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Stanbic IBTC Grows Half-year Profit by 113%

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Stanbic IBTC
  • Stanbic IBTC Grows Half-year Profit by 113%

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has reported a profit after tax at N24.112bn for the 2017 half year, which represents a growth of 113 per cent compared to N11.317bn recorded in the corresponding period of 2016.

For the period ended 30 June, 2017, it reported gross earnings of N97.198bn, an increase of 36.28 per cent over the N71.320bn posted in the corresponding period of last year.

The result, which was submitted to the Nigerian Stock Exchange in Lagos on Tuesday, showed that profit before tax increased by 86 per cent to N29.169bn during the period, from N15.682bn last year. Its total assets went up by 21 per cent to N1.273tn from N1.053tn in December 2016.

Commenting on the result, the Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, said, “The domestic environment in the first half of 2017 recorded a decline in headline inflation, improved foreign exchange liquidity and a gradual economic expansion as measured by the Purchasing Managers’ Index. The improved operating environment positively impacted our businesses leading to significant improvement in our financial results.”

Sanni added, “Income before impairment charges grew by 43 per cent, driven by a sustained growth in yields from investment securities and trading activities. Interest income increased by 55 per cent and trading revenue grew by 81 per cent, positively impacting profit after tax which increased by 113 per cent year-on-year.

“The balance sheet grew by 21 per cent year-to-date as trading assets and financial investments increased by over 100 per cent and 19 per cent, respectively. Our cost-to-income ratio continued to witness improvement, standing at 47 per cent at the end of H1 2017 when compared with 57.7 per cent in H1 2016. The growth in non-performing loan ratio is on account of some newly classified loans in line with economic realities. We are optimistic that this would moderate towards the end of 2017.”

According to him, the group will continue to explore opportunities to grow its business and market share responsibly through the adoption of an appropriate risk appetite and excellent service delivery.

The group, he explained, maintained adequate capital to support its business and drive business growth in H1 2017, adding that its total capital adequacy ratio at the close of the period was 22.9 per cent (bank: 20.2 per cent) and tier 1 capital adequacy ratio of 19.2 per cent (bank: 16.1 per cent).

These ratios, it noted, were above the 10 per cent minimum statutory requirement. The group’s liquidity ratio closed at 100.24 per cent, while the bank’s liquidity ratio was at 90.37 per cent at the end of H1 2017; and according to the bank, the ratio is significantly higher than the 30 per cent regulatory minimum.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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