Category: Banking

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2021 9M Results: UBA grows profit by 36% to N104.6 billion.

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United Bank for Africa Plc (UBA) released its interim results for the nine months period ended 30th of September, 2021.

  • Net interest income for the period was N229.3 billion. (+1.7% YoY)
  • Net fee and commission income of N67.92 billion. (+20.8% YoY)
  • Operating income was N331.7 billion. (+12.9% YoY)
  • Operating expenses totalled N206 billion during the period. (+6.9% YoY)
  • Deposits from customers stood at N6.08 trillion during the period.
  • Profit for the period was N104.6 billion. (+35.6% YoY)
  • Earnings per share of N2.94 Vs N2.16 YoY.

See link to results.

2021 9M Results: NPF Microfinance Bank boosts profit after tax by 40% to N766.17 million.

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NPF Microfinance Bank Plc released its unaudited financial statement for the nine months period ended 30th of September, 2021.

  • Gross earnings for the period stood at N4.33 billion. (+33.7% YoY)
  • Net interest income of N3.44 billion. (+31.8% YoY)
  • Fee and commission income of N437.6 million. (+19.5% YoY)
  • Personnel expenses totalled N1.4 billion. (+15.7% YoY)
  • Profit for the period was N766.17 million. (+40.2% YoY)
  • Earnings per share of 34 kobo Vs 24 kobo YoY.

See link to results.

2021 9M Results: Stanbic IBTC’s profit after tax slumps by 40% to N39.95 billion.

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Stanbic IBTC Holdings Plc released its unaudited financial statement for the nine months period ended 30th of September, 2021.

  • Net interest income for the period was N54 billion. (-4% YoY)
  • Non-interest revenue stood at N69.3 billion. (-29.7% YoY)
  • Operating expenses totalled N79.3 billion. (+12% YoY)
  • Total assets during the period stood at N2.75 trillion
  • Profit for the period was N39.95 billion. (-39.6% YoY)
  • Earnings per share of N2.93 Vs. N5.80 YoY.

See link to results.

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

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Ecobank Transnational Incorporated (ETI) has announced that its board of directors will meet on 2nd of December, 2021 to consider and approve the unaudited financial results of the Bank for the third quarter of the year (Q3) ended September 30, 2021.

Consequently, the firm also announced that it has commenced a closed period in the trading of its shares from October 1, 2021. The closed period will persist until 24 hours after the firm’s unaudited financial statements have been filed with the Nigerian Exchange Group Limited (NGX) and made public.

This is according to a disclosure signed by the Bank’s secretary, Madibinet Cisse and sent to the Nigerian Exchange Limited (NGX).

It is imperative to note that the closed period is in line with Rule 17.18(a) (Closed Period Rules) of the NGX’s Rule Book (2015). During this period, individuals with sensitive information about stock performance such as; Directors, managers, employees, consultants and their connected persons, are prohibited from trading in the shares of the bank either directly or indirectly.

For more information about the board meeting, click HERE.

 

LivingTrust Mortgage Bank Announces Resignation of Executive Director.

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The Board of LivingTrust Mortgage Bank Plc., has announced the voluntary resignation of their Executive Director in charge of operations, technology and satellite business, Mr. Oyewole Olowu.

According to a statement signed by the Bank’s Secretary, Timothy Gbadeyan, and filed with the Nigerian Exchange Limited (NGX), the aforementioned director resigned in order to pursue other personal interests. Consequently, the Board accepted and approved his resignation during its recent Board meeting which held on 15th of October, 2021.

The recent disclosure issued by the Bank read: ‘’This is to notify the Nigerian Exchange Limited (The Exchange) and members of the public, particularly the shareholders of LivingTrust Mortgage Bank Plc (the Bank) that one of the Executive Directors of the Bank, Mr. Oyewole Olowu, has voluntarily resigned his position

‘’Until his resignation, Mr. Olowu was the Executive Director in charge of Operations, Technology and Satellite Business. He resigned in order to pursue other personal interests. The resignation of Mr. Olowu was accepted by the Board of Directors of the Company at its meeting of Friday 15th of October, 2021.’’

About Mr. Oyewole Olowu

Oyewole Olowu is a versatile Mortgage banker with over 15 years of experience in Banking Operations, e-banking, Credit, Business Development and Retail banking. His experience cuts across both the public sector and the banking industry. Prior to joining LivingTrust Mortgage Bank, he had gained valuable work experience from Resort Savings and Loans Plc, Lagoon Homes Savings and Loans Limited and the Federal Ministry of Science & Technology, among others.

He is a graduate of Accounting from the Lagos State University. He also holds an MBA (Finance) and is an Honorary Fellow of the Institute of Corporate Administration (FCAI)

Fidelity Bank announces plan to launch 5-Year Unsecured Notes worth $500 million.

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Fidelity Bank Plc is considering raising about $500 million from the international debt capital market, through the issuance of 5-Year unsecured notes, in a bid to support its trade finance business and meet up with its general and working capital requirements.

This is according to a statement signed by the Bank’s Secretary, Ezinwa Unuigboje, and filed with the Nigerian Exchange Limited (NGX).

According to the disclosure, the bank intends to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market. In view of this, the Securities and Exchange Commission has confirmed that it will not object the transaction.

To facilitate the transaction, the bank announced that it will be hosting a series of investors’ meeting which is billed to commence from October 18, 2021. The bank also added that the final decision on whether to proceed with the transaction or not, will be subject to finalising the necessary transaction documentation and prevailing market conditions.

Commenting on the recent development, the recent press release issued by the firm  read: ‘’Fidelity Bank Plc (the ‘’Bank’’) is considering raising capital from the international debt capital market through an unsecured notes issuance, proceeds of which are intended to be used for general corporate purposes including supporting its trade finance business (the ‘’Transaction’’).

The proposed aggregate offer size is U.S.$500,000,000 (Five Hundred Million United States Dollar), due 2026, which will when issued rank parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the Bank (the ‘’Notes’’). The Company intends to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market. The Securities and Exchange Commission has confirmed that it has no objection to the Transaction.

In view of the foregoing, the Bank is pleased to notify the Nigerian Exchange Limited of Planned investor meetings with respect to the Transaction scheduled to commence today October 18, 2021.’’

Recall that similarly, Access Bank had recently concluded the issuance of a 5-Year senior unsecured note worth $500 million.

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

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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.

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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.

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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.

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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.