Category: Banking

Eurobond: Fidelity Bank emerges best performing stock in November

By Chinyere Joel-Nwokeoma   Lagos   –      Fidelity Bank Plc has emerged the best performing stock in percentage terms on the Nigerian Stock Exchange (NSE) for the month of November, the News Agency of Nigeria (NAN) reports. Data obtained by NAN from the NSE for the period under review showed that the stock increased by 35.53 per cent to close at N2.06 per share in contrast with the month’s opening price of N1.52. Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the stock’s rally during the period to successful Eurobond outing and improved earnings report. Omordion ... Read more

Fidelity Bank profit grows by 65.1% in nine months

By Chinyere Joel-Nwokeoma   Lagos   –         Fidelity Bank Plc on Monday declared 65.1 per cent growth in profit before tax for the nine months ended Sept. 30, 2017. The bank posted profit before tax of N16.2 billion during the period under review compared with N9.8 billion achieved in the corresponding period of 2016. The information is in the bank’s nine months financial results released by the Nigerian Stock Exchange (NSE). Details of the lender’s nine months financial results, released at the Nigerian Stock Exchange (NSE) on Monday showed a remarkable growth in key revenue lines ... Read more

Fortis reiterates commitment to satisfy customers, awards endearing customers

By Lucy Nwachukwu   Abuja    –     Mr Tiko Okoye, the Managing Director, Fortis Micro Finance Bank (MFB) has reiterated the bank’s commitment to ensure customer satisfaction in the sub sector. Okoye made this known at the 10th anniversary of the bank on Friday in Abuja. He said the bank had been able to stay strong and survive over the years through the commitment of its customers and the staff of the bank. According to him, in business, it is not everybody that makes it up to ten, so when you make it up to ten you have ... Read more

Zenith Bank declares N531bn gross earnings in 9 months

By Chinyere Joel-Nwokeoma   Lagos   –      Zenith International Bank Plc has declared gross earnings of N531.3 billion for the third quarter ended Sept. 30, 2017. This is according to the bank’s third quarter result released by the Nigerian Stock Exchange (NSE) in Lagos on Thursday. The report obtained by the News Agency of Nigeria (NAN) showed that the gross earnings represented a growth of 39.7 per cent above N380.4 billion achieved in the corresponding period of 2016. The bank’s Profit before Tax (PBT) inched by 30.8 per cent to N152.5 billion from N116.6 billion in the preceding ... Read more

Nigeria’s Exit From Recession Expected To Be Sustained In Q3

(Sundiata Post) – The service sector, which is the largest contributor to economic activity in Nigeria remains stuck in recession despite the country’s narrow exit. Analysts are however positive that the marginal economic growth recorded in the second quarter will be sustained in the third and last quarters of the year, to deliver an overall positive growth for the economy. The optimism for a sustained positive growth in the third quarter is hinged on the positive Purchasing Manager Indicators (PMI) for both July and August, released by the Central Bank of Nigeria (CBN) and FBN Quest, which shows that economic ... Read more

UBA Ghana CEO, Abiola Bawuah Receives WomanRising Award

(Sundiata Post) – WomanRising, a leading network of women entrepreneurs and professionals has presented a certificate of honour to Mrs Abiola Bawuah, CEO of UBA Ghana for being ranked among the Top 50 Corporate Women Leaders in Ghana for 2016. The ranking which featured 50 of Ghana’s leading corporate women leaders in both the public and private sector was held in 2016 to recognize the contribution of professional women in the development of Ghana’s economy and job creation sector. In a short ceremony which took place at the head office of the bank in Accra, Mrs Bawuah received the top ... Read more

Access Bank Posts N246.6bn Gross Earnings In First 6 months In 2017

By Chinyere Joel-Nwokeoma Lagos,  –    Access Bank Plc on Wednesday announced gross earnings of N246.6 billion for the 2017 half year ended June 30, 2017. This represented a growth of 42 per cent when compared with N174.1 billion achieved in the comparative period of 2016 as stated in the bank’s audited half year result. It was released by the Nigerian Stock Exchange (NSE) in Lagos. The result indicated that the growth in gross earnings was driven by 66 per cent increase in interest income on the back of continued growth in its core business. According to it, 34 per cent ... Read more

Zenith Bank Posts N75.32bn Profit in 6 Months, Declares 25k Interim Dividend

By Chinyere Joel-Nwokeoma Lagos –   Zenith International Bank Plc has declared a profit after tax of N75.32 billion for the half year ended June 30. The News Agency of Nigeria (NAN) reports that this is available in the company’s half year result released by the Nigerian Stock Exchange (NSE) on Thursday. The report showed that the profit-after-tax increased by 112.35 per cent when compared with N35.47 billion posted in the preceding period of 2016. Its profit-before-tax rose to N92.18 billion, compared with N53.91 billion in 2016. The bank also recorded gross earnings of N380.4 billion against N214.8 billion achieved ... Read more

​Keystone Bank Launches *533# Convenient Banking Platform

In keeping with its promise to make financial services easy and accessible to its teeming customers, Keystone Bank Limited on Monday July 31, 2017 launched another innovative mobile channel enabled by dialing *533# within Nigeria. According to the bank’s Divisional Head, E-Business Channels, Mr. Ernest Obi, the *533# Unstructured Supplementary Service Data (USSD) banking solution will enable Keystone Bank customers to conveniently perform third party transfers to both Keystone Bank and other bank account holders in Nigeria, open Keystone Bank accounts, buy airtime, pay bills and access a mini statement such as balance enquiry using their mobile phones without necessarily ... Read more

GTBank celebrates 10th anniversary of listing on London Stock Exchange

Foremost African financial institution, Guaranty Trust Bank plc, has marked its listing on the London Stock Exchange (LSE) The Bank became the first Nigerian bank to list on the LSE and the first Nigerian company to raise international capital using listed Global Depositary Receipts. To mark the 10th anniversary of this pioneering feat, the MD/ CEO of GTBank, Mr Segun Agbaje led the Market Open Ceremony at the LSE on Friday, July 28, 2017, accompanied by senior representatives of the Bank and other institutional partners including JP Morgan, Morgan Stanley and Banwo and Ighodalo. The London Stock Exchange is a ... Read more

Etisalat, Banks Resolve Indebtedness Issues – NCC

Etisalat, Banks Resolve Indebtedness Issues – NCC

Sage Launches Sage One Payroll And Sage One Invoicing In Nigeria

LAGOS, — Sage (www.Sage.com/africa), the market and technology leader for integrated accounting, payroll & HR and payment systems, today announced that Sage One Payroll (www.Nigeria.sageone.co.za/ easy-online-payrol) and Sage One Invoicing (www.Nigeria.sageone.co.za/ sage-one-invoicing) is available in Nigeria. Designed to help small businesses focus on what really matters, these software solutions give business builders the freedom to run their businesses anywhere, anytime. Sage One Payroll seamlessly integrates with Sage One Accounting (http://APO.af/zFh3ay), offering a complete business solution for start-up and small businesses. Sage One Invoicing is an entry-level version of Sage One Accounting that makes it easy for sole traders, self-employed consultants ... Read more

South African Central Bank Holds Repo Rate At 7%

PRETORIA   – South Africa’s central bank kept its benchmark repo rate steady at 7 percent on Thursday, as expected, citing concerns about the inflation outlook, even though it cut its growth forecasts. “While the inflation outlook has improved over the near term, the longer term trajectory is unchanged and uncomfortably close to the upper end of the target range,” Governor Lesetja Kganyago said.(Reuters)  

Areximbank President Named African Banker Of The Year

Lagos  –    Dr Benedict Oramah, the President of African Export-Import Bank (Afreximbank), has been named African Banker of the Year at the African Banker Awards 2017 ceremony in India. A statement by Afreximbank in Lagos on Wednesday said that the award was presented on Tuesday at a ceremony on the sidelines of the Annual Meetings of African Development Bank. The bank said that the award was given to a banker who, through leadership and vision, had overseen strong financial performance within his or her organisation. “Such a banker would also have successfully guided that institution to new heights in ... Read more

Fidelity Bank Set To Reward Customers With N11m To Enhance Savings Culture

Chinyere Joel-Nwokeoma Lagos  –    Six customers of Fidelity Bank Plc have emerged winners in the 8th edition of the bank’s Get Alert in Millions Promo draws held in various regions of the country. The News Agency of Nigeria (NAN) reports that the customers, who won a total sum of N11 million, would be given their prize next week. Mrs Chijioke Ugochukwu, the bank’s Executive Director, Shared Services, stated this at the 8th Get Alert in Millions Promo Prize draws held in Lagos. Ugochukwu said that the bank had so far distributed a total of N74 million since the promotion commenced ... Read more

Keystone Bank Revamps Branches Nationwide

On the heels of the announcement of the successful sale of Keystone Bank Limited and the promise of the new investors to take active steps towards turning around its operations in order to become more competitive in the sector, it appears the management of the Bank has proceeded on a drive to give a face-lift to its various branches across the country as part of the post- divestment re-positioning. ​Checks by our correspondent with some of the Bank’s customers across the country revealed that a large spectrum of the customers see this as a welcome development laying credence to the ... Read more

Stanbic IBTC Emerges Best Performing Stock On NSE In April

By Chinyere Joel-Nwokeoma Lagos  –  Stanbic IBTC Holdings Plc has emerged the best performing stock in percentage terms on the Nigerian Stock Exchange  (NSE) in Arpil, the News Agency of Nigeria  (NAN), reports. Data obtained by NAN from the exchange for the period showed that the stock increased by 48.98 per cent to close at N26.25 per share in contrast with the month’s opening price of N17.62. Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the stock’s growth to impressive 2016 full year result for the financial year ended Dec. 31, declared by the bank during the period. Omordion said ... Read more

World Bank To Support Nigeria’s Audit Process

By Lucy Nwachukwu Abuja   –   The World Bank on Thursday in Abuja pledged to support the country’s auditing process to ensure transparency and accountability. Mr Edward Olowo-Okere, the Banks Director on Governance Global Practice, said this during a visit to the Auditor-General of the Federation, Mr Anthony Ayine. “ We want to support the process so that the accounts are completed on time; that the audits is completed on time and laid before parliament. “And parliament also is able to do their own part of reviewing the audited accounts and take actions on time also with the executive arm responding ... Read more

Forex: CBN Bars UBA, First Bank, GTB From SME Sales Window

By Racheal Ishaya Abuja  –   The Central Bank of Nigeria (CBN), on Tuesday, barred 14 Money Deposit Banks from dealing in the Small and Medium Entreprises (SME) wholesale Forex window. The barred banks are First Bank, Keystone Bank, Main street Bank, Ecobank,  Stanbic IBTC, Citi Bank, Enterprise Bank and WEMA bank. Others are Guaranty Trust Bank, First City Monument bank, Union Bank, SunTrust Bank, Standard Chartered Bank and United Bank of Africa. The CBN spokesman, Mr Isaac Okorafor, in a statement in Abuja, said they were barred, following persistent complaints that some Deposit Money Banks (DMBs) deliberately frustrate efforts by ... Read more

Zenith Bank Posts N44bn Profit Before Tax In Q1 2017

Zenith Bank has released its first quarter (Q1) 2017 results. The results show strong double-digit growth in profit before tax (PBT) (38% y/y) to N44 billion and profit after tax (PAT) (46% y/y) to N39 billion. Both revenue lines contributed to the strong results as funding income grew by 21% y/y to N71 billion while non-interest income was up 94% y/y to N30 billion. The strong revenue contributions were material enough to more than offset a sizeable increase in loan loss provisions (206% y/y) and, to a lesser extent, operating expense growth of 24% y/y. The growth in non-interest income ... Read more

WCBI Hosting Rights Proves Nigeria’s Relevance In Global Trade – Ambode

WCBI Hosting Rights Proves Nigeria’s Relevance In Global Trade – Ambode

Access Bank Gets New Group Deputy Managing Director

Access Bank Plc has announced the appointment of Mr. Roosevelt Michael Ogbonna, as Group Deputy Managing Director to replace Mr. Obinna Nwosu who recently resigned his appointment to pursue other personal endeavours. The new Group Deputy Managing Director began his illustrious banking career as an Investment Banker 20 years ago. Over the years he has worked across the Treasury, Risk Management, Commercial and Corporate Banking functions at leading financial institutions. He joined Access Bank in 2002 and during this time, implemented strategies across different divisions that increased market share and more than doubled the group’s balance sheet. Prior to now, ... Read more

Ecobank Group Makes Full Loans Provision Of N221.7b, Posts Loss

By Olawunmi Ashafa Lagos,  –   Ecobank Transnational Incorporated (ETI), on Tuesday cleaned its books of non-performing loans, by making a provision of N221.7 billion in its 2016 audited accounts. The bank said that its impairment charges, showed a jump of 110.7 per cent compared with N105.2 billion recorded in 2015. It said that the results released on the floor of the Nigerian Stock Exchange (NSE) on April 18, showed that the bank recorded a growth of 22.3 per cent in gross earnings to N665 billion in 2016, from N542.7 billion in 2015. The net interest income rose by 25.3 ... Read more

World Bank Explains Drop In Tanzania’s Economic Growth Output

Dar Es Salaam  –   The World Bank said on Tuesday that Tanzania’s gross domestic product growth dropped to an estimated 6.9 per cent in 2016 from 7.2 per cent the previous year due to policy adjustments. The bank in its latest economic update for Tanzania, said that uncertainty over government policies slowed down private sector growth. “Policy adjustments, if they occur frequently, could cause uncertainty for the private sector and this uncertainty could dampen private sector investment decisions. “The government should pay more attention to and be more explicit about the potential unintended consequences of government policies on the ... Read more

Fidelity Bank Posts N152bn Gross Earnings In 2016

By Chinyere Joel-Nwokeoma Lagos  –  Fidelity Bank has announced gross earnings of N152 billion for the financial year ended Dec. 31, 2016. According to a statement issued by the bank on Sunday in Lagos, the gross earnings represented an increase of 3.5 per cent when compared with N146 billion achieved in the corresponding period of 2015. It said that the interest income grew by 1.7 per cent from N60.9 billion to N61.9 billion, while total deposits, a measure of customers’ confidence, grew by three per cent, rising from N769.6 billion in 2015 to N793.0 billion. In the same vein, total assets increased by ... Read more

Wema Bank To Launch First Fully Digitalised Operations In Africa

Lagos  –   Wema Bank, one of Nigeria’s oldest banks, says it will launch the first fully digitalised banking service in Africa in the first half of 2017. A statement by the bank in Lagos on Tuesday quoted Mr Segun Oloketuyi, the bank’s Managing Director and Chief Executive Officer, as announcing this while presenting the bank’s audited 2016 financial results. Oloketuyi said the launch of the new service was intended to enhance the bank’s business model, improve efficiency and reduce costs. According to him, the launch, which will change the banking landscape, will offer simple, convenient and reliable banking experience ... Read more

AMCON Names New Buyers Of Keystone Bank

The Asset Management Corporation of Nigeria, AMCON, has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank Consortium) as the new investors in Keystone Bank. The announcement came amid controversies surrounding the sale of the bank, with AMCON alleged to be acting in breach of extant takeover provisions. AMCON, in a statement on Monday, said the announcement is in relation to the acquisition of the entire issued and fully paid up ordinary shares of the bank. This, AMCON said, follows the receipt of the necessary regulatory approvals from the Central Bank of Nigeria, CBN, and the ... Read more

Network Administrators at Stanbic IBTC Bank

Stanbic IBTC Bank is a leading African banking group focused on emerging markets globally. It has been a mainstay of South Africa’s financial system for 150 years, and now spans 16 countries across the African continent. Standard Bank is a firm believer in technical innovation, to help us guarantee exceptional client service and leading edge financial solutions. Our growing global success reflects our commitment to the latest solutions, the best people, and a uniquely flexible and vibrant working culture. To help us drive our success into the future, we are looking for resourceful individuals to join our dedicated team at ... Read more

Remedy Administrators at Stanbic IBTC Bank

Stanbic IBTC Bank is a leading African banking group focused on emerging markets globally. It has been a mainstay of South Africa’s financial system for 150 years, and now spans 16 countries across the African continent. Standard Bank is a firm believer in technical innovation, to help us guarantee exceptional client service and leading edge financial solutions. Our growing global success reflects our commitment to the latest solutions, the best people, and a uniquely flexible and vibrant working culture. To help us drive our success into the future, we are looking for resourceful individuals to join our dedicated team at ... Read more

Ecobank Partners Accion MFB On International Money Transfer

By Bukola Adetoye Lagos  –  Ecobank Nigeria Ltd and Accion Microfinance Bank on Tuesday entered into a partnership for collection of remittances through Western Union Transfer to customers. Tony Okpanachi, the Deputy Managing Director of Ecobank, said at the launch in Lagos that the partnership would enable those in 40 branches of Accion Microfinance Bank nationwide access remittances with ease. “It is the part of agency banking which the Ecobank pioneered in the country and we believe the partnership will be beneficial to the customers of both banks. “The collaboration will enhance the financial programme championed by the Central Bank ... Read more

Fidelity Bank Reiterates Support For SMEs

ABUJA, (Sundiata Post) – Fidelity Bank Plc has pledged commitment to help Small and Medium Scale Enterprises (SME) in Nigeria particularly, the South East grow the zones economy. Managing Director/Chief Executive Officer, Fidelity Bank Plc Nnamdi Okonkwo disclosed this during the bank’s customer fora last week. The bank flagged off its nationwide customer engagement programme themed; ‘Connecting with you’ with the twin events in Owerri and Onitsha in the South Eastern part of the country. Okonkwo who expressed happiness over the level of support and patronage, said the bank also needs to reciprocate by supporting them with finance to grow ... Read more

Manager, Client Experience at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Head, Digital Platforms, West Africa at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Associate Managers, Governance & Control at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Chief Risk Officer, Head Operational Risk at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Officers, Trade Operations – Imports & Exports at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Head of Assurance at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Client Managers at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Third Party Risk Manager at Standard Chartered Bank Nigeria

Standard Chartered Bank Nigeria – We attract talented individuals. Not only can they give you the benefit of their experience, they also reveal a closer, more personal look at the wide range of global opportunities we offer. At the core of the Group’s people strategy is our focus on employee engagement. Engagement is a key driver of productivity and performance, which creates the foundation of our performance culture. We encourage and focus on the behaviours that bring out the very best from every employee, assessing their performance not just on results but on how those results were achieved. To further ... Read more

Banks Paid $321 bn In Fines Since Financial Crisis– BCG

Banks across the world have paid about 321 billion  dollars in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group (BCG). Almost 10 years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report. North American banks accounted for nearly 63 per cent of the total fines, or about 204 billion dollars, during 2009-2016, the consultancy firm said. While US regulators have been more effective in imposing penalties and recovering fines from the banks, their counterparts in Europe and Asia are likely ... Read more