Finance

Access Bank Divests From Stanbic IBTC Pension Managers

Published

8 years ago

February 12, 2017

Access Bank Divests From Stanbic IBTC Pension Managers

Access Bank Plc has finally divested from Stanbic IBTC Pension Managers Limited following a directive from the Central Bank of Nigeria.

This development, it was learnt, was in compliance with the CBN regulation on the scope of banking activities and ancillary matters No.3, 2010.

The Board of Directors of the bank had also sold the bank’s 17.65 per cent equity shareholding in Stanbic IBTC Pension Managers to the company’s majority shareholder – Stanbic IBTC Holdings Plc.

The Access Bank Board of Directors confirmed receiving all regulatory approvals for the share sales.

The bank notified the Nigerian Stock Exchange of the transaction in view of the possible material effect it could have on the value of Access Bank’s securities listed on the Exchange.

The disclosure is subject to the provisions of Rule 17 of the NSE Rule Book 2015 and Rule 187 of the Rules and Regulations of the Securities and Exchange Commission 2013, which require the disclosure of material non-public information to the Exchange.

Access Bank grew its loans and advances by 74 per cent between 2013 and 2015, the Group Managing Director/Chief Executive Officer of the bank, Herbert Wigwe, said.

Specifically, the loans and advances’ figures of the bank rose from N810.8bn to N1.41tn between 2013 and 2015.

Wigwe said the lender also grew its total asset by 41 per cent from N1.84tn to N2.59tn between 2013 and 2015, while customer deposits rose by 26 per cent from N1.33tn to N1.68tn.

The bank’s net interest income for the period, he said, appreciated by 36 per cent from N77.7bn to N105.4bn, while profit before tax soared by 72 per cent to N75bn from N43.5bn.

Since 2013, Wigwe said Access Bank had driven its bold strategy through increased focus on the transformation of its operating model, stressing, “Our goal is to be ranked in the top-three position in our chosen markets and across key financial metrics by 2017.

“Our strategy continues to drive customer growth and profitability, and our consistent growth in the PBT is largely benefitting from improved operating efficiency.

“By 2017, we want to be the world’s most respected African bank. This year, we set the target to be a high-performing Nigerian diversified banking leader.”

Part of the bank’s strategic objectives, he noted, was to create a holistic customer experience architecture and advanced analytics; enhance account management through customer insight.

In addition, the bank’s CEO said the lender hoped to achieve optimal Information Technology resource planning and utilisation capability, while leveraging digital banking to optimise the value chain.

The bank’s key initiatives, according to him, are to develop a proactive risk management culture with moderate risk appetite; adopt risk-based performance measurement/reward through risk-adjusted return on capital methods; and operate a disciplined capital plan in alignment with the bank’s five-year rolling strategic plan.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Banking Sector

Zenith Bank Extends Public Offer and Rights Issue by Two Weeks

Published

10 hours ago

September 10, 2024

Investors King

Zenith Bank Plc on Monday announced that it has obtained regulatory approval to extend its public offer and rights issue by two weeks.

In a statement released via the Nigerian Exchange Limited (NGX), the leading financial institution said its offers for both existing shareholders and new investors have been extended to September 23, 2024, from the initial closing date of September 9.

The bank attributed the extension to the nationwide protest that began on August 1, the same day the offers were opened.

Zenith Bank stated that the extension will provide shareholders with more opportunities to take advantage of the rights issue and allow the general public ample time to subscribe to the public offers.

Banking Sector

Unity Bank Projects N27b In Q4 Earnings, Targets N4b Profit

Published

11 hours ago

September 10, 2024

Investors King

Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group.

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis. This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made.

The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflects a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.

Banking Sector

UBA Rewards 30 Lucky Customers in Legacy Promo

Published

1 day ago

September 9, 2024

Investors King

As part of ongoing activities to commemorate its 75th anniversary, United Bank for Africa (UBA) Plc, has rewarded 30 loyal customers with over N17 million in the just concluded draw for August.

The winners were announced following a transparent draw conducted at the bank’s headquarters, which was streamed live on YouTube. Representatives from the National Lottery Regulatory Commission (NLRC) were invited to oversee the proceedings, ensuring fairness and compliance with regulations.

The bank said in a statement that inthe top tier, 10 lucky bumper account holders: Joshua Izenobor, Chigozie Victor Abel, Cornelius Peter Nwankwo, Joy Esele Asibor, Mohammed Abubakar, Marachi Jenifer Kevin, Chidinma J. Okoronkwo, Saidu Ahmadu, Philomena Ezekiel, and Peace Ogechi Idoko, emerged as winners of N1 million each.

UBA explained that in the second category, another group of 10 lucky customers were rewarded with N500,000 each. The beneficiaries of this prize are: Elizabeth Warekoromor, Deborah Ijeoma Simon, Prince Chukwuamago, Yohanna Cyrus, Aishatu Aliyu, Djachi Ben-Ikezam, Tibebi Glory Esiteh, Emmanuel C. Udekwe, Ozima Friday Asiku, and Beauty Danasabe.

The third category saw 10 more lucky account holders each receiving N250,000. These winners include: Olusegun Oke, Salisu Adamu, Sola Deborah Adeyeye, Chidozie Nwachukwu, Gloria Abimaje, Anyiwe Stephen Ifeanyi, Kehinde F Adefemiwa, Oluwakemi Olushola Olayande, Adamu Hajara Adamu, and Ruth Adugba

Group Head of Retail & Digital Banking, UBA, Shamsideen Fashola, who congratulated all 30 winners after the draw, encouraged others to keep saving for a chance to win in the next edition, adding that the bank plans to reward 75 winners in each of the three categories, with a total of 195 more customers to be selected in the coming months.

“This is just the beginning of our legacy promo draw, as there are still many more prizes to be won in subsequent monthly draws. These draws are purely transparent, and the next millionaire could just be you. We encourage our loyal customers to follow the stated guidelines to win, and they could just be the next millionaire,” Fashola said.

Group Head of Marketing and Corporate Communications, UBA, Alero Ladipo, said that the bank is not conducting the draw for profit purposes but to ensure that its customers feel a sense of belonging.

“This initiative is part of UBA’s ongoing efforts to appreciate its customers and encourage a savings culture among our account holders. The UBA Legacy Promo is part of our CSR initiative to give back to society,” Ladipo said.