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UBA’s Profit After Tax Declines to N44.43 Billion in Q2 2020

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UBA Insider dealings

UBA Posts N44.43 Billion Profit After Tax in Q2 2020

The United Bank for Africa (UBA) Plc reported a decline in profit after tax for the second quarter of 2020.

The lender interest income rose from N204.885 billion posted in the second quarter of 2019 to N205.586 billion in the second quarter of 2020.

UBA grew net interest income to N119.32 billion in the period under review, up from N110.123 billion posted in the corresponding period of 2019.

Net income after impairment on financial and non-financial assets increased from N107.003 billion in the same period of 2019 to N111.517 billion.

The bank generated N55.868 billion in fees and commission income and incurred N17.582 billion fees and commission expenses in the second quarter of 2020, against fees and commission income of N52.344 billion and N16.289 billion spent as fees and commission expense in the corresponding period of 2019

Therefore, net fee and commission income stood at N38.582 billion in the second quarter of 2020, up from N36.055 billion filed in the second quarter of 2019.

Despite COVID-19 lockdown, UBA’s employee benefit expenses surged from N37.178 billion filed in the same period of 2019 to N44.565 billion in the second quarter of 2020.

Similarly, other operating expenses grew from N63.597 billion in the second quarter of 2019 to N77.971 billion in the second quarter (Q2) of 2020.

Total profit before income and tax stood at N57.129 billion, down from N70.274 billion achieved in Q2 2019.

Profit after tax declined from N56.739 billion posted in the Q2 2019 to N44.431 billion.

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.

Banking Sector

Ecobank Nigeria Received N50 billion 10-Year Bilateral Subordinated Loan

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ecobank

Ecobank Nigeria Received N50 billion 10-Year Bilateral Subordinated Loan

Ecobank Nigeria announced it has received N50 billion 10-year subordinated Loan.

Adenike Laoye, Group Head, Corporate Communications, Ecobank Nigeria, disclosed this in a statement released through the Nigerian Stock Exchange.

The statement read in part, “The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points.

The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.

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Finance

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

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WAPIC

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

Niger Insurance Plc said it is working on a plan to sell off N15 billion worth of real estate and investment property to boost its cash flow and meet the liquidity requirements of the insurance industry.

Mr. Edwin Egbiti, the Managing Director of the company disclosed this during the company’s 2019 annual general meetings held virtually in Lagos recently.

He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

It added that Niger Insurance recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.

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Finance

AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

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AMCON

AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

The Asset Management Corporation of Nigeria has taken over the assets of Dr. John Abebe, the Chief Promoter of Inducon Nigeria Limited over N1.3 billion debt.

According to a statement signed by the Head, Corporate Communications Department, AMCON, Jude Nwauzor, and titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ the decision followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.

The asset management corporation said the case of Dr. John Abebe and Inducon Nigeria Limited started shortly after the loan was procured by AMCON in 2011 during the first phase of Eligible Bank Asset purchases from the defunct FinBank, Now FCMB.

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