Banking Sector

LivingTrust Mortgage Bank PLC Gains Shareholder Trust and Expands Horizons at 9th Annual General Meeting

The meeting commenced with the ordinary business proceedings, where reports from various stakeholders were laid before the members.

Published

2 months ago

July 24, 2023

Samed Olukoya

The members of LivingTrust Mortgage Bank Plc. convened at their 9th Annual General Meeting, held at Aenon Suites in Osogbo, Osun State, on July 20, 2023.

Amidst camaraderie and mutual understanding, pivotal resolutions were proposed and unanimously passed, marking a significant turning point for the institution’s future.

The meeting commenced with the ordinary business proceedings, where reports from various stakeholders were laid before the members.

The Reports of the Directors, Auditors, Board Appraiser, and Audit Committee, along with the Audited Financial Statements for the year ended December 31, 2022, received unanimous approval, signifying the transparent and prudent management of the bank’s affairs.

One of the major highlights of the gathering was the approval of a dividend payment of 0.012 kobo per 50 kobo ordinary share to all eligible members. This will be subjected to the appropriate withholding tax at the time of payment, reflects the bank’s commitment to rewarding its loyal shareholders.

In matters of corporate governance, the shareholders re-elected Dr. Adebayo Jimoh, Mrs. Fehintola Olatunde-Agbeja, and Mr. Olufemi Adesina as Directors, reaffirming their confidence in the leadership’s vision. Also, the Board was granted authorization to determine the remuneration of the Auditors for the 2023 financial year, reinforcing the bank’s dedication to fair compensation practices.

A point of interest that sparked discussions during the meeting was the disclosure of the remuneration of Managers of the Company in page 120 of the 2022 Annual Reports and Accounts. While no resolution was taken on this item, the transparency displayed by LivingTrust Mortgage Bank Plc. underscores their commitment to open communication with stakeholders.

In a display of democratic representation, Mr. Suraju Yaya Ajagbe, Mr. Ariyo Olugbosun, and Otunba Adeboye Oladejo were elected as shareholders’ representatives to the Audit Committee, ensuring the collective voice of investors in the bank’s oversight.

Similarly, Mr. Olufemi Adesina and Prof. Charles Ukeje were appointed as Board representatives to the Audit Committee, adding their expertise to bolster the committee’s effectiveness.

Transitioning into the special business segment, shareholders unanimously approved the appointment of Prof. Charles Ukeje and Arc. (Mrs.) Umma Dambo Mamman-Da as Independent Directors to the Board of Directors, effective from October 14, 2022.

The meeting’s climax was the unanimous approval of the Business Plan for the proposed upgrade of Operating License. This strategic move is expected to expand the bank’s horizons and unlock new avenues for growth and innovation, further solidifying its position as a trusted player in the mortgage banking industry.

Under the stewardship of Mr. Timothy Gbadeyan, Company Secretary, LivingTrust Mortgage Bank Plc. has charted a path of success and stability. The 9th Annual General Meeting has not only strengthened the bond between the bank and its shareholders but has also laid the groundwork for an even brighter future.

With unwavering resolutions passed and a united vision ahead, LivingTrust Mortgage Bank Plc. is poised to embark on a journey of prosperity, firmly rooted in the trust and confidence of its esteemed shareholders.

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Samed Olukoya

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

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Banking Sector

Access Bank, Others Collect N154 Billion in Electronic Banking Fees in H1’23, a 16.7% YoY Surge

Published

4 days ago

September 28, 2023

Samed Olukoya

In the first half of 2023, customers of Nigeria’s top nine commercial banks paid a whopping N154 billion in fees for utilizing electronic banking services, reflecting a robust 16.7% year-on-year increase compared to H1’22’s N131.97 billion.

The data, extracted from the financial statements of these banks, underscores the escalating trend of Nigerians embracing electronic payment channels.

Leading the pack in revenue generation from these fees is Access Bank, amassing N43.9 billion, followed by United Bank for Africa Plc (N51.07 billion), Zenith Bank (N22.27 billion), Guaranty Trust Bank (N21.2 billion), and others like Stanbic IBTC (N2.14 billion), First City Monument Bank (N7.4 billion), Unity Bank (N1.96 billion), Fidelity Bank (N1.85 billion), and Wema Bank (N3.13 billion).

Electronic banking services encompass a gamut of options, including internet banking, mobile banking, ATMs, and Point of Sale (PoS) systems.

Recent data from the Nigerian Interbank Settlement System (NIBSS) for Q1’23 indicates a substantial surge in electronic transactions.

Transaction volume increased by 209% YoY to 4.7 billion, and transaction value grew by 48% YoY to N137.52 trillion.

The nine banks collectively raked in N66.7 billion in account maintenance fees and commissions during H1’23, reflecting a 14.7% YoY rise.

Zenith Bank led this category with N21.02 billion, trailed by Access Bank (N13.36 billion), Guaranty Trust Bank (N10.5 billion), and United Bank of Africa (N9.6 billion).

Overall, the banks’ cumulative net fees and commission income registered a substantial 20.7% YoY growth, reaching N448.47 billion in H1’23 from N371.43 billion in H1’22.

Banking Sector

Access Holdings Posts 52.6% Profit for the First Half of the Year

Parent Company of Access Bank Celebrates Remarkable Financial Performance in H1’23

Published

6 days ago

September 26, 2023

Investors King

Access Holdings Plc, the parent company of Access Bank, has reported a 58.9 percent surge in gross revenue to N940.3 billion for the first half of 2023.

The financial services giant also recorded remarkable growth in Profit Before Tax (PBT) and Profit After Tax (PAT) at 71.4 percent and 52.6 percent, respectively, culminating in N167.6 billion for PBT and N135.4 billion for PAT during the same period.

These financial milestones were unveiled as part of Access Holdings’ Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023.

The driving force behind this unprecedented growth can be attributed to a potent combination of factors. A 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income fueled the surge in gross revenue.

Access Holdings also witnessed a 35 percent year-to-date growth in customer deposits, capping the first half of 2023 at an impressive N12.5 trillion. This remarkable achievement encompassed all business segments, reinforcing the Group’s status as Nigeria’s largest financial institution by total assets.

The company’s total assets grew by 39.0 percent year-on-year to N20.9 trillion while shareholders’ funds surged by 40.6 percent to N1.7 trillion.

These astounding figures underline the Group’s ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services.

Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, commented on the company’s positive performance, saying, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.”

He went on to emphasize the company’s commitment to its 5-year cyclical strategy, stating, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”

Banking Sector

Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting

Published

1 week ago

September 22, 2023

Investors King

The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.

Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.

In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.

President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.

The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.

The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.