By Gistflash News
Sept 14, 2021
The Nigerian Exchange (NGX) closed trading on Tuesday in green to halt the six-day consecutive bearish trend with a marginal growth of N3 billion.
The market upturn was due to investors’ renewed buying interest in the financial and industrial sectors.
Consequently, the market capitalisation inched higher by N3 billion or 0.01 per cent to close at N20.278 trillion from N20.275 trillion achieved on Monday.
Also, the All-Share Index grew by 4.88 points or 0.01 per cent to close at 38,920.50 against 38,915.62 on Monday.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; UACN, Dangote Sugar Refinery, Africa Prudential, Oando and University Press.
Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a negative performance as market remains short of a positive catalyst.”
However, the market breadth closed negative recording 21 losers as against 14 gainers.
UACN Property Development Company led the gainers’ chart in percentage terms by 9.93 per cent to close at N1.66 per share.
Academy Press followed with 8.33 per cent to close at 39k, while Courteville Business Solutions appreciated by 7.41 per cent to close at 29k per share.
Vitafoam went up by 3.88 per cent to close at N17.40, while Livestock Feeds appreciated by 2.88 per cent to close at N2.14 per share.
On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms by 7.41 per cent to close at 25k per share.
University Press followed with 6.42 per cent to close at N1.02, while Regency Alliance Insurance shed 6.25 per cent to close at 45k per share.
UACN lost 4.85 per cent to close at N9.80, while Chams declined by 4.55 per cent to close at 21k per share.
Meanwhile, the total volume rose by 13.6 per cent to 228.48 million shares worth N1.88 billion traded in 3,376 deals.
This was in contrast with 201.10 million shares valued at N2.53 billion achieved in 3,340 deals on Monday.
Transactions in the shares of Wema Bank topped the activity chart with 46.76 million shares worth N35.97 million.
Access Bank followed with 28.24 million shares valued at N263.49 million, while United Bank of Africa sold 17.77 million shares worth N135.08 million.
Mutual Benefits Assurance traded 17.24 million shares valued at N4.88 million, while Fidelity Bank transacted 14.80 million shares worth N36.07 million.
Fidelity Bank grows PBT by 72.4% in 6 months
By Gistflash News
Sept 12, 2021
Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021.
The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos.
Onyeali-Ikpe said that the bank’s PBT represented a 72.4 per cent growth when compared to N12.0 billion recorded in the comparative period of 2020.
She added that profit after tax (PAT) rose to N19.31 billion from N11.30 billion recorded in the corresponding period.
She said the growth was on the Back of Increased customer transactions and improved operational efficiency.
“We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost-to-serve,” she said.
Onyeali-Ikpe also said that the financial result for the period indicated that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3 billion on account of 27.8 per cent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.
She added that the bank’s NIR was driven by strong growth in commission on banking services by 57.7 per cent, account maintenance charges by 50.6 per cent, digital banking income by 49.4 per cent and trade income by 33.7 per cent among others.
Total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 Per cent QoQ.
The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent YTD to N1.53 billion from N1.32 billion in 2020FY.
However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/dollars-H1 2021: N410.6/dollars) accounted for a 1.1 per cent YTD growth in the loan book. Cost of risk came in at 0.3 per cent and the NPL ratio (stage 3 loans) dropped to 2.8 per cent from 3.8 per cent in 2020FY.
Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio at 18.8 per cent from 18.2 per cent in 2020FY.
Total Deposits increased by 16.5 per cent YTD to N1.98 billion from N1.69 billion in 2020FY, driven by increased deposit mobilisation across all deposit types.
“Digital Banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cent of customer-induced transactions were done on digital platforms.”
She also explained that the bank’s foreign currency deposits increased by 23.1 per cent YTD at 149 million dollars and now accounted for 18.5 per cent of total deposits from 17.5 per cent in 2020FY.
According to her, this is as the bank continues to harness the benefits of its renewed drive in the diaspora banking space.
“We look forward to sustaining the current momentum in H2 by optimising our balance sheet and lowering our cost–to–serve.
“This will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,” Onyeali-Ikpe said.
Desist from Foreign Exchange malpractices, CBN warns commercial banks
By Gistflash News
Sept 11, 2021
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.
The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.
Nnaji urged the banks to, not only ensure to know their customers, but also to know their customers ‘ businesses.
She said the directive was necessitated by recent occurrences in the FX market.
“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).
“Given this responsibility , and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.
“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.
She urged all the DMBs concerned to take note and ensure compliance. (
GT Bank’s profits dip, posts N93.1bn in 6 months — CEO
By Gistflash News
Sept 10, 2021
Guaranty Trust Bank, now Guaranty Trust Holding Company Plc, has posted a profit before tax (PBT) of N93.1 billion for the six months ended June 30, according to the Group Chief Executive Officer of Guaranty Trust Holding, Mr Segun Agbaje.
Disclosing the company’s audited financial results for the period ended June 30, on Friday, in Lagos, Agbaje noted that the group’s PBT represented a decrease of 15.2 per cent, when compared to the N109.7 billion recorded in the same period in 2020.
Also, profits in the period under review dipped to N79.41 billion from N94.27 billion achieved in the same period of 2020.
Agbaje said: “The results reflect our commitment to building on our track record of solid financial performance, and our capability to constantly innovate will ensure we stay ahead of the curve at all times.
“We are counting on the enduring support of our loyal customers and the hard work of our dedicated staff to continually make end-to-end financial services easily accessible to everyone and to create the best outcomes for all our customers and the communities in which we operate.
“Looking forward, we are focused on bringing to bear the full benefits of our new corporate structure by consolidating our leading position in all the economies where our franchise operates.
“We will also diversify our earnings from core banking, continue to empower businesses across Africa and beyond, and generate long-term returns for our shareholders,” he said.
Gross Earnings dropped to N207.91 billion for the year under review against N225.13 billion recorded in the comparative period of 2020.
Agbaje also revealed that the structure and earning capacity of the Group’s balance sheet remained resilient, with total assets closing at N5.01 trillion, primarily driven by a 4 per cent increase in deposit liabilities to N3.75 trillion on June 30 from N3.61 trillion recorded in Dec. 2020.
He said there was also a slight 1.8 per cent dip in loans (net) from N1.66 trillion as at December 2020 to N1.63 trillion on June 30, 2021.
Agbaje attributed the dip in profits to the present realities of the operating environment, though the Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.0 per cent.
Meanwhile, the Board of Directors has proposed an interim dividend of 30k per ordinary share of 50k each.
LET’S REVAMP YOUR BUSINESS
Let’s keep you updated
HOW TO BUY FOLLOWERS FOR ALL YOUR SOCIAL MEDIA ACCOUNTS
Gorgeous Bride rocking one of Beyonce’s Hit song
Most Viewed Posts
- CBN Sells Polaris Bank To SCILSpread the loveThe Central Bank of Nigeria (CBN) has announced the completion of the sale of shares in Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor. In a statement signed by its Director, Corporate Communications … Read more
- “No Way Back For You In Man United Squad, Spoilt Brat” – Darren Bent Slams RonaldoSpread the loveDarren Bent, a former Charlton, Tottenham and Sunderland striker, has suggested that the end of Cristiano Ronaldo has come at Manchester United. The former England man said he sees no way the former Real Madrid star can … Read more
- Gunmen Attack Anambra Police Station, Kill Four OfficersSpread the love Unknown gunmen in the early hours of Wednesday attacked a police station located in Atani, the headquarters of Ogbaru Local Government Area of Anambra State. It was gathered that the gunmen launched the attack on the … Read more
- Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John YakubuSupreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakub The Supreme Court has affirmed the six years imprisonment imposed on a former Federal Director of Pensions, Mister John Yakubu, and also ordered him to refund … Read more
- Media Intelligence agency Marks Six years of Operation in NigeriaSpread the loveMedia Intelligence agency Marks Six years of Operation in Nigeria. P+ Measurement Services, Nigeria’s foremost Independent Public Relations measurement and evaluation agency, celebrates its sixth year of effective operation with qualitative offerings for its numerous clients, as it … Read more