FMDQ Exchange admits FG’sN162.6 billion Sukuk Bond.

The Federal Government of Nigeria has once again demonstrated its unrelenting commitment to the development of local infrastructure through the debt capital markets, by listing the N162.56 billion Ijarah Sukuk bond on the FMDQ Securities Exchange.

This is according to a notification by FMDQ which reads: ‘’FMDQ Exchange has successfully admitted the following Bond to its platform: The Federal Government of Nigeria Roads Sukuk Company 1 Plc N162.56 billion Ijarah Sukuk’’.

Sukuk bond are sharia-compliant, fixed-income capital markets instruments, structured in a way to generate returns in conformity with Islamic principles and laws. Some of these principles include; the prohibition of interest, scrutinizing and funding only permissible assets (halal) among others.

The proceeds from the bond will be used to fund earmarked capital projects most especially roads, across the states in the federation.

Recall that the Federal Government of Nigeria through the Debt Management Office had recently announced the listing of the aforementioned bond on the Nigerian Stock Exchange and the FMDQ Exchange, as captured by Nairametrics.

What you should know:

  • The bond is the third sovereign Sukuk, sequel to the successful issuance of the N100 billion Sukuk in 2017 and another of equivalent amount in 2018.
  • The recent Sukuk has a maturity period of 7 years and at the time of issuance was massively subscribed by 446%

FCMB Group Plc appoints Muibat Ijaiya as Director.

First City Monument Bank (FCMB) Group Plc has announced the appointment of Ms. Muibat I. Ijaiya into its board as an Independent Non-Executive Director, following the obtaining of a regulatory approval from the Central Bank of Nigeria.

The Group in a notice signed by its secretary, Olufunmilayo Adedibu expressed confidence in the abilities of the newly appointed Director, given her wealth of experience and profile. An excerpts of the notice read: ‘’ Muibat continues to work in advancing the science of strategy execution, particularly for organizations in complex industries and public institutions focused on transforming key sectors, and the Board is assured that her wealth of experience would be of great impact to the FCMB Group.’

Profile

Muibat Ijaiya is a Strategy Development and Execution expert with over 19 years of consulting and advisory experience. Prior to her appointment, she was a partner at Strategy Management Partners. She had also worked for various reputable firms such as Ernst and Young (UK), Palladium Group (UK and Middle East) among others.

She is an alumna of University of Surrey and Warwick Business School where she obtained BSc and MSc degrees respectively. She also holds an MBA from the University of Manchester.

For more information about her appointment, click HERE.

NPF Microfinance posts profit of N236.1 million in Q1 2020, up by 66.8% YoY.

NPF Microfinance Bank Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income for the period was N994.2 million. (+20.8% YoY)
  • Fees and commission income of N160.8 million. (+31.3% YoY)
  • Administrative and general expenses of N398.5 million. (+30.9% YoY)
  • Personnel expenses of N412.07 million. (+5.3% YoY)
  • Profit for the period was N236.1 million. (+66.8% YoY)
  • Earnings per share of 10 kobo Vs 6 kobo YoY.

See link to results.

2021 Q1 Results: Unity Bank records a 43% surge in profit to N721.5 million

Unity Bank Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income for the period was N4.8 billion. (+16% YoY)
  • Net fee and commission income was N1.6 billion. (-14% YoY)
  • Net operating income was N6.7 billion. (+12% YoY)
  • Total operating expenses of N5.9 billion. (+9% YoY)
  • Profit for the period was N721.5 million. (+43% YoY)
  • Earnings per share of 6 kobo Vs 4 kobo YoY

See link to results.

2021 Q1 Results: Sterling Bank’s profit beat forecasts, surge by 16% to N2.4 billion.

Sterling Bank Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income for the period was N14.35 billion. (-7.1% YoY)
  • Net fees and commission income was N3.7 billion. (+25.1% YoY)
  • Operating income of N20.09 billion. (+0.6% YoY)
  • Total expenses of N15.82 billion. (-4.5% YoY)
  • Profit for the period was N2.4 billion. (+15.98% YoY)
  • Earnings per share of 8 kobo Vs 7 kobo YoY.

See link to results.

Abbey Mortgage Bank profit after tax surge by 132% to N60.9 million in Q1 2021

Abbey Mortgage Bank Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income for the period was N315.5 million. (+33.3% YoY)
  • Fees and commission income of N28.15 million. (+127,872% YoY)
  • Net operating income of N370.71 million. (+52.6% YoY)
  • Customers deposit totalled N23.5 billion. (+60.6% YoY)
  • Profit after tax was N60.9 million. (+131.8% YoY)
  • Earnings per share of 4 kobo Vs 2 kobo YoY

See link to results.

FBN Holdings Profit decline by 39% to N15.6 billion in Q1 2021

FBN Holdings Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income after impairment charge was N39.62 billion. (-21.6% YoY)
  • Net fee and commission income of N28.43 billion. (+36.8% YoY)
  • Operating expenses of N42.02 billion. (+0.2% YoY)
  • Profit for the period was N15.6 billion. (-39.3% YoY)
  • Earnings per share from continuing operations of 43 kobo Vs 64 kobo YoY.

See link to results.

FCMB Plc profit decline by 24% to N3.57billion in Q1 2021.

FCMB Group Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income for the period was N21.23 billion. (-8.2% YoY)
  • Net fee and commission income was N5.7 billion. (+12.05% YoY)
  • General and administrative expenses of N8.04 billion. (-0.2% YoY)
  • Profit for the period was N3.57 billion. (-24.4% YoY)
  • Earnings per share of 18 kobo Vs 24 kobo YoY.

See link to results.

Union Bank posts profit after tax of N6.21 billion in Q1 2021.

Union Bank of Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Net interest income after impairment charge was N10.19 billion. (-10.5% YoY)
  • Net fee and commission income was N3.06 billion. (-1.64% YoY)
  • Operating income of N24.39 billion. (+0.1% YoY)
  • Total expenses of N17.35 billion. (-3.7% YoY)
  • Profit after tax was N6.21 billion. (+3.2% YoY)
  • Earnings per share from continuing operations of N23 kobo Vs 21 kobo YoY.

See link to results.