Connect with us

Finance

GTBank Declares N109.7bn Profit, 30 Kobo Dividend in H1 2020

Published

on

GTBank -Investors King

GTBank Declares 30 Kobo Dividend in H1 2020, Posts N109.7bn Profit

Guaranty Trust Bank Plc posted interest income of N127.615 billion in the six months ended June 30, 2020, against the N116.361 billion posted in the same period of 2019.

In the financial statement published on the Nigerian Stock Exchange website, the lender realised fee and commission income of N24.729 billion but incurred fee and commission expense of N2.435 billion in the period under review. This is in contrast to the N35.349 billion fee and commission income and N1.505 billion incurred in expense in the corresponding period of 2019.

Accordingly, GTBank posted a net fee and commission of N22.293 billion in the first half of 2020, down from N33.843 billion achieved in H1 2019.

The bank realised profit before tax of N109.714 billion in H1 2020, down from N115.787 realised in the same period of 2019.

The drop in profit is due to the surge in operating expenses by over N10 billion from N39.439 billion in H1 2019 to N49.549 billion in H1 2020. Also, loan impairment charges surged from N2.186 billion posted in the first half of 2019 to N6.769 billion in H1 2020.

The surged in expenses may be due to the provisions made for COVID-19 lockdown to sustain operations and ensure customers access their funds despite zero movement.

Therefore, profit after tax declined from N99.133 billion in H1 2019 to N94.271 billion in H1 2020.

The bank declared an interim dividend of 30 kobo per ordinary share of 50 kobo for the period under review. Only shareholders whose names appear in the Register of Members as at the close of business on Tuesday, September 15, 2020, for ordinary shareholders and on September 3, 2020 for holders of the Bank’s Global Depository Receipts (GDR).

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

Published

on

Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

Continue Reading

Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

Published

on

Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

Continue Reading

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending