Non-Performing Loans Threaten Unity Bank’s R.O.I

Non-Performing Loans Threaten Unity Bank’s R.O.I

The Managing Director/Chief Executive Officer, Unity Bank Plc, Mrs Tomi Somefun, has attributed the poor performance of the bank to high non-performing loans. While speaking during an interaction with journalists in Lagos, she stated that the bank sold off its remaining bad loans because it was spending a lot of time on debt recovery. She stated that the bank was suspended by the Nigerian Stock Exchange for failing to file its financial statement, adding that the Central Bank of Nigeria wanted to confirm that its loans were not performing before…

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GTBank Posts N142.2 Billion Q3 Profit

GTBank Posts N142.2 Billion Q3 Profit

Guaranty Trust Bank (GTB) Plc has announced a profit of N142.22 billion for the third quarter ended September 30, 2018. This was contained in the bank’s third quarter results released on the Nigerian Stock Exchange (NSE), yesterday. The report showed that the profit after tax represented a growth of 13.6 per cent as against N125.58 billion achieved in the corresponding period of 2017. Its profit before tax rose to N164.25 billion from N150.03 billion recorded in the preceding period of 2016, while earnings per share went up to N5.03 from…

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Access Bank Q3 Earnings Rises To N375 Billion

Access Bank Q3 Earnings Rises To N375 Billion

Access Bank Plc has announced group earnings of N375.2bn and profit after tax of N62.9bn for the third quarter of this year. The bank, in its financial statements for the period ended September 30, 2018, stated that its profit after tax was a 12 per cent increase from N56.4bn, which was recorded during the same period in 2017. It said subsidiary contribution also increased from 15 per cent to 32 per cent. According to the report, the group earnings for the nine months to September 2018 increased by three per…

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Lafarge Posts N72 Billion Net Profit

Lafarge Posts N72 Billion Net Profit

Lafarge Africa Plc has recorded net sales of N72bn for the third quarter of 2018 and N234bn for the nine-month period ended September 30, 2018. The firm, in its third quarter financial report, which was made available to the Nigerian Stock Exchange on Wednesday, said the Q3 revenue was an increase of five per cent over that of the same periods in 2017. The firm said its positive performance in Q3 was mainly driven by strong volume growth in Nigeria and favourable pricing trends in South Africa. It said its…

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Budget: FEC Approves $2.9bn Eurobond Issuance

Budget: FEC Approves $2.9bn Eurobond Issuance

The Federal Executive Council on Wednesday approved the issuance of $2.9bn and other securities in Eurobond from the international capital market. The Minister of Finance, Zainab Ahmed, disclosed this to State House correspondents at the end of the weekly meeting of the council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. Ahmed said the Eurobond provided for in the 2018 Appropriation Act was meant to finance capital projects of the budget. She added that N374.618m was also approved as payment for the transaction partners. She said, “Today…

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FG Considering N100 Billion Sukuk Bond 

FG Considering N100 Billion Sukuk Bond 

The federal government is considering issuing another tranche of N100 billion Sukuk bond for the construction of roads and infrastructure development in the country. This, was disclosed at a recent two-day training on Sukuk Structurisation and Management in Abuja, organised by the Metropolitan Skills Limited in collaboration with the Federal Ministry of Finance, and Standing Committee for Economic and Commercial Cooperation of the organisation of the Islamic Cooperation (COMCEC). The Chief Executive Officer (CEO) of Metropolitan Skills, Ms. Ummahani Amin, disclosed that the second tranche of the Sukuk bond was…

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UBA Grows Q3 Earnings To N375 Billion

UBA Grows Q3 Earnings To N375 Billion

United Bank for Africa Plc has announced its unaudited third-quarter financial results, with growth in gross earnings at N374.8bn, an 12.3 per cent increase when compared to N333.9bn recorded in the corresponding period of 2017. According to the report filed to the Nigerian Stock Exchange on Monday, UBA’s net operating profit improved by 1.7 per cent year-on-year to N227.7bn, when compared to N224bn achieved in the similar period of 2017. Amidst inflationary pressures and uncertainties undermining the business environment in Nigeria and a few other countries in Africa, UBA’s operating…

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AfDB Roadshows Creates Path For Nordic Investment In Nigeria

AfDB Roadshows Creates Path For Nordic Investment In Nigeria

President, AfDB, Dr. Akinwunmi Adesina The African Development Bank, in multidisciplinary team roadshows, has presented financial products and investment opportunities on the continent to Nordic investors to leverage more access to financing. A statement issued by the bank on Monday said it hosted roadshows in Norway, Sweden, Finland and Denmark to attract investors to Africa. The roadshows brought together more than 50 private sector companies, investors and government and public institutions in the Nordic countries, the bank said. It noted that the aim of the events was to bring the…

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SEC Reiterates Commitment To Capital Market Reforms

SEC Reiterates Commitment To Capital Market Reforms

The Acting Director-General, Securities and Exchange Commission, Ms. Mary Uduk. The Securities and Exchange Commission has promised to build the capital market architecture through reforms driven by its capital market master plan initiatives. The Head, Registration and Market Infrastructure Department, SEC, Emomotimi Agama, while speaking at the Chartered Institute of Stockbrokers’ 22nd Annual Conference, said the reforms aimed to protect investors, ensure fair, efficient and transparent markets and reduce systemic risk. He added that the master plan would promote regulations that would provide a level playing field for participants, rid…

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NSE Listing: MTN Urged To Reposition Strategically

NSE Listing: MTN Urged To Reposition Strategically

The Chartered Institute of Stockbrokers (CIS), has urged the telecom giant, MTN, to dispatch with all regulatory headwinds properly before coming to the stock market for public offering to Nigerians, to enable it list at optimal price favourable to the company and investors. A member of the CIS 2018 Conference Committee, Akeem Oyewale, gave the advice while fielding questions from journalists at a news conference to announce the forthcoming Stockbrokers’ 2018 Conference, slated for October 4 and 5, in Lagos. He noted that the parent company of MTN lost about 30…

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