Shareholders at tech giant Apple have revolted against the company’s CEO pay package after its stock fell.
Apple’s stock fell nearly 27% which took a big chunk off the company’s valuation, which promoted the call for a reduction in Tim Cook’s salary. However, Apple’s board disclosed that the CEO had earlier requested for a pay cut.
The company said in a statement, “The compensation committed balanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received”.
Cook’s salary package will be reduced to $49 million, 40% lower than his target pay for 2022 and about half of Cook’s $99.4 million total compensation that was granted last year.
Meanwhile, the base salary of $3 million and the $6 million bonus remain unchanged from previous years. His recent pay cut shows a sharp reduction in his total Apple income which surged massively in the past three years.
In 2020, the CEO took home $14.8 million, in 2021, he earned $98.7 million, and $99.4 million in 2022.
Last year, Apple stock plummeted massively, which saw the company’s valuation drop to $2 trillion, although it remained the largest publicly traded company in the world.
As it continues to battle with economic downturns, such as high inflation, High-interest rates, and the likes, a lot of Apple’s investors have pointed to its production problems as the root cause of its falling stock prices.
In China, following disruptions in some of its companies, it has pushed back the timeline of iPhone production. After months of stalled production, the company is reportedly accelerating plans to move its production to other countries to boost growth.
Investors King understands that Apple is considering moving production into countries like India and Vietnam. As one of the world’s largest companies, Apple certainly has the resources to make the move. But the cost of moving might be too painful for some investors, which could lead to further drops in the stock price.
Wema Bank’s profit increases by 41.5% to N12.6 billion in 2022
The financial statement by Wema Bank Plc has revealed a profit of N12.6 billion for the year 2022. The amount is 41.5% higher than the N8.8 billion in the previous year.
The company raked in N129 billion gross profit for the period from the N93 billion it saw in 2021.
Interest income stood at N104 billion in 2022 compared to N74 billion filed in 2021. Loans and advances to customers rose to N82 billion in 2022 from N64 billion the previous year. Included in interest income on loans and advances, however, is modification loss of N600 million for the group and bank.
It represents the changes in gross carrying amount of the financial asset from immediately before to immediately after modification. The modifications were not as a result of credit deterioration.
Interest expenses also increased for the period to N53 billion from N34 billion led by deposits from customers which improved to N45 billion for the period compared to the N27 billion the previous year as the net interest income amounted to N51 billion from N39 billion in 2022.
The net fee and commission income was N16 billion for the period compared to N13 billion in the previous year as other fees and charges spiked for the period.
Net trading income was up to N4 billion from N1.6 billion as the bank made gains on fixed income securities, treasury bills and foreign exchange trading. Foreign exchange trading income is principally made up of trading income on foreign currencies, as well as gains and losses from revaluation of trading position. The amount reported are totally from financial assets carried at fair value through profit or loss.
Other income however declined to N2.9 billion from N3.3 billion in the previous year. This is as the bank decline in FX revaluation, service charge and others. Also the operating Income valued N74 billion in 2022 from N57 billion in 2021.
Jaiz Bank Improves 2022 Profit by 46% to N6 Billion
Jaiz Bank reported an increase in its profit for the year 2022 to N6 billion. The financial report seen by Investors King shows that the value reported is 46% greater than the amount reported the year before.
During the year, the income from financing jumped to N22 billion in 2022 from N15 billion in the previous year led by improvement in Murabaha transactions, Ijara transactions and profit from others.
Murabaha is an Islamic banking contract that is basically a contract for the sale of goods at cost plus an agreed profit while the Ijara process is asset-based rather than credit-based Islamic financing method.
The bank saw an increase in income from financing contracts as Murabaha’s profit in the corporate and retail values rose to N8.8 billion and N4.1 billion in 2022 from N6.6 billion and N2.9 billion reported in the previous year. Also, Ijara Wa Iqtina Profit- Corporate and Ijara Wa Iqtina Profit-Retail grew to N1.8 billion and N2.4 billion in 2022 from the respective N1.3 billion and N2.2 billion in the previous year.
As for income from investment activities, trading assets and Sukuk drove the segment to record N2 billion and N7.6 billion respectively from N1 billion and N7.9 billion in 2021 while the gross income from financing transactions was N31 billion from N24 billion in 2021.
Bank’s fees as Mudarib/profit from Bank joint investments totaled N28 billion from N20 billion in the previous year. The amount of profit paid from financing investment to Mudarabah account holders amounted to N7 billion from N6 billion while profit from joint investment amounted to N13 billion from N9 billion in 2021.
Fees and Commission Income – consisting banking services, net income from e-business and LC trade finance income – as well as other operating income – consisting Wakala income and miscellaneous income – amounted to N1.6 billion and 340 million from N1.1 billion N557 billion.
Staff cost, depreciation and amortization and operating expenses drove total expenses to N16 billion compared to the N13 billion in the previous year and the profit before tax was N6.7 billion from N4.4 billion.
Unity Bank Reports N57 Billion Gross Income in 2022
The company saw credit lose expense to the tune of N1.1 billion in 2022
Unity Bank reported 16% increase in gross income for the year to N57 billion in the fiscal year 2022 from the N49 billion in the previous year.
During the period, the bank also reported interest and similar income at N49 billion in 2022 from the N43 billion in 2021, a 14% increase driven by loan and advances to customers.
Similarly, interest and similar expenses was up by 28% to stand at N29 billion in 2022 compared to the N23 billion in the previous year as ‘due to banks’ and ‘due to customers’ increased while the net interest income valued N19 billion from N20 billion in previous year, Investors King reports.
Fee and commission income totaled N7.7 billion compared to the N6.1 billion in the year before to represent 26% rise for the period owing to more Credit related fees and commission and E-Banking Income for the period.
However, other operating income was down by 10% to N886 million from N986 million while total operating income advanced by 6% to N27 billion in 2021 from N26 billion in 2022.
Also, the company saw credit lose expense to the tune of N1.1 billion in 2022 compared to the N2.6 billion in 2021. This shows a decline of N55% for the period.
Net operating income valued N29 billion for the period and total operating expenses for 2022 was N27 billion. Profit before tax, however, declined by 56% to N1.5 billion in 2022 compared to N3.3 billion in the year before.
The value of the bank’s total asset for the period declined by 5% from N539 billion to N511 billion in 2022 as cash and bank balances with central bank, due from banks, other assets decline. Meanwhile, intangible asset grew by 1019% during the period.
Its total liabilities declined by 3% to N787 billion from N815 billion in 2022 led by decline in ‘due to other banks’ and current tax liability and other items.
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