- Nigeria Customs Generated N126.9bn Revenue in January
The Nigeria Customs Service (NCS) kick-started the year with an impressive figure, according to a new report from the service.
The NCS generated an impressive N126,950,688,168.57 in January, N9,158,230,945.39 more than the N117,792,457 realised in the same period of 2019.
Breaking down the report, the service generated N63,640,538,493.70 from import duty while N12,816,743,134.58 and N693,833,108,311.00 were generated from excise duty and fees, respectively.
The services realised N10,833,208,311.09 from the federal account levies and another N16,888,452,679.54 from non-federation accounts levies.
Also, the report showed that the Non-Customs Service Value Added Tax was N22,078,543,230.50.
US Banks Led the Most Fined Financial Institutions in 2020
US Banks Are The Most Penalised Financial Institutions in 2020 Financial Year
Banks in the United States were the most fined financial institutions in 2020, according to the latest report from Finbold.
Finbold, a company that specialises in financial data, said three countries accounted for 97.32 percent of the total fines levied on banks in 2020.
The data revealed that United States banks are the most fined at €9.15 billion. This was followed by Australian banks with a combined €770 million, while banks in Israel came third with €762.97 million.
Also, while the fines are likely to increase before the end of the year, the total fines levied against financial institutions globally stood at €11.61 billion as of October 22nd.
Further breakdown showed Swedish banks came fourth with €456.18 million fines while German banks that incurred a combined €169.01 million fines came fifth.
The report showed Goldman Sachs led the most fined bank with €5.26 billion for various violations of regulatory rules.
Wells Fargo came second with €2.53 billion while Westpac Bank in Australia and Hapoalim emerged third and fourth with €770 million and €762.97 million, respectively.
Other heavily fined lenders include Swedbank from Sweden fined €360 million and Germany’s Deutsche with €126.52 million fine in 2020 so far.
Speaking on banks’ fines, Oliver Scott, Chief Editor, Finbold, said “Notably, the tally of bank fines is likely to increase in the coming years as European and Asian regulators catch up with U.S peers who are considered more aggressive. However, banks are looking for means of minimizing fines. Analysts have been of the opinion that the fines could have been avoided if banks leverage technology through the deployment of perfect software.”
Guinness Nigeria Explains Reason for N12.6 Billion Loss in 2020
Guinness Nigeria Speaks on 2020 Poor Performance
Guinness Nigeria Plc has blamed the challenging business environment amid COVID-19 restrictions that led to the closure of bars, clubs, lounges and restaurants for its 2020 losses.
Mr. Baker Magunda, Managing Director/CEO, Guinness Nigeria, who spoke on the company’s performance in 2020, said the aforementioned represents a major part of the company’s consumption, adding that restriction imposed on gathering impacted the usual demands for celebratory occasions.
He explained that demand was weighed upon by a decline in consumer income, rising unemployment rate due to the shutdown of large corporations, surged in VAT and excise throughout 2020.
According to him, distribution was affected by the ban imposed on inter-state travel despite collaborating with regulatory authorities to minimize the negative impact on the company.
Here is a breakdown of the Guinness Nigeria performance in 2020 Financial Year
Guinness profit plunged by a massive 129.1 percent to -N12.6 billion in the 2020 Financial Year (FY), down from the N5.5 billion profit achieved in 2019 (FY). While the company’s gross profit nosedive by 16.9 percent from N40.13 billion posted in 2019 to N33.33 billion in 2020.
The company decline was broad-based as revenue also declined from N131.5 billion filed in 2019 to N104.4 billion in the 2020 financial year.
Accordingly, administrative cost rose from N9.9 billion in the 2019 financial year to N14.3 billion in 2020. However, the cost of sales moderated by 22 percent from N91.4 billion posted in 2019 to N71.1 billion in 2020.
Finance cost expanded from N2.6 billion in 2019 to N4.5billion in 2020 while finance income declined to N301 million in the year under review, down from N750.9 million in 2019.
Mr. Baker Magunda, said “The last quarter performance of fiscal 2020 was significantly impacted by restrictions due to COVID-19, exacerbating the already challenging economic environment. Closures of on-trade premises (bars, lounges, clubs, and dine-in restaurants), which represents the major part of the consumption occasion for our products and bans on celebratory occasions, impacted sales.
“Demand was also impacted by reduced consumer income, unemployment concerns due to the shutdown of a large number of businesses, and increases of VAT and excise throughout the year.”
Speaking further Magunda said, “Distribution was impacted by the ban of inter-state, and in some cases intra-state travel. Although, Management worked diligently with regulatory authorities to minimize the impact, this hampered our distributors’ ability to restock and have our brands available for purchase.”
Stanbic IBTC Reports N20.9 Billion Profit in the Third Quarter
Stanbic IBTC Posts N20.9 Billion Profit After Tax in the Third Quarter (Q3)
Stanbic IBTC Holdings Plc on Monday released its financial statements for the third quarter (Q3) of 2020.
In the financial results released through the Nigerian Stock Exchange (NSE), the lender generated revenue of N56.72 billion in the third quarter, below the N58.78 billion recorded in the same quarter of 2019.
Net interest income also declined slightly from N19.362 billion posted in the corresponding period of 2019 to N18.71 billion in Q3 2020.
Non-interest revenue rose to N28.66 billion in the quarter under review, up from the N27.09 billion posted in Q3 2019.
Accordingly, the total income for the period grew from N46.45 billion achieved in the third quarter of 2019 to N47.37 billion in Q3 2020. While operating expenses increased slightly from N21.52 billion in Q3 2019 to N22.31 billion in Q3 2020.
Profit before tax remained unchanged at N24.46 billion in the quarter under review when compared to the same N24.46 billion posted in the same quarter of last year.
However, profit after tax rose to N20.96 billion in the third quarter of 2020, thanks to tax differential. The lender posted N19.31 billion in the same period of 2019.
Earnings per share grew from 179 kobo in Q3 2019 to 183 kobo.
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