Connect with us

Finance

Zenith Bank Grows Profit to N200bn in 2019, First Bank to Cross N200bn

Published

on

Zenith Bank
  • Zenith Bank Grows Profit to N200bn in 2019, First Bank to Cross N200bn

Zenith Bank Plc, one of Nigeria’s leading banks, reported impressive financial results for the year ended December 31, 2019.

In the financial results released through the Nigerian Stock Exchange on Friday, the lender grew profit after tax from N193 billion in 2018 to N200 billion in 2019, emerging the first bank in the history of the nation to cross N200 billion mark.

Profit before tax rose by 5 percent from N232 billion in the previous year to N243 billion in 2019 while the bank’s gross earnings increased by 5 percent to N662.3 billion, up from N630.3 billion reported a year ago.

Zenith bank attributed the improved performance to 29 percent surged in noninterest income from N179.9 billion in 2018 to N231.1 billion in 2019.

Accordingly, fees on electronic products grew 108 percent to N42.5 billion in the year under review, up from N20.4 billion recorded in 2018.

The lender proposed a dividend payout of N2.50 per share to shareholders, bringing the total dividend for the year to N2.8o per share.

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