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Wema Bank Posts N1.83b Half-year PBT

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  • Wema Bank Posts N1.83b Half-year PBT

Wema Bank Plc yesterday released its financial results for the half-year ended June 30, 2018 with Profit Before Tax (PBT) of N1.83 billion.

The figure represents 27.44 per cent rise from N1.43 billion earned in the first half of 2017.

The lender also reported a 5.12 per cent growth in gross earnings, driven by 0.12 per cent and 30.45 per cent growth in interest and non-interest income.

The bank was also awarded the Best Digital Bank in Africa at the 2018 Asian Banker Awards and secured $15 million and N7.3 billion lines of credit from African Development Bank and Development Bank of Nigeria (DBN).

Wema Bank’s Acting Managing Director/CEO, Ademola Adebise said the performance was largely in line with expectations.

Deposit grew by 39 per cent to N354.88 billion on the back of continued acceptance of the Wema brand and the sustained success of ALAT – its flagship Digital Bank. “Our gross earnings increased by 5.12 per cent from N30.37 billion first half of 2017 to N31.93 billion first half of 2018, while Profit before tax closed 27.44 per cent higher at N1.83 billion”.

Adebise said the lender continues to execute its five-year retail strategy with a clear mandate to improve performance by leveraging innovation. “The emphasis for us is not just to digitize our product offerings to customers but also to build a technology driven back-end infrastructure to further improve on turnaround time and efficiency,” he said.

The bank also continues to improve its customer acquisition through the launch of ALAT and the impressive performance of its USSD platform (*945#). The bank recorded significant growth in Agency Banking partnerships, with the number of agents increasing by 25 per cent to 845 agents as at first half across all the 36 states of Nigeria. The bank will further leverage on its platforms and in-built capabilities in lowering cost to serve and growing market share.

During the period, the bank secured credit lines of $15 million and N7.3 billion from the African Development Bank (AfDB) and the Development Bank of Nigeria (DBN) respectively. This is further in-line with the Bank’s intent of obtaining long term funding to drive its SME business.

The Bank is also expected to open the second tranche of its Debt issuance program in a few weeks. With these half-year results, we believe we are on track to deliver on our commitments to shareholders at the beginning of the year.

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 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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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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