Connect with us

Finance

Access Bank Reports N97.5bn in 2019

Published

on

  • Access Bank Reports N97.5bn in 2019

Access Bank Plc, Nigeria’s largest bank by customer base, on Friday reported a profit after tax of N97.509 billion for the financial year ended December 31, 2019.

In the financial statements released through the Nigerian Stock Exchange (NSE), the lender grew profit after tax from N94.981 billion in the same period of 2018 to N97.509 billion in 2019. Gross earnings rose from N528.744 billion recorded in the corresponding period of 2018 to N666.753 billion in 2019.

Profit before tax stood at N115.378 billion in the year under review, up from the N103.187 billion filed in 2018.

The bank grew total comprehensive income for the year from N78.433 billion in 2018 to N99.319 billion in 2019.

Total equity rose from N490.511 billion in 2018 to N610.192 billion in 2019.

While the bank proposed and paid interim dividend of 25 Kobo per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date, the board of director recommended a final dividend of 40 kobo per ordinary share of 50 kobo each for the year.

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 long experience in the global financial market.

Continue Reading
Comments

Finance

Access Bank in Talks to Acquire Cavmont Bank

Published

on

Access bank

Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

Continue Reading

Finance

Mohammed Umar is the New Acting Chairman of EFCC

Published

on

EFCC

Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

Continue Reading

Finance

CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

Published

on

CBN

CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending