Infinity Trust Mortgage Bank grows profit after tax by 52% to N447.1 million in 9M 2021.

Infinity Trust Mortgage Bank Plc released its unaudited financial results for the nine months period ended 30th of September, 2021.

  • Turnover for the period stood at N1.24 billion. (+24.3% YoY)
  • Net fee and commission income of N83.4 million. (+5.6% YoY)
  • Operating income totalled N1.06 billion. (+23.7% YoY)
  • Operating expenses totalled N555.4 million. (+2.8% YoY)
  • Total assets during the period stood at N15.6 billion.
  • Profit after tax was N447.1 million. (+52.3% YoY)
  • Earnings per share of 13.29 kobo Vs 8.37 kobo YoY.

See link to results.

 

2021 9M Results: LivingTrust Mortgage Bank grows profit by 372% to N533.3 million.

LivingTrust Mortgage Bank Plc released its unaudited financial results for the nine months period ended 30th of September, 2021.

  • Gross Earnings for the period stood at N1.12 billion. (+164.7% YoY)
  • Net fee and commission income of N123.96 million. (+175.6% YoY)
  • Operating income was N967.8 million. (+149% YoY)
  • Operating expenses totalled N416.8 million. (+54.6% YoY)
  • Total assets during the period stood at N10.51 billion.
  • Profit for the period stood at N533.3 million. (+372.3% YoY)
  • Earnings per share of 10.7 kobo Vs 5 kobo YoY.

See link to results.

 

Access Bank completes the acquisition of BancABC Botswana.

Access Bank Plc has finally completed the acquisition of a majority stake of about 78.15% in African Banking Corporation of Botswana Limited (‘BancABC Botswana’).

The recent move which is in line with the Bank’s commitment of expanding its presence in the African continent was announced through a notice signed by its Secretary, Sunday Ekwochi, and filed with the Nigerian Exchange Limited (NGX).

Recall that Access Bank had reached an agreement to acquire a majority stake in BancABC earlier in April this year. According to the reports, the deal would see Access Bank acquire the latter for an undisclosed cash amount of about 1.13 times the book value plus a two-year deferred payment. With the conclusion of the deal, Access Bank now has a presence in ten African countries, after similar acquisitions in financial institutions domiciled in Zambia, South Africa, Mozambique, among others.

According to the statement issued by the financial giant, BancABC Botswana is the fifth largest bank in Botswana and is a well-capitalised franchise poised for growth in its local market. The new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the broader COMESA trade region. The deal will also afford Access Bank the opportunity to leverage on BancABC strong retail banking space to provide products that would benefit its local markers and enable it compete strongly across core business segments.

Commenting on the transaction, the GMD/CEO of Access Bank Plc, Dr Herbert Wigwe said: ‘’We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities. It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BancABC Botswana. The combination is another step towards our broader vision of becoming the World’s most respected African bank.’’

What you should know:

  • In line with its mission of expanding its reach within the African space, Access Bank in recent times had made significant entry into key markets in South Africa, Zambia, Mozambique, among others. The bank had announced the acquisition of substantial shareholdings in Grobank, Cavmont Bank, etc.
  • Access Bank closed trading on 11th of October, 2021 with a share price of N9.45

NGX Group to list shares on the Main Board of its trading platform.

The Nigerian Exchange Group Plc (‘NGX Group’ or ‘The Group’) has announced that its shares will soon be available for trading on the Main Board of its trading platform.

The announcement is sequel to the successful completion of the demutualisation and restructuring exercise of the defunct Nigerian Stock Exchange (NSE) and its related operations which gave birth to the Nigerian Exchange Group Plc (NGX).

It would be recalled that upon the successful demutualisation of The Exchange, the shares of the newly restructured Nigerian Exchange (NGX) Group Plc was admitted to trade on the platform of the NASD over-the-counter (OTC) Securities Exchange, in what appears to be the first recorded cross-listing for securities exchange in Nigeria. The shares of the NGX were registered on the platform with the ticker SDNGX.

However, according to recent reports, the Nigerian Exchange Group Plc has concluded plans to list its shares on the Main Board of the Nigerian Exchange Limited. The shares would be listed on the trading platform through Listing by Introduction.  In addition, all regulatory requirements have been fulfilled and the Listing has received the approval of NGX Regulation Limited.

Commenting on the recent development, the Group Managing Director/Chief Executive Officer of NGX Group, Oscar Onyema, told This Day that; I am pleased to confirm that The Group intends to move ahead with its Listing by Introduction on the Main Board of NGX Exchange. Together with many other listed companies, NGX Group will take advantage of the strategic opportunities open to quoted companies in Nigeria. As a listed entity, The Group will have access to the widest range of new investors, including the growing pool of institutional investors. Demutualisation has created many new possibilities for The Group and our listing is just one more step in our evolution.”

On his part, the Group Chairman of NGX Group, Abimbola Ogunbanjo, stated that: “The Group expects the Listing to bring significant benefits to its business and its stakeholders. NGX Group will enhance its strategic flexibility by creating new financing opportunities and partnership possibilities, while diversifying its shareholder base. This milestone will open up The Group’s capital to new investors within the Nigerian investing public as well as international institutions thereby reinforcing NGX Group’s presence in international capital markets, and for its current long-term shareholders, it will create the possibility to realize value.”

What you should know:

  • A total of 1,964,115,918 units of shares are expected to be admitted to the trading platform, and the shares will trade under the ticker ‘NGXGROUP’.
  • Chapel Hill Denham Securities Limited and RMB Nigeria Stockbrokers Limited acted as the stockbrokers to the listing. The Issuing House and Financial Advisers are Chapel Hill Denham Advisory Limited and Rand Merchant Bank Nigeria Limited respectively.
  • As at the period of reporting this, we gathered that the Securities and Exchange Commission (SEC) has already approved the listing.

Jaiz Bank Plc appoints new Company Secretary.

The board and management of Jaiz Bank Plc have notified the Nigerian Exchange Limited (NGX), its shareholders and all relevant stakeholders, of the appointment of a new Company Secretary in the person of Mr. Shehu Mohammed.

In a notice dated 7th October, 2021 and signed by an Executive Director of the Bank in charge of its Business Development in North, Sirajo Salisu, the Non-interest bank announced that Mr. Mohammed will also serve as its Legal Adviser.

Mr. Shehu Mohammed’s appointment took effect from 6th October, 2021. He took over from Mrs. Rukayat Dahiru who was recently promoted to Chief Compliance Officer .

The newly appointed Company Secretary brings on board a wealth of experience as a senior legal adviser with extensive knowledge of the banking industry.

About Mr. Shehu Mohammed

Shehu Mohammed is an experienced legal practitioner with over 25 years’ experience. His areas of technical competence include but not limited to; litigation management, company secretariat functions, corporate governance, among others.

He started his Banking career in 2001 with NUB International Bank Ltd as Legal Officer and later Assistant Company Secretary/Legal Adviser. He worked in other Banks and Fin Insurance Ltd where he held positions of Acting Group Head Legal and Substantive Company Secretary/Legal Adviser respectively. In February 2017, he was appointed Company Secretary of Unity Bank Plc, a position he held until the end of 2019. He later joined Al-Fill Legal Consult as a Managing Partner.

Mohammed is an alumnus of the prestigious Ahmadu Bello University, Zaria and Bayero University, Kano. He is a member of various reputable professional bodies such as the Nigerian Bar Association (NBA), the Institute of Chartered Economists of Nigeria (ICEN) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

In addition, he has attended many relevant trainings including but not limited to the Anti-Money Laundering and Drug Abuse, Securities and Credit Documentation, among others.

In conclusion, the Board and Management of the Bank wished him all the best on his new role.

 

 

Zenith Bank announces board meeting, closed period ahead of Q3 2021 results.

Zenith Bank Plc has announced that it will be hosting a Board of Directors meeting on Thursday, October 28, 2021 to discuss the group’s unaudited financial statements for the third quarter of the year ended September 30, 2021.

This was confirmed by the financial giant through a statement signed by its secretary, Michael Otu, and made available on the website of the Nigerian Exchange Limited (NGX).

Excepts of the notice read: ‘’In line with listing regulations of the Nigerian Exchange Limited (NGX or the Exchange) for quoted companies, Zenith Bank Plc (the Bank) hereby informs its shareholders, NGX and the investing public that the Board of Directors of the Bank is scheduled to meet on Thursday, October 28, 2021 to consider the Group’s Unaudited Financial Statements for the third quarter ended September 30, 2021.’’

Consequently, in line with provisions of Rule 17.18(a) Close Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended, the tier-1 bank commenced a Closed Period from Friday, 1 October 2021. The closed period will run until 24 hours after the unaudited accounts is released to the public.

Accordingly, directors, employees, advisers, consultants and their connected persons and any other person(s) with insider information are prohibited from trading in the shares of the company during the closed period.

To access the disclosure, click HERE.

First Bank announces board meeting, closed period ahead of 9M 2021 results.

First Bank Holdings Plc has announced that it will be a hosting a Board of Directors meeting on Wednesday, 27th of October, 2021 to discuss and approve the Bank’s unaudited financial statements for the nine months period ended September 30, 2021.

This is according to a notice signed by the company’s secretary, Seye Kosoko and filed with the Nigerian Exchange Limited (NGX).

Consequently, in line with the provisions of rule 17.18(a) of the Nigerian Exchange Limited (NGX) Rulebook, the Group has commenced a closed period from Friday, 1st of October, 2021 which will last until twenty-four (24) hours after the unaudited financial statements for the aforementioned period have been filed with the NGX and made public.

During the closed period, all insiders of the company such as; directors, employees, advisers, consultants and any other person (s) with insider’s information and their connected persons are prohibited from transacting in the shares of the company.

To access the disclosure, click HERE.

Sterling Bank announces board meeting, closed period ahead of Q3 2021 results.

The Board of Sterling Bank Plc has notified shareholders, the Nigerian Exchange Limited (NGX), investing public and other relevant stakeholders of its imminent meeting, scheduled to hold on Thursday, 28th of October, 2021 at 10:00am prompt.

The meeting will enable the Board members to consider and approve the Bank’s financial statements for the period ending 30th of September, 2021.

Confirming the recent development, a recent notice filed with the NGX partly reads: ‘’ Sterling Bank Plc (the Bank) wishes to notify the Nigerian Exchange Limited (NGX), its shareholders and the investing public that a meeting of the Board of Directors of the Bank will be held in Lagos on Thursday, 28th October, 2021 at 10.00am to consider the Bank’s Financial Statements for the period ending 30th September, 2021.’’

In light of the above, the Bank declared a closed period for trading in its shares from 1st of October, 2021 until 24 hours after the financial statements for the period ending 30th September, 2021 are released on the floor of the Exchange (NGX).

Consequently, Directors and other insiders of the Bank are restricted from dealing in the securities of the Bank during the closed period.

 

To access the notice, click HERE.

JAIZ Bank projects profit after tax of N1.03billion in Q4 2021

JAIZ Bank Plc released its earnings forecasts for the fourth quarter of the year ending 31st of December, 2021 (Q4, 2021).

  • Gross earnings projection of N7.15 billion.
  • Interest income is projected at N6.8 billion.
  • Net operating income is projected at N4.7 billion.
  • Operating expenses projection of N3.53 billion.
  • Tax is projected at N114.8 million.
  • Profit after tax is projected at N1.03 billion.

See link to forecasts.

Access Bank successfully prices landmark $500m Additional Tier 1 Eurobond.

Access Bank Plc has announced the successful pricing of its $500 million 144A/Reg S Additional Tier 1 Eurobond. The offering achieved a pricing of 9.125% yield and coupon recording over 200% over-subscribed order-book which peaked at over $1 billion.

The Additional Tier 1 Eurobond which is issued under the Bank’s Medium Term Note Programme, is a Basel III compliant Perpetual Non-Call 5.25-year Subordinated Note, scheduled to be listed on the London Stock Exchange. It is pertinent to note that the Eurobond may be called anytime from 7th of October, 2021, subject to pre-requisite conditions among which is the Central Bank of Nigeria’s approval.

This information was disclosed by the lender in a statement signed by its secretary, Sunday Ekwochi, and made available on the website of the Nigerian Exchange Limited (NGX).
Commenting on the transaction, the Group Managing Director of the Bank, Dr Herbert Wigwe, said that: ‘’At Access Bank, we remain fully committed to the execution of our vision to become the World’s Most Respected African Bank. This remarkable transaction, which is a first in the Nigerian banking industry, significantly enhances our Tier-1 and Total Capital Ratios, providing significant room for growth and on-going execution of our strategic objectives. It showcases the Bank’s leadership in its marketplace. This issuance on the back of our recently concluded $500 million Senior Eurobond underscores the formidable confidence of a diversified range of global and local investors in the Access Bank strategy.’’

What you should know:
• Nairametrics had earlier reported plans by Access Bank to issue Additional 5 Year Tier 1 Eurobond, sequel to the successful issuance of a $500m unsecured Eurobond. These issuances are part of the lender’s Global Medium-Term Note Issuance Programme.

• The financial giant also revealed that Citibank, JP Morgan, Mashreqbank and Renaissance Capital will act as Joint Bookrunners of the transaction, while Chapel Hill Denham and Coronation Merchant Bank will act as Financial Advisers and Joint Bookrunners) of the deal.

• Access Bank closed trading on September 30, 2021 with a share price of N9.15.