigeria Ltd. says its agent banking network, Firstmonie Agents, has collectively processed transaction volume in excess of one billion, amounting to over N22 trillion.

Mrs Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, said this in a statement on Wednesday in Lagos.

According Ani-Mumuney, the financial services were carried out in 22 trillion transactions by over 180,000 Firstmonie agents spread across the 772 local government areas.

“Firstmonie Agents have been integral to bringing financial services closer to the underbanked and unbanked segment of the society.

“Our agent banking network provides convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments with no access to financial services.

“Popularly referred to as the ‘Human ATM’, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient personalised services.

“Amongst the services carried out by the agents include; account opening, cash deposit, airtime purchase, bills payment, withdrawals and money transfer.

“Through various empowerment and reward schemes implemented to put its Firstmonie Agents at an advantage to economically impact their immediate communities, whilst importantly having their business sustained,’’ she said.

Ani-Mumuney also said that the bank’s agent banking scheme remains a toast to Nigerians, irrespective of where they are in the country.

She said that one of the schemes, Agent Credit, launched in 2020, had helped the bank to provide credit facilities worth N238 billion to its Firstmonie Agents.

Dr Adesola Adeduntan, Chief Executive Officer, FirstBank said, “Since the relaunch of our agent banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country.

“It has allowed many more people the ability to undertake various financial and business transactions in cost-effective ways, thereby saving a lot of time and money in travelling over long distances for basic banking services.

“We are delighted by the giant strides of our Firstmonie Agents in promoting financial inclusion.

“We commend them for their efforts in taking banking to the doorsteps of Nigerians, irrespective of where they are, in a very effective way,’’ he said.(NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Promo

By Lydia Ngwakwe

Lagos, July 27, 2022 (NAN) Fidelity Bank Plc has rewarded 10 customers with N1million each in the eight monthly draw of its Get Alerts in Millions season five promo (GAIM 5).

Dr Ken Opara, the Promo Chairman and Executive Director, Lagos and South-West, said at the prize presentation on Wednesday in Lagos that the promo was aimed at promoting financial inclusion.

Opara said that the GAIM was introduced by the bank to support the Central Bank of Nigeria (CBN) financial inclusion agenda across the country.

“Today, we would be presenting the sum of N1million each to Victor Chimela Ohanmuo and Sampson O. Onwunali, who emerged winners in the eight GAIM 5 monthly draw held last week.

“Aside from these customers, eight other winners would receive their cash prizes of N1 million at similar events at their branches across the country at this period.

“I congratulate our winners for emerging winners in our July monthly draw; a million naira is a lot of money and I urge them to put their winnings to good use.

“As a bank, we have taken it upon ourselves to help them make the best use of their cash prizes so that it continues to yield bountiful rewards for them,’’ he said.

Opara urged them to visit any Fidelity Bank branch for necessary guidance from the bank’s dedicated team of Small and Medium Enterprises on best to make use of their monies.

Opara was represented by Mr Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.

He noted that the GAIM 5 journey started in November 2021 when the bank launched the promo to reward its customers for maintaining a healthy savings habit.

Opara expressed joy over the reception that the campaign had enjoyed as well as its impact on the lives of winners.

He said that since the first prize presentation event in December 2021, the bank had given out millions of naira to monthly draw winners cutting across all cadres of society.

Opara encouraged those who were yet to open a Fidelity Bank savings account to do so in order not to miss out on the millions of naira to be given away in next month’s monthly and grand draws.

He said, “as we have said previously, we would be giving out the sums of N2 million, N5 million and N10 million each to three lucky customers in the grand draw, scheduled for August 2022’’.

Mr Sampson Onwunali, one of the winners from Fidelity Bank Trade Fair Complex, Badagry Expressway, Lagos, thanked God for using the bank to bless him with a worthy prize.

“My heart is full of joy and I thank God for His mercy; when I got a call from the bank that I have won something, I didn’t believe it until I went to my branch to confirm.

“I didn’t even know that there was a promo going on, though I heard about it sometime ago but I had no interest in participating not to talk of even being one of the winners.

“I want to tell Nigerians that Fidelity Bank is a good bank and the save and win promo is real; I advise people to start banking with Fidelity Bank to also be among the winning team,’’ he said.

All you need to qualify for the promo is save a minimum of N2,000 only and activate a virtual or physical debit card to get a ticket in the promo.

The more tickets you get, the more chances you get to win, and the bigger the amount you can win.

The News Agency of Nigeria (NAN) reports that representatives of the National Lottery Regulatory Commission, Federal Competition and Consumer Protection Commission, Lagos State Lotteries and Gaming Authority witnessed the prize presentation.(NAN)(www.nannews.ng)
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Edited by Chinyere Joel-Nwokeoma

Investors

By Lydia Ngwakwe

Lagos, July 26, 2022 (NAN) An economist,  Prof. Uche Uwaleke, has advised investors interested in the equites market to buy stocks in September and sell in January 2023 to reduce the impact of electioneering activities on investment.

Uwaleke, a Professor of Capital Market, gave the advice at a capacity building programme organised by the Finance Correspondents Association of Nigeria (FICAN) on Tuesday in Lagos.

He said that the stock market had always experienced negative pressure in the domestic market every every pre-election year.

The News Agency of Nigeria (NAN) reports that the forum has as its  theme;“Impact of Electioneering on Fixed Income and Equities Markets in Nigeria’’

According to him, while the All-Share Index (ASI) depreciated in September for all penultimate election years, it appreciated in January for all election years, except in 2015.

“The outlier, January 2015, was the election year that ushered in the present administration, characterised by high tension and uncertainty.

“Compounded by the fall in international crude oil price and the rumoured break-up prediction of Nigeria in 2015 by the United States National Intelligence Council.

“The bearish run experienced in the stock market in second half (H2) of 2014 (largely on account of the tension) had lingered into January 2015,’’ he said.

Uwaleke, however, cautioned that the  second half of any pre-election year is not for risk-averse investors.

He advised investors to take a longer term perspective during the electioneering period, saying, “second half of pre-election year is a good time to identify and take positons in undervalued stocks, especially in dividend aristocrats.”

He said, “to identify mispriced stocks, the application of ‘Tobin-Q’ or ‘Kaldor’s V’ and Price/Earnings ratios is advised.

“Ultimately, the best strategy to shield the headwinds is to stay with securities that have solid fundamentals as well as ensure a well-diversified portfolio of investments particularly during electioneering periods’’.

He, however, said that there was still hope for the Nigerian equities market based on trend analysis which always experience drawbacks at every pre-election, particularly during the second quarter of the year.

The economist said no investor wanted a negative return on investment, adding that high inflation was not in the best interest of the equities market.

Uwaleke said that political uncertainty breath low interest in the capital market as a sell down in shares was unavoidable despite vast local investors in the domestic market.

“Stock returns have been on a downward trend for all penultimate election years since 2006.

“The poor performance of the stock market in 2014 despite relatively strong GDP growth rate, including strong crude oil prices and single digit inflation, may not be unconnected with heightened political tension that characterised electioneering in second half 2014.

“Low GDP growth rate of 1.92 per cent and double-digit inflation rate of 12.09 per cent in 2018, resulted in stagflation which may have contributed to the negative returns in 2018.

“Bond yields tend to be higher in second half of pre-election years.

“This may be due to increased demand for money, occasioned by election spending and  increased borrowing by the government to prosecute the election, high inflation rates, and high country risks in the case of Eurobond.

“Again, if previous penultimate election years’ performance was any guide, we should be expecting in second half 2022, rising inflation rate.

“Also, the impact of CBN’s tight monetary policy will be insignificant in taming inflationary pressure.

“Penultimate election years in Nigeria are characterised by tension and uncertainties ahead of the general elections with adverse consequences for the economy and the equities market in particular,’’ he said

(NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Naira drops by 0.90% at Investors and Exporters window

Naira

By Lydia Ngwakwe

Lagos, July 26, 2022 (NAN) The Naira on Tuesday depreciated at the Investors and Exporters window, against the dollar, exchanging at N431.

The figure represented a decrease of 0.90 per cent compared with the N427.17 it exchanged to the dollar on Monday.

The open indicative rate closed at N427.30 to the dollar on Tuesday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N431.

The local currency sold for as low as N414 to the dollar within the day’s trading.

A total of 58.03 million dollars was traded in foreign exchange at the official Investors and Exporters’ window on Tuesday. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa see

Growth

By Lydia Ngwakwe

Lagos, July 26, 2022 (NAN) B. Adedipe Associates Ltd. (BAA Consult) has reviewed downward its growth forecast for the Nigerian economy in 2022 to 3.27 per cent from its earlier projection of 3.74 per cent announced in January.

Dr ‘Biodun Adedipe, founder and Chief Consultant BAA Consult, announced the new projection at the roundtable session on the Mid-Year review of Economic Outlook for 2022.

The event was organised by the Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with BAA Consult, on Tuesday in Lagos.

“So for us in BAA Consult, we have dampen our expectation when we started the outlook at the beginning of the year.

“We projected between 3.74 per cent growth, at that time, both the Internal Monetary Fund (IMF) and the World Bank had 1.5 per cent by April.  IMF increases its own from 1.5 to 3.4 per cent.

“But as at today based on the first half year, what we see as the likely outcome of our GDP growth this year is 3.27 per cent; no longer 3.74 per cent because of what has happened (insecurity).

“So, we must therefore, take concrete actions with respect to insecurity which is the measure hobbler of economic growth as of Nigeria today.

“And of course, our policies with export promotion, fiscal discipline must be structurally addressed, the issue of fuel subsidy and the obvious corruption in that as well,’’ Adedipe said.

He added that the volume of refined petroleum Nigeria consume and the amount paid on subsidy, if compared together, would tell that something was missing somewhere.

He said, “Of course I’m not in government, so I don’t have access to all the data. But for us as analysts, we interpret what we see and within the limit of what we see. It is clear that talking of fuel subsidy, the trillions of Naira in Nigeria today, there must be some fraud somewhere .

“But we must develop the courage to address it; if we do that, then we’ve started the process of getting the economy in the direction it should go’’.

He said that tremendous energy in Nigerians and our corporate entities would make the economy work, `only if we get the right signals from the policy authority’.

Dr Michael Adebiyi, Director, Research Department, Central Bank of Nigeria (CBN) said, “against the backdrop of the prevailing headwinds to the positive outlook of the economy, the future looks optimistic.

According to Adebiyi, this is based on the various efforts of the CBN at repositioning the financial and real sectors of the economy for sustainable development.

“However, more still needs to be done, particularly in the agricultural sector and Information Communication Technology,’’ he said.

Adebiyi, represented by Mr Adeniyi Adenuga, Assistant Director, CBN, therefore called on the fiscal authorities to support the intervention efforts of the apex bank.

This, he added, can be achiebed by providing competitive tax incentives for the importation of large-scale and high-impact technology as well as innovation.

The director noted that this would help to enhance agricultural yield and efficiency in the entire value chain.

He also said that efforts at addressing the persisting insecurity challenges, should be accelerated to help address food-supply disruptions, thereby mitigating the rising food inflationary pressures in the short-term.

Adebiyi expressed optimism that the apex bank would sustain its current credit support facilities to the real sector to boost agricultural output, for improved value chain and export value.

This, he said, would restore relative stability in the foreign exchange market.

He urged banks to sustain the 100-for-100 Policy for Production and Productivity (PPP) and the Naira-4-dollar scheme and enhance the Foreign Exchange position in the Investors and Exporters window.

He suggested that could be attained by encouraging the participation of top 100 non-oil exporters in the RT200 FX programme.

According to him, these would help in stabilising the exchange rate and boost reserves accretion in the short-to-medium term.

He called on stakeholders to come up with useful recommendations that would improve and boost the growth of the Nigerian economy and policy options that could be adopted to tame inflation in the economy.

Earlier, Dr Ken Opara, President of CIBN, said that the event, a brainchild of the CIBN Research Committee, was designed to evaluate the performance of the Nigerian economy in the prior half of the year, while providing an outlook for the second half of the year.

“More specifically, the event would assess the trends of macroeconomic indicators in the first six months of 2022 as well as the performance of key sectors of the economy.

“The maiden edition was successfully held on August 13, 2021 with participants across the globe.

“This second edition of the Mid-Year Economic Review and Outlook is intended to be a follow up on the National Economic Outlook event usually held at the beginning of each year whereby actual performance/trends of economic indicators are compared with predictions asserted at the beginning of the year.

“Ultimately, it offers yet another prospect to deliver value to our stakeholders while they navigate the rudiments of a relatively demanding year,’’ Opara said. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Naira

By Lydia Ngwakwe

Lagos, July 25, 2022 (NAN)The Naira on Monday appreciated at the Investors and Exporters window, against the dollar, exchanging at N427.17 to the dollar.

The figure represented an increase of 0.66 per cent compared with the N430 it exchanged for the dollar before the close of business on July 22.

The open indicative rate closed at N427.63 to the dollar on Monday.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N427.71.

The Naira sold for as low as N414 to the dollar within the day’s trading.

A total of 89.71million dollars was traded in foreign exchange at the official Investors and Exporters’ window on Monday. (NAN)(www.nannews.ng)
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Edited by Chinyere Joel-Nwokeoma