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Banking Sector

FBN Holdings Post N80 Billion Profit After Tax for 2020

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FBN Holdings

FBN Holdings Post N80 Billion Profit After Tax for 2020

FBN Holdings Plc grew Profit After Tax (PAT) to N79.708 billion in 2020, up from N73.665 billion achieved in 2019.

Net interest income stood at N256.691 billion during the period under review, below the N279.592 billion posted during the same period of 2019.

Accordingly, net interest income after impairment charge for losses dipped from N228.499 billion in 2019 to N205.816 billion in 2020. While operating profit grew to N78.058 billion in 2020, up from N75.199 billion in 2019.

Profit before tax rose from N75.286 billion filed in 2019 to N78.114 billion in 2020.

Profit for the year grew from N73.665 billion achieved in 2019 to N79.708 billion in 2020.

Last year, Mr. UK Eke, the Group Managing Director, FBN Holdings Plc, told shareholders of the company that the long-term strategy is to become one of the foremost financial institutions in sub-Saharan Africa.

This he assured would be attained given ongoing strategy to reposition the Group and cut down non-performing loans.

Now that we are on course for a normalised non-performing loan (NPL) territory in 2020 and with our leadership position in electronic channels, the Group is positioned to take advantage of the evolving opportunities in the market for the benefit of our esteemed shareholders,” Eke said.

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

Sterling Bank Approves Audited Financial Statements for 2020

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Sterling Bank

Board of Sterling Bank Approves 2020 Audited Financial Statements

The Board of Sterling Bank Plc said it has approved the audited financial statements for the year ended 31, December 2020.

The lender said the approval was done at a meeting held on 23rd February 2021.

Details of the financial statements will be released upon approval of the Central Bank of Nigeria (CBN), Sterling Bank stated in a statement filed with the Nigerian Stock Exchange on Thursday.

It said “We are pleased to inform our shareholders and other stakeholders that the Board of Sterling Bank Plc at its meeting of 23rd February 2021 approved the audited Financial Statements for the year ended 31st December 2020 subject to the approval of the Central Bank of Nigeria (CBN).

“Kindly note that details of the Financial Statements will be communicated to you upon approval of same by the CBN.

“Consequently, the closed period for trading in the shares of the Bank by its insiders which commenced from 8th February, 2021 will continue until 24 hours after the Audited Financial Statements for the year ended 31st December, 2020 are released on the floor of the Nigerian Stock Exchange.”

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Banking Sector

CIBN, NIBSS Introduce e-Payment Certification Programmes

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NIBSS

CIBN, NIBSS Introduce e-Payment Certification Programmes

The Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Nigerian Interbank Settlement Systems Plc (NIBSS) have introduced professional certification programmes on electronic payments for financial service providers and institutions.

Both organisations disclosed that the programme was designed to enhance the electronic payment skills and knowledge of financial practitioners in order to equip them with efficient tools and information required to upscale innovation and services.

Speaking to journalists at a media briefing in Lagos, yesterday, the Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Mr. Seye Awojobi, said the initiative is an international programme, well grounded in the local realities of the Nigerian e-payment industry and captures the current dynamics, as well as aspects of digital financial services practices.

“This programme would set the standards for e-payment expertise in Nigeria; foster a category of high performing professionals in the industry and build a resilient, safe and secured payment technology driven platform.

“The curriculum for the programme adequately covers recent methods required, which are in line with global practices.

“The introduction of the scheme cannot be more timely than now considering the COVID-19 pandemic, which created serious disruptions in our professional and personal lives,” he added.

On his part, Chief Executive Officer, Nigerian Inter-Bank Settlement Systems Plc, Premier Oiwoh explained that the introduction of the programme would determine the capacity and work experience criteria required to recognise beginners, intermediate and advanced.

“It would create a growth roadmap for fledging e-payment workers, including the unemployed who has the desire to make a career in the electronic sector.

“Also, it would enable us continue to tackle the issue of insecurity within the financial technology payment and banking space,” he added.

The institutions also noted that in order to maintain a certification credential, the practitioners must earn some recertification credits over a three year span and valid for three years after it has been issued.

The CIBN last week has reintroduced its mentoring scheme. The initiatives aims at up-scaling the leadership capacity and productivity of workers within the financial and banking sector.

Speaking during the virtual forum, Director General, Securities and Exchange Commission, Lamido Yuguda, had explained that mentoring schemes are essential for the sustenance and development of the sector as it is built upon values such as trust and professionalism.

“These values can be taught. But are reinforced when practiced by the senior co-workers and emulated by junior colleagues. Such initiatives enable workers to avoid being distracted by the material, prestigious and monetary incentives the space presents.

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Banking Sector

Mahe Mahmud Abubakar Retires as Deputy Managing Director Jaiz Bank

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Jaiz Bank

Mahe Mahmud Abubakar Retires as Deputy Managing Director Jaiz Bank

The Board of Directors of Jaiz Bank Plc on Tuesday announced the retirement of Mr. Mahe Mahmud Abubakar as the Deputy Managing Director of the Bank with effect from February 16, 2021.

The bank disclosed in the statement signed by Rukayat O. Dahiru, Company Secretary/Legal Adviser and released through the nation’s stock exchange.

According to the lender, Mr. Mahe has attained 60 years’ retirement age.

The Board, therefore, thank Mr. Mahe for his meritorious service to the Bank.

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