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Dangote Cement Grows Profit, Sterling Bank Earnings Rise

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Economic Diversification
  • Dangote Cement Grows Profit, Sterling Bank Earnings Rise

Dangote Cement Plc has reported a rise in its profit before tax to N155.6bn for the half-year of 2017 compared to N124.9bn recorded in the corresponding period of 2016.

Its gross revenue stood at N412.7bn compared to N292.2bn reported in June 2016.

In its report filed with the Nigerian Stock Exchange, it recorded a 12.6 percent increase in sales volume across Africa.

Revenues from operations in Nigeria increased by 34.5 per cent to N291.4bn while its revenue from African countries increased by 63.7 per cent to N124.4bn from N76bn mainly as a result of increased volumes and foreign exchange gains when converting the sales from country local currency into naira, the cement producer said in a statement on Sunday.

Commenting on the half-year results, Dangote Cement’s Chief Executive Officer, Onne van der Weijde, expressed satisfaction that the company’s revenues had continued to grow despite low sales from the Nigerian operations, noting that the revenues grew on the strength of sales from other African operations.

Meanwhile, Sterling Bank Plc has reported gross earnings of N57bn for the half-year ended June 30, 2017, representing a growth of 14 per cent over the corresponding period of 2016.

The bank, in a statement, said its net interest income increased by 5.4 per cent to N27bn against N25.6bn in the corresponding period of 2016.

“Operating expenses declined by 1.6 per cent to N25.7bn as against N26.1bn in 2016, Overall, the bank’s profit before tax was N4.3bn, while profit after tax was N3.8bn,” the bank explained.

Commenting on the results, the Managing Director/Chief Executive of the bank, Yemi Adeola, was quoted to have said, “We continued to deliver strong top line earnings with a 14 per cent growth in gross earnings arising from a 20 per cent increase in interest income.”

“In a bid to re-affirm the bank’s commitment to building efficient operations, it recorded a 110 basis point improvement in cost-to-income ratio as a result of the reduction in operating expenses.”

He said while net interest margin and asset quality improved by 80 basis points and 250 basis points respectively, the bank’s capital adequacy and liquidity ratios remained strong and above the regulatory benchmark, at 12 per cent and 35 per cent, respectively.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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