Connect with us

Banking Sector

Stanbic IBTC: Working Towards Net Zero Emissions

Published

on

Stanbic IBTC Bank- Investors King

As part of the Stanbic IBTC 2021 Sustainability Week event, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, organised a sustainability webinar tagged “Working Towards Net Zero Emissions”.

The objective of the virtual event which was held on Monday, 20 September 2021 via the Group’s #Bluetalks platform, was to promote public awareness on the impact of climate change and provide practical methods towards reducing carbon footprints and achieving net zero emissions.

Delivering his opening remark at the event, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC said: “We all cannot continue to ignore our responsibility in the current changes to the climate. Through small adjustments leading to a more conscientious and sustainable lifestyle, each one of us can take part in the global climate protection project. As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic) Impact, Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. As such, the 2021 Stanbic IBTC Sustainability Week is an opportunity for us to advance awareness around practical steps we are taking, and more which we can take, to make our world a better place.”

The webinar featured seasoned experts including Temesoye Jack, Group Head, Sales, Banks, Gas Stations and SMEs, Starsight Energy; Professor Kenneth Amaeshi, Chair in Sustainable Finance and Governance at the European University Institute (EUI) and Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group.

Temesoye Jack stated that renewable energy sources like solar energy can help countries attain net zero emissions. She said, “Solar energy can help us move towards reducing greenhouse emissions. We need to have more energy efficient offices nationwide. However, this shift will not happen overnight as it is a gradual process.”

She explained that Nigeria has barely scratched the surface when it comes to renewable energy and emphasised that sustainable practices do not have to end in the office but must be observed in all areas of the country

Prof. Kenneth Amaeshi highlighted the importance of harmonising technology upgrades and sustainable growth to reduce carbon emissions. He explained that sustainability at the global level is targeted at mitigating the adverse effects of climate change.

According to Prof. Kenneth, “From recent surveys, it is clear individuals are ready to go green. The affordability of clean energy will determine if we will be able to reduce carbon emissions.”

Speaking on practical steps that can be adopted to help in achieving net zero emissions, Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group, said “Autogas has been around for 40 years, and Nigeria is not fully embracing it. It is safer, cleaner and more cost effective than fossil fuel and diesel. Vehicle conversion from fuel to Autogas is affordable. CNG (Compressed Natural Gas) is more efficient than fuel. The use of CNG in vehicles mitigates the emission of nitrous oxide and hydrocarbons by 40% and 90% respectively, compared to petrol.”

Omolola Fashesin, Head of Sustainability at Stanbic IBTC, thanked the panellists for the informative session, which helped create awareness of alternative sources that can help reduce carbon emissions. She urged the participants to apply learnings from the webinar to take practical steps to reduce their carbon footprint.

Finally, in his closing remarks, Kunle Adedeji, Executive Director Finance and Value Management stated that “at Stanbic IBTC, we are committed to facilitating a better and more sustainable future for all. We have already commenced various workstreams that will help us on the journey towards Net Zero emissions. Some of these include understanding our energy sources, consumption patterns and possible areas for efficiency; adoption of cleaner energy sources in our office locations (leveraging Autogas and Solar energy solutions); and adoption of Tree Planting programs which will help us with carbon sequestration.”

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

Guaranty Trust Holding Company (GTCO): Profit After Tax Inches Slightly Higher in Q3 2021

Published

on

GTCO Commemorates Listing on Nigerian Exchange - Investors King

Guaranty Trust Holding Company (GTCO Plc), Nigeria’s leading financial institution, grew profit after tax by 4.11 percent to N49.986 billion in the three months ended September 30, 2021.

This was slightly higher than the N48.012 billion filed in the third quarter (Q3) of 2020, according to the bank’s unaudited financial statements released on Tuesday and obtained by Investors King.

The lender’s interest income drops by 7.48 percent to N68.945 billion in the third quarter under review, down from N74.518 billion achieved in Q3 2020.

Interest expense inched slightly higher to N13.057 billion in Q3 2021, representing an increase of 5.3 percent when compared to N12.397 billion filed in the same period of 2020.

As expected, GTCO’s net interest income moderated by 10.03 percent from N62.121 billion in Q3 2020 to N55.887 billion in Q3 2021.

Net interest income after loan impairment charges stood at N54.608 billion in Q3 2021, a decline of 7.04 percent from N58.745 billion recorded in Q3 20210.

However, GTCO was able to plug further decline with a 67.39 percent increase in fee and commission income. The bank realised N18.318 billion in fee and commission income in Q3 2021, up from N10.944 billion charged in Q3 2020.

Fee and commission expense increased slightly to N3.343 billion in the quarter under review, up from N2.239 billion in Q3 2020.

The bank grew net fee and commission income by 72.07 percent to N14.976 billion in Q3 2021 from N8.704 billion achieved in Q3 2020.

Also, the bank’s net gains on financial instruments classified as held for trading dipped slightly to N8.048 billion in Q3 2021. While other income improved from N11.157 billion in Q3 2020 to N15.283 billion in Q3 2021.

Profit before income tax grew slightly by 2.11 percent to N58.852 billion in Q3 2021 from N57.638 billion in Q3 2020. The bank paid N8.866 billion in taxes in the period under review.

GTCO loses N9.491 billion to forex differential in the third quarter but also made N2.847 billion due to forex differential to take its total comprehensive income for the quarter N44.618 billion.

Continue Reading

Banking Sector

Wema Bank Changes Date of Board Meeting to October 26, 2021

Published

on

Wema Bank- Investorsking

Wema Bank Plc, one of Nigeria’s banks, on Monday announced it has changed the date of its board meeting from October 26, 2021 to October 28, 2021.

The lender disclosed in a statement signed by Johnson Lebile, Company Secretary and Legal Adviser.

The statement reads, “Further to the previous notice of September 30, 2021, in line with the Rules of the Nigerian Exchange Limited (the Exchange), we hereby inform the investing public that the meeting of the Board of Directors of Wema Bank Plc (the Bank or Company), earlier scheduled for October 26, 2021 to consider and approve the Company’s third quarter performance and Unaudited Financial Statements for the period ended 30 September 2021 (2021 Q3 UFS) along with other corporate actions, has been rescheduled to hold on October 28, 2021 at 10.00 a.m. in Lagos.

“The Company’s Closed Period which commenced on 1 st October 2021 will continue until 24 hours after the Bank’s 2021 Q3 UFS and other corporate actions have been made public in line with the Rulebook of the Exchange.”

Continue Reading

Banking Sector

Stanbic IBTC Reiterates Strategic Youth Agenda

Published

on

Stanbic IBTC - investorsking.com

Determined to further strengthen the strategic position young Nigerians occupy in the country, Stanbic IBTC, a member of Standard Bank Group, has continued to promote various programmes to get Nigerian youths engaged and empowered for better productivity and participation in the development of the nation.

The Group aimed one of its initiatives, the ‘Youth Leadership Series’ (YLS), at deepening financial and entrepreneurial knowledge among Nigeria’s younger generations. The initiative, which was launched in 2018, is held in institutions of higher learning across the nation and brings together mentors from across various sectors of the economy to encourage and inspire the next generation. 

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, spoke of the initiative. He stated that through one of the organisation’s CSI pillars, ‘economic empowerment’, the YLS was birthed as an avenue to get young Nigerians engaged and empowered to become future business leaders.

He said that Nigerian youths required support, guidance, and empowerment to propel them to the pinnacle of their various fields, and added that innovative projects and tech disruptions championed by youths in virtually every sector have proved their ingenuity, skill, brilliance, and resourcefulness.

Sogunle further stated that since youths easily get distracted by different challenges, the organisation wanted to ensure that they were aptly and constantly guided, mentored, inspired, and motivated, not just to attain their goals but to actualise their full potentials.

This year’s event which held virtually attracted youths from across Nigeria and various parts of the world including the UK, USA and UAE. It featured an array of speakers – Debo Adebayo, better known as Mr. Macaroni and  Ms. Ifedayo Agoro, the founder of Diary of a Naija Girl (DANG), an online lifestyle website, who spoke on ‘Winning with Social Media’; the duo of Olumide Soyombo, co-Founder, Bluechip Technologies and Tracy Batta, co-Founder, Smoothie Express who spoke on ‘Winning with Entrepreneurship’; while Akin Bamidele Akintola, Head of Equity Sales, Stanbic IBTC Stockbrokers and Yanmo Omorogbe, co-founder of Bamboo Invest, an investment platform that allows Nigerians to invest in United States stocks, both spoke on ‘Winning with Investments’.

All speakers shared their entrepreneurial experiences, challenges, and success stories in these areas.

Speakers at previous editions of the YLS included Kechi Okwuchi, a survivor of the ill-fated Sosoliso plane crash of December 2005, who later went on to bag a First Class Degree from the University of Thomas Houston, Texas and emerged a finalist at America’s Got Talent; Member Feese, survivor of the United Nations Building bomb blast in Abuja and Cobhams Asuquo, renowned music producer, who was born blind.

Also, Stanbic IBTC Bank, in collaboration with Creative Youth Community Development Initiative (CYCDI), and Covenant University, Ota and in alignment with the 73rd session of the United Nations General Assembly (UNGA) in New York City, engaged Nigerian youths on better understanding of the United Nations (UN) Sustainable Development Goals (SDGs) and their role in its attainment.

The organisation also said that some needs of youths have been catered to with the Stanbic IBTC BluEdge Youth Account, targeted to help students and youths cultivate a savings culture very early in life.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending