Connect with us

Finance

African Development Bank to Support Creation of Agricultural Value Chains in Côte d’Ivoire – President Adesina

Published

on

Akinwumi Adesina - Investors King

The African Development Bank will support Côte d’Ivoire in creating agricultural value chains to create more jobs and make economic growth more inclusive, the bank’s president, Dr. Akinwumi A. Adesina, said on Tuesday during a meeting with Ivorian Prime Minister Patrick Achi.

The African Development Bank will support the Ivorian government in the creation of agricultural value chains in banana, mango, palm oil, cashew, coffee and cocoa products … There will be investments to transform rural areas into areas of wealth” for the people, Adesina said.

Since 2015, the African Development Bank, whose head office is based in Abidjan, has quadrupled its investments in Côte d’Ivoire, bringing its portfolio to $2.7 billion.

The African Development Bank president said it was important to make Côte d’Ivoire’s economic growth “more” inclusive and job-creating, and to ensure the transformation of rural areas. To this end, he said the Bank will support the government’s 2021-2025 National Development Plan.

President Adesina also commended the Ivorian government’s efforts in the fight against Covid-19, which he noted had helped revive the country’s economy.

Côte d’Ivoire was in an exceptional trajectory with an average growth rate of 7% from 2016 to 2019. Unfortunately, because of Covid-19, growth has dropped to 2% in 2020. But with the economic recovery and vaccinations helping, the tourism, services, transport and manufacturing industries are recovering. We expect the Ivorian economy to rebound by 6.2% this year and 6.5% in 2022,” Adesina said.

Prime Minister Achi welcomed the African Development Bank’s continuing support, and expressed the Ivorian government’s deep appreciation for its assistance as a strategic partner.

The Ivorian Ministers of Finance, Adama Coulibaly, Planning, Nialé Kaba, and Agriculture, Kobena Kouassi Adjoumani, attended the working session that followed the audience as well as the African Development Bank’s Director General for West Africa, Marie-Laure Akin-Olugbadé and her deputy, Joseph Manuel Riberio.

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.

Continue Reading
Comments

Banking Sector

Ecobank Posts $352 Million Pre-tax Profit in Nine Months Ended September 2021

Published

on

Ecobank - Investors King

Ecobank Group, one of Africa’s leading financial institutions, posted strong revenue growth in the nine months ended September 2021. Net revenue grew by 4 percent or $52 million to $1.3 billion on the back of funded income, cash management, trade finance, mobile and online payments.

The lender disclosed in its audited financial statement obtained by Investors King on Monday.

Return on assets and tangible equity also improved by 1.3 percent and 17.9 percent, respectively, compared with 1.0 percent and 14.1 percent recorded in the nine months ended September 2020.

Strong revenue growth was recorded in the bank’s payments business, rising by 34 percent to $140 million or 11 percent of the Group’s total revenue.  Ecobank Group grew profit before tax to $352 million in the period under review.

Profit available to ETI shareholders grew by $215 million year-on-year to $182 million from -$32 million recorded in the corresponding period of 2020. Customer deposits increased by $1.5 billion or 9 percent year on year to $18.9 billion, attributed to client relationships, partnerships, and increasing consumption of our digital platforms.

Customer loans increased by $334 million or 4 percent year on year to $8.9 billion. While the bank’s Non-Performing Loan (NPL) ratio reduced further to 6.9 percent from 7.6 percent in the fourth quarter of 2020 and 9.9 percent in the third (3Q) 20.

Book value per share up 8 percent year-on-year to 6.04 cents, and tangible book value per share (TBVPS) up 11 percent to 5.52 cents.

Commenting on the company’s performance, Ade Ayeyemi, Ecobank Group CEO, said: “We reported strong results, reflecting the continued diligence of Ecobankers in putting our customers first and ensuring that we meet their respective needs. For the nine months period up to September 2021, we earned $352 million in pre-tax profit, a 41% increase compared to the prior year and revenues of $1.3 billion, a 4% growth. Hence return on tangible equity increased to 17.9%, and we grew the per-share value of our shareholders’ equity by 11% to 5.52 US dollar cents.

“These results also demonstrate the hard work invested in driving efficiency in all our businesses in line with our deliberate focus on driving down our cost-toserve, sustain improvement in the quality of our credit portfolio, and strengthen liquidity and capital buffers. As a result, our cost-to-income ratio has been declining consistently quarter on quarter, currently 58.3%. In addition, the stock of nonperforming loans as a percentage of loans outstanding is now at 6.9% compared to 9.9% a year ago. At the same time, we are proactively building loan reserves, currently at 91.2% of nonperforming loans, close to our near-term target of 100%.

“We have boosted the firm’s liquidity profile, thanks to growing customer deposits fueled by an acceleration in digital channel adoption, partnerships with Fintechs, Telcos, and businesses in the Payments Ecosystem,” Ayeyemi added.

“During the quarter, Arise B.V., a major institutional shareholder of ETI made a $75 million Additional Tier 1 (AT1) investment in the firm. Adding onto the $350 million Tier 2 Sustainability Note ETI successfully issued to investors in June. The AT1 further improves our Tier 1 capital and double leverage ratio and demonstrates stakeholder confidence in our strategy and business prospects,” Ayeyemi continued.

“Finally, we continue to invest in new digital and mobile capabilities to enhance customer experience, alongside the investments we are making in our people, processes, and controls, to ensure the continued resilience of our business and service delivery to our clients. I am deeply grateful to all our customers and the Ecobank team for the remarkable job.” Ayeyemi concluded.

Continue Reading

Banking Sector

Zenith Bank GMD, Onyeagwu Emerges “CEO of the Year” as Zenith Bank Wins ‘Most Responsible Organisation in Africa’ at SERAS CSR Africa Awards 2021

Published

on

Ebenezer Onyeagwu - Investors King

Zenith Bank’s Group Managing Director/CEO, Mr. Ebenezer Onyeagwu, has emerged CEO of the Year for a second consecutive year at the Sustainability, Enterprise and Responsibility (SERAS) CSR Africa Awards held at the weekend in Lagos.

According to the judges, he was selected for a number of reasons, including engendering a culture that promotes the continued investment in social initiatives in support of the United Nations Sustainable Development Goals (SDGs). Under his leadership, the Zenith Bank’s social investments totalled NGN3.285 billion in 2020, representing nearly 2% of the Bank’s profit after tax.

The judges found him worthy for his commitment to promoting sustainability and responsible business practices in Nigeria, by his frontal leadership of sustainability in Zenith Bank, thereby enabling best industry practices in the banking sector, and for his passion for reducing carbon emissions in the Bank’s operations.

Zenith Bank Plc also emerged winner in four other categories at the SERAS CSR Africa Awards, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa”.

Zenith Bank was adjudged the Most Responsible Organisation in Africa, winning the overall best sustainability award, for its continued commitment to the tenets of Sustainability and Corporate Social Responsibility, within its immediate community and in the society at large.

The Bank also emerged as the winner in the category for Reporting and Transparency for its consistency in disclosing and communicating its sustainability journey and progress annually vis-a-vis environmental, social, and governance (ESG) goals, in line with the guidelines and protocols set by the Global Reporting Initiative (GRI), Nigeria Sustainable Banking Principles (NSBP), NigerianExchange (NGX), United Nations Global Compact (UNGC), and United Nations Environment Programme Finance Initiative (UNEP FI). The Bank also ensures the assurance of its sustainability report by reputable independent third parties. In 2021, the Bank’s 2020 sustainability report was assured by PricewaterhouseCoopers (PwC) and disseminated through the Bank’s website for the public and sent to all relevant stakeholders, including the United Nations Global Compact (UNGC).

In the infrastructure development category, the Bank was voted winner for its nation-building initiatives and investments, including supporting efforts towards establishing basic services and functional security, governance, and economic and infrastructure systems, especially in Nigeria. As a testament to this and in demonstration of its commitment to the development (often referred to as reform, restructuring and rebuilding) of the Nigeria Police Force for the preservation of law and order, protection of life and property, and law enforcement in Nigeria, the Bank supported the Lagos State Security Trust Fund with N500,000,000.00 for the provision of security-enhancing facilities and infrastructure. This is in addition to contributions to other state security trust funds.

Zenith Bank was adjudged winner in the category for the Best Company in Promotion of Gender Equality and Women Empowerment for its Z-Woman initiative, which offers credit facilities to women-owned businesses at a single-digit interest rate and for a gender-balanced workforce (Women make up about 50% of employees). During the reporting period, the number of women and women enterprises supported by the Bank, through the Z-Woman initiative, grew by 88.7%, from 391 in 2019 to 738 in 2020.

The Sustainability, Enterprise and Responsibility Awards (SERAS) is an initiative of TruCSR which celebrates and promotes investments by corporate organisations in the society through CSR and sustainability initiatives. It made its debut in 2007, and participation was opened to other countries of Africa in 2016.

The 2021 awards featured 387 projects by 97 organisations across Africa. The SERAS Jury Board consists of global thought and best-practices leaders from around the world such as Maria Sillanpaa (Finland); Nyasha Gwatidzo (Zimbabwe); Adesuwa Onyenokwe (Nigeria); Amjed Achour (Morocco); Charles Ojei (Nigeria); Ellen Gunning (Ireland); Gina Din-Kariuki (Kenya); Indira Kartallozi (England); Lampe Omoyele (Nigeria); Paul Kapelus (South Africa); and Scott Walker (England).

Continue Reading

Banking Sector

Having a FirstBank Salary Account Can Ease Your Money Problems, Find Out How…

Published

on

FirstBank Headquarter - Investors King

“There is always a lot to spend money on, and sometimes the bills can’t wait for the salary to be paid” Tope complained when his wife informed him that they had run out of cooking gas and had to refill.

He had just moved to a new location with his family and the bills seemed to be coming at such speed that he could hardly keep up. Barely three weeks in the new apartment, the electricity bill had arrived.  The new apartment was bigger than the last and their two double-seater cushions left too much space vacant in the seating room. They needed to get a couple more pieces of furniture to fill the space. His wife had not stopped reminding him of the car he promised to get, in order to ease mobility for the family.

Everyone has been a Tope at some point in time, and that is why everyone needs a financial partner like FirstBank, Nigeria’s premier and leading financial services brand. FirstBank offers a variety of loan products that can help you ease off the pressure as you work towards meeting pressing and urgent needs, as well as medium-term goals.

FirstAdvance is a digital product tailored for Salary Account holders, who have an urgent cash need and would want to access salary advances from the bank.  If you have held a salary account with FirstBank for up to two months, you can access 50% of your monthly net salary and as much as half a million naira (N500,000).

A physical visit to the bank branch is not required as you can access it via the FirstMobile (FirstBank’s Mobile banking app) and USSD channels. To access the service via USSD, dial *894*11# from the phone number linked with your FirstBank account. This has proved to be the solution for many people while emergencies arise before payday. There is no point in waiting for month-end before you can take on those pressing financial obligations.

FirstCredit is another digital product designed to cater for non-salaried individuals. All that is required is for your account to have been active and transacting in FirstBank for six months or more to access FirstCredit. It provides customers with quick and easy access to loans to fund urgent transactions. You do not need a smartphone or a physical visit to the bank to get this done as well. This credit facility can be accessed using a mobile phone and the USSD banking code, *894*11#. You can access as much as N300,000 to be repaid within 30 days.

No physical documentation or collateral is required, neither do you need a physical visit to the bank to access both loans.  Imagine the confidence that comes with sorting out your bills within minutes and without having to wait till month-end.

Salary accounts should do more than receive your monthly payments from your employer. It should be instrumental in making your day-to-day living easier, and this is what having your salary account with FirstBank can achieve for you. You can get a Personal Loan Against Salary (PLAS) if you have a longer-term project at hand or investments to make. It may be paying school fees for your kids, acquiring assets or renovating your properties, paying rent, taking professional examinations. Customers who qualify can access Up to N50 million based on their net monthly income and rates are competitive while offering long-term and flexible repayments up to 48 months tenor.

Despite all these benefits and ease in access to loans, it literarily costs nothing to open a FirstBank Salary Account.  Zero opening balance, Zero minimum daily operating balance, Zero account maintenance charge, plus you even get your first debit card issued for free.

Truly, it is always “YOU FIRST” from FirstBank.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending