- Diasporans Remit $22 Billion in 2017
Nigerians living outside the country remitted $22 billion in 2107, according to the data published by the World Bank on Monday. The amount is 16.4 percent higher than the amount sent home in 2016.
The total amount sent home reached a new record-high in 2017, however, the costs of transferring funds also surged, the report noted. The better than expected rebound in remittances, used in supporting economic activities in poor nations, was bolstered by growth in the United States, Europe, and Russia.
Also, the total remittances to low and middle-income nations rose from $429 billion in 2016 to $466 billion in 2017, an increase of 8.5 percent. While remittance inflows improved in all regions, the largest inflows were from India with $69bn, followed by China ($64bn), the Philippines ($33bn), Mexico ($31bn), Nigeria ($22bn), and Egypt ($20bn) in 2017.
The global average cost of sending $200 was put at 7.1 percent in the first quarter of 2018, and sub-Saharan Africa remains the most expensive at an average cost of 9.4 percent.
“While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money,” said Dilip Ratha, lead author of the report.
By region, Europe and Central Asia saw the largest jump in 2017, rising by 21 percent, while Sub-Saharan Africa climbed by 11 percent in the same year.
Stanbic IBTC Holdings Profit Drops by 50 Percent in Q1 2021
Stanbic IBTC Holdings Plc reported a 50 percent decline in profit before tax from N24.413 billion recorded in the first quarter (Q1) of 2020 to N12.142 billion in the first quarter of 2021.
The bank’s profit after tax stood at N11.256 billion in the period under review, down from N20.601 billion in Q1 2020.
In the unaudited financial statements released on Friday, the lender’s gross earnings declined from N61.412 billion posted in Q1 2020 to N45.726 billion in Q1 2021.
Interest income also moderated from N27.459 billion filed in Q1 2020 to N21.014 billion in Q1 2021.
Similarly, non-interest revenue dropped to N3.233 billion, down from N14.417 billion in Q1 2020.
The bank’s total income declined from N51.156 billion in Q1 2020 to N38.94 billion in the period under review.
Stanbic IBTC total assets grew to N2.569 trillion from N2.486 trillion in the fourth quarter ended December 31, 2020. Total equity and liability stood at N383.527 billion and N2.186 trillion in the quarter under review respectively.
Earnings per share dropped from 191 kobo to 96 kobo in Q1 2021.
UBA Grows Profit by 26.8 Percent to N38.2 Billion in Q1 2021
The United Bank for Africa (UBA), one of Africa’s leading financial institutions, reported a 26.8 percent increase in profit after tax from N30.1 billion in the first quarter (Q1) of 2020 to N38.2 billion in the first quarter of 2021.
In the unaudited financial statements released on Monday, UBA grew gross earnings by 5.5 percent to N155.4 billion in Q1 2021, up from N147.2 billion filed in Q1 2020.
The lender leverage on growth in interest income and non-interest income as net interest income grew from 65.417 billion in the corresponding period of 2020 to N74.381 billion in Q1 2021.
Total non-interest income stood at N32.247 billion in the quarter, up from N28.527 billion achieved in Q1 2020.
Similarly, operating income expanded from N93.944 billion in the first quarter of 2020 to N106.648 billion in the first quarter of 2021.
However, operating expenses grew to N64.454 billion in Q1 2020, up from N58.657 billion in Q1 2021.
Profit before income tax rose to N40.581 billion in Q1 2021 from N32.726 billion in Q1 2020.
Speaking on the bank’s performance the Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka, said: “This impressive 2021 Q1 results reflect the capacity of our business to sustainably grow earnings even in a highly uncertain macroeconomic environment. We remain upbeat on the macroeconomic outlook of the countries in which we operate, especially as the COVID-19 vaccine distribution gains traction globally, whilst commodity prices and currencies continue to stabilise. Our robust capital and liquidity positions have positioned us to continue to support our customers across diverse sectors and markets, guided by prudent risk management practices.”
Uzoka also explained the lender’s efforts at executing its priorities for the year 2021, as it continues to leverage people, processes, and technology to deliver the best customer experience across all its channels and touchpoints.
“The bank is making strong progress in Nigeria where our continuous market share and efficiency gains are translating into higher profits. We are committed to sustaining this strong start throughout the year, leveraging our customer-First (C-1st) philosophy and unparalleled execution to deliver even stronger returns to our esteemed shareholders in 2021 and beyond;” Uzoka said.
GTBank Reports 8 Percent Decline in Profit Before Tax to N53.7 Billion in Q1 2021
Guaranty Trust Bank on Wednesday reported a 7.8 percent decline in profit before tax from N58.2 billion in the first quarter of 2020 to N53.7 billion in the first quarter of 2021.
The lender disclosed in its unaudited results titled ‘GTBank releases Q1 2021 unaudited results’.
Deposit liabilities rose by 3 percent to N3.717 trillion in the first quarter of 2021, up from N3.61 trillion in December 2020. The bank’s loan book declined by 1.4 percent to N1.639 trillion, down from N1.66 trillion posted in December 2020.
Speaking on the financial results, the Managing Director/Chief Executive Officer, Guaranty Trust Bank Plc, Mr Segun Agbaje, said, “We have started off the 2021 financial year on a fair footing, and our first-quarter results demonstrate our ability to continue delivering strong and sustainable returns, despite the macroeconomic uncertainties that persist in our business environment.
“This is a reflection of the resilience of our franchise, our prudent approach to risk management and the efficacy of our digital-first customer-centric business strategy.”
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