Category: Banking

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Ecobank Transnational Incorporated finalizes issuance of Tier 2 Sustainability Notes, raises $350 million.

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Ecobank Transnational Incorporated (ETI) has formally launched its Tier 2 sustainability Notes, raising $350 million from the landmark issuance.

This is according to a press released signed by the firm’s Head of Corporate Communications, Adenike Laoye and seen by Nairametrics.

According to the notice, the recent deal is the first ever Tier 2 Sustainability Notes by a financial institution is Sub-Saharan Africa.  The notes, which matures in June 2031, has a call option in June 2026 and was issued with a coupon rate of 8.75% with interest payable semi-annually in arrears.

The financial giants also disclosed that the Tier2 issuance is the first to have a Basel III- compliant 10NC5 structure outside of South Africa in 144A/RegS format. Sequel to this, the notes will be listed on the main market of the London Stock Exchange.

The bank also emphasized that investors’ interest in the notes were impressive, with major markets in the UK, USA, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed order book, of over $1.3 billion at its peak.

Commenting on what the proceeds of the notes will be used for, the pan-African bank noted that it will be used to refinance new or existing eligible assets as described in ETI’s sustainable framework

Commenting on this deal, the Group Chief Executive Officer of ETI, Ade Ayeyemi, stated that: “This is a landmark issue for Ecobank, and indeed the success of this first Sustainable Tier 2 issuance is testament to our clear strategy, solid positioning across the pan-African banking space as well as our deliberate and long term focus on sustainable initiatives. We are particularly pleased with the diverse order book which reflects the confidence investors have in Ecobank to deliver on our commitment to sustainable financing.’’

What you should know:

  • ETI had earlier announced the proposed launch of the Tier 2 sustainability notes, few days ago.
  • The Joint Lead Managers and Bookrunners in the transaction were Citi, Mashreq, Renaissance Capital and Standard Chartered Bank.

JAIZ Bank Plc projects profit after tax of N994.88 million in Q3 2021.

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Jaiz Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Gross Earnings is projected to hit N6.9 billion.
  • Interest income is projected to hit N6.57 billion.
  • Net operating income projection of N4.64 billion.
  • Operating expenses projections of N3.54 billion.
  • Tax is projected at N110.5 million
  • Profit after tax is projected at N994.88 million.

See link to forecasts.

Sterling Bank Plc forecasts profit after tax of N4.04 billion in Q3 2021.

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Sterling Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Gross earnings were projected to hit N38.4 billion.
  • Interest income was projected at N29.82 billion.
  • Net operating income projection of N26.5 billion.
  •  Operating expenses were projected at N22.11 billion.
  • Tax projections of N351.4 million
  • Profit after tax is projected at N4.04billion.

See link to forecasts.

First City Monument Bank Plc projects profit after tax of N3.4 billion in Q3 2021.

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First City Monument Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Gross earnings were projected to hit N45.9 billion.
  • Net interest income was projected at N21.44 billion.
  • Net operating income projection of N30.72 billion.
  •  Operating expenses were projected at N23.8 billion.
  • Tax projections of N415.51 million
  • Profit after tax is projected at N3.4 billion.

See link to forecasts.

 

Ecobank Transnational Incorporated announces proposed launch of $300million Tier 2 sustainability notes.

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Ecobank Transnational Incorporated, a leading Pan-African banking group and parent company of the Ecobank Group, has announced its plan to raise $300 million from the international debt capital markets through the issuance of Tier 2 qualifying sustainability notes.

According to a disclosure signed by the Group Head of Corporate Communications, Adenike Laoye, this plan was communicated to a host of regional Stock Exchanges that comprises of the Nigerian Exchange Group Plc (NGX), Ghana Stock Exchange and the Bourse Regionale des Valeurs Mobilieres.

According to the notice, ETI intends to list the Notes on the London Stock Exchange, with the anticipation that the Notes will be traded on its regulated market. Sequel to this, the issuance of the Notes is hence subject to prevailing market conditions and the conclusion of the necessary transaction documentation.

The Banking Group explained that an equivalent amount of the net proceeds of the Notes will be used to finance or re-finance, in part or full, new or existing eligible assets in accordance with ETI’s Sustainable Finance Framework.

 

More details about the nature of the Notes will be further communicated.

 

 

Abbey Mortgage Bank Plc projects profit after tax of N93.58 million in Q3 2021.

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Abbey Mortgage Bank Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

  • Interest Income is projected to hit N645.65 million.
  • Net operating income is projected at N493.14 million.
  • An operating expenses projection of N354.52 million.
  • Tax is projected at N44.04 million
  • Profit after tax is projected at N93.58 million.

See link to forecasts.

NPF Microfinance Bank approves FY 2020 dividend worth N457.3million to shareholders.

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NPF Microfinance Bank Plc has approved the sum of N457.3 million as dividend to be paid to the shareholders who currently hold the 2,286,637,766 fully paid ordinary shares of the bank.

This disclosure is part of the resolutions passed at the 27th Annual General Meeting of the bank, held on the 27th of May, 2021.

According to the notice: ‘’ A dividend of 20k  per ordinary share of 50k recommended in the Report of the Directors for the year ended 31st December, 2020  be and is hereby payable to Shareholders whose names appeared in the Register of members at the close of business on Thursday 6th May 2021 .’’

Other resolutions reached at the Annual General Meeting include;

  • The appointment of Messrs. Abdulrahman Satumari, Salihu Argungu Hashimu and Mrs. Rakiya Edota Shehu into the company’s Board were reviewed and approved.
  •  Directors annual fees for the year ending 31st Decemeber 2021, was fixed at N25, 000,000.
  • The Directors were also authorized to allot all outstanding unissued shares of the company, in the event of over subscription of the 3,000,000,000 units of shares earlier approved to be offered by the company.

What you should know:

  • Recall that NPF Microfinance Bank Plc had earlier reported a profit after tax of N614.4 million in FY 2020.

For more information about the disclosure, click HERE.

LivingTrust Mortgage Bank Plc set to hold Annual General Meeting on 10th of June.

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The Board of LivingTrust Mortgage Bank Plc has announced that it will host its 7th Annual General Meeting on the 10th of June, 2021.

This is according to a notification signed by the company’s secretary, Olabisi Fayombo and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend will be considered and officially declared.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee.

What you should know:

  • LivingTrust Mortgage Bank had recently posted a profit after tax of N100.6 mllion in Q1 2021, indicating a surge of about 260%.
  • If ratified, FY 2020 dividend will be paid to qualified shareholders on the 14th of June, 2021.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of five (5) representatives authorized to represent shareholders, have been made available.

For more information about the AGM, click HERE

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

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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.

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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.