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Stanbic IBTC Posts Profit of N45.2 Billion in Q2 2020

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Stanbic IBTC

Stanbic IBTC Records N45.2 Billion Profit After Tax in Q2 2020

Stanbic IBTC Holdings Plc grew profit after tax to N45.204 billion in the second quarter (Q2) of 2020 despite the COVID-19 pandemic.

The lender grew revenue from N94.162 billion posted in Q2 2019 to N107.345 in Q2 2020.

Net interest income stood at N37.549 billion in the second quarter of 2020, below the N39.310 billion posted in the corresponding period of 2019. While interest income from external source dropped from N60.784 billion in Q2 2019 to N55.130 billion Q2 2020.

Interest expense from external source stood at N17.581 billion in the second quarter, better than the N21.464 billion posted in the same quarter of 2019.

However, despite COVID-19, the bank’s non-interest revenue grew from N54.852 billion in Q2 2019 to N69.796 billion in Q2 2020. Income after credit impairment charges operating expenses rose from N94.719 billion in Q2 2019 to N100.941 billion in Q2 2020.

Profit before tax increased to N52.406 billion, up from N44.650 billion in Q2 2019.

Profit after tax grew from N36.245 billion in the second quarter of 2019 to N45.204 billion in the second quarter 2020.

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.

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Finance

ITFC Signs a US$ 250 Million Framework Agreement to Support The Gambia

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The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a new 5-Year Framework Agreement in favour of the Government of The Gambia that target to provide up to US$ 50 million to the country on an annual basis.

The agreement, signed with H.E. Mambury Njie, Minister of Finance and Economic Affairs (IsDB Governor), is a part of the Corporation’s ongoing efforts to combat the economic repercussions from COVID-19 and strengthen key economic sectors in member countries.

This US$250 million Framework Agreement will provide pre-export financing for major cash crops such as groundnuts and cashew nuts, the main agricultural produce in a sector that is a major employer of the country’s workforce. In addition, this agreement will also facilitate the import of essential agriculture inputs such as fertilizer.

In the energy sector, the financing will enable imports of key commodities such as refined petroleum, which is crucial to generate electricity in the country. Other sectors that will benefit from the five-year framework agreement include the healthcare sector through the import of medicines and health equipment, and the private sector through financing facilities to local banks and financial institutions aimed at boosting local SMEs.

Technical assistance for trade development aimed at building capacity and promoting information exchange and knowledge dissemination are other areas covered in the agreement.

H.E. Mambury Njie, The Gambia’s Minister of Finance and Economic Affairs thanked ITFC on behalf of the Government for its continued support, highlighting that this framework agreement would support national development goals to drive economic diversification and job creation across key growth sectors, whist facilitating trade and investment flows within the country, as well as globally through the country’s participation in agriculture value chains.

Reiterating ITFC’s commitment to supporting its member countries, Eng. Hani Salem Sonbol, ITFC CEO, said: “The five-year framework agreement will make way for further cooperation with the Government of The Gambia across key economic sectors whilst fostering greater collaboration with the country’s budding private sector to drive SME growth. In addition to crucial import-export financing, the agreement also has provisions to help develop the country into a stronger trading nation through enhanced capacity development and knowledge transfer programs.”

Since inception in 2008, ITFC has approved a total of US$607 million in favor of The Gambia. From energy to employment through agriculture, it reaffirms ITFC’s proven strategy of investing in key sectors of its member countries and thus contributing towards the development of the priority industries.

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Insurance

Leadway Health and Lagos Partner to Encourage Blood Donation

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Leadway-Investors King

Leadway Health, in partnership with the Lagos State Blood Transfusion Service and REPPLAW Blood Donors Club, has said it is set to launch its blood donation drive initiative to commemorate this year’s World Blood Donor Day.

It said in a statement on Sunday that the two-day blood donation exercise was scheduled to take place in June at the Leadway Corporate Office in Lagos.

Leadway said the initiative was in alignment with the 2021 theme of the World Blood Donor Day, ‘Give blood and keep the world beating’, to raise awareness of the critical need to provide safe blood through unpaid and voluntary blood donors to the nation’s healthcare system.

Speaking on the collaboration, the Chief Executive Officer, Leadway Health, Dr Tokunbo Alli, said, “Research by the World Health Organisation on the impact of COVID-19 pandemic on blood supply and demand in the WHO African region posits that the number of blood donations has dropped in 32 countries.

“Nigeria has recorded a 37.8 per cent decrease in blood donations between June 2019 and June 2020.

“This sad reality calls for an immediate response from the government, national health authorities, corporate organisations, under which Leadway Health and other socially responsible organisations are primed and proud to respond and, most importantly, well-meaning individuals towards the wellbeing of every member of the society.”

He added, “The need for blood is universal, but access to blood for all those who need it is not.

“With this collaboration, we are optimistic that unpaid and voluntary donors will come out in their numbers to donate blood, show care, and contribute to better health, which is a key driver for us at Leadway Health.”

He implored everyone, especially the youth, to embrace this humanitarian call to donate blood, inspire others to do the same and enhance communal solidarity.

Leadway Health is a health maintenance organisation that provides a new dimension to conventional health insurance, with affordable, flexible, and technology driven services to address the inaccessibility and unaffordability barrier faced by the average Nigerian, the statement said.

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Insurance

PTAD Issues AIICO Certificate of Non-Indebtedness

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AIICO Insurance -Investors King

The Pension Transitional Arrangement Directorate has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc.

PTAD said that the move cleared the underwriter from any claim of non-remittance of pension assets.

In a statement on Sunday titled ‘PTAD issues AIICO Certificate of Non-Indebtedness’, it said this was disclosed at a meeting held to formally hand over redeemed properties ceded by the company in 2017 in lieu of legacy funds and assets to PTAD.

The process was subsequent upon confirmation of receipt of the full payment from AIICO and completing all reconciliation activities, it stated.

The Executive Secretary, PTAD, Dr Chioma Ejikeme, who was represented by Godwin Iheabunike said, “In acknowledgment of the payments made by AIICO Insurance Plc, PTAD has issued a Certificate of Non-Indebtedness to AIICO Insurance Plc and will update relevant institutions of this development in due course.”

She added, “We thank AIICO Insurance Plc for its commitment towards the liquidation of this liability within the shortest period of time.

“My congratulations go to the managing director/chief executive officer and his team for this uncommon accomplishment.

“I call on other insurance underwriters holding on to legacy funds and assets to do the needful as a matter of urgency. This will enable the directorate to meet its obligation to pensioners.”

In his remarks, the Managing Director/Chief Executive Officer, AIICO Insurance Plc, Mr Babatunde Fajemirokun, expressed appreciation to the PTAD leadership and team for working with the AIICO team through the detailed reconciliation for final closure.

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