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

Union Bank Plc has announced that it will be a hosting a Board of Directors meeting on Monday, 25th of October, 2021 to discuss and approve the Bank’s unaudited financial statements for the period ending September 30, 2021.

This is according to a notice signed by the company’s secretary, Somuyiwa Sonubi and filed with the Nigerian Exchange Limited (NGX). The notice partly reads: ‘’ In compliance with The Nigerian Exchange (“NGX”) Rule Book and the Amendments to the Listing Rules, Union Bank of Nigeria Plc (“the Bank”) hereby notifies NGX and our esteemed stakeholders that the Board of Directors of Union Bank of Nigeria Plc (“the Board”) is scheduled to approve the Unaudited Financial Statements for the period ended 30 th September 2021, on Monday 25th October 2021.’

Consequently, the Bank will be observing a closed period from Friday, 1st of October, 2021 until twenty-four (24) hours after the outcome of the meeting and the Bank’s 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.

Fidelity Bank Plc announces notice of board meeting, closed period.

Fidelity Bank Plc has announced that its board of directors will meet on 26th of October, 2021 to review and approve the unaudited financial results of the Bank for the third quarter of the year (Q3) ending September 30, 2021.

Consequently, the firm also announced that it will observe a closed period from October 1, 2021 until 24 hours after the Bank’s unaudited financial statements have been filed with the Nigerian Exchange Group Limited and made public.

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

It is pertinent 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.

Access Bank Plc set to issue additional 5-Year Tier 1 Eurobond.

Access Bank Plc, a leading full service Nigerian commercial bank with presence in 11 African countries, has announced plans to issue additional 5-Year USD denominated Tier 1 Eurobond, in furtherance of its Global Medium-Term Note Issuance Programme.

To facilitate this, the tier-1 bank announced that it will be organizing a global investor call and series of fixed income investor calls. The global investor call slated for 27th of September 2021, will be hosted by Citi, J.P. Morgan, Renaissance Capital and Mashreqbank (Joint Bookrunners of the deal) in collaboration with Chapel Hill Denham and Coronation Merchant Bank (Financial Advisers of the deal).

Recall that Access Bank had earlier issued a $500 million unsecured Eurobond, part of its Global Medium-Term Note Issuance Programme. The deal drew huge interest from top-grade investors globally and was oversubscribed 3X, making it the highest orderbook for a Nigerian bank Eurobond transaction.

Buoyed by this success, the top lender in a notice made available on the website of the Nigerian Exchange Limited (NGX) today, revealed that it will further consolidate on its success by issuing a new 5-Year USD-denominated Regulation S/144A Tier 1 bond.

As at the period of reporting this, details about the size or amount of the bond and its coupon rate remains unknown. In light of this, further details about the Basel III-compliant bond will be subsequently communicated.

What they are saying:  Commenting on the recent development, a press statement issued by Access Bank and signed by its Secretary, Sunday Ekwochi, partly reads: ‘’Access Bank Plc (‘’Access Bank’’ or the ‘’Bank’’) announces today on the Nigerian Exchange Limited that it has mandated Citi, J.P. Morgan, Renaissance Capital and Mashreqbank as Joint Bookrunners and Chapel Hill Denham and Coronation Merchant Bank as Financial Advisers and Joint Bookrunners to arrange a global investor call on 27 September 2021 at 2PM UKT/9 AM NYT in addition to a series of fixed income investor calls. The issuance of an inaugural Basel III-based perpetual Non-Call 5.25-year benchmark USD-denominated Regulation S/144A Additional Tier 1 bond offering under the Bank’s Global Medium-Term Note Programme may follow, subject to market conditions.’’

Why it matters: Apart from helping the tier-1 bank to refinance its debt, the successful issuance of this bond is capable of acting as a great support and helping the CBN to manage its FX crisis, all of which will help to strengthen the exchange rate.

 

 

 

LivingTrust Mortgage Bank projects profit after tax of N182.56million in Q4 2021.

LivingTrust Mortgage Bank Plc released its earnings forecasts for the fourth quarter of the year ending 31st of December, 2021.

  • Gross earnings projection of N762.9 million.
  • Interest income was projected at N686.9 million.
  • Interest expense was projected at N246.7 million
  • Fees and other income projection of N76 million.
  • Operating expenses projection of N211.4 million.
  • Tax was projected at N32.2 million.
  • Profit after tax was projected at N182.56 million.

See link to forecasts.

Resort Savings & Loans Plc set to hold Board Meeting on October 5

Resort Savings & Loans Plc has announced that it will be hosting a Board of Directors Meeting on the 5th day of October, 2021, at 11:00am prompt.

According to a notice signed by the Company’s Secretary, Mrs Benedicta Sadare, the Board meeting was scheduled to enable the bank consider and deliberate on strategic, governance and capitalization issues facing the institution.

Consequently, the Company will commence a closed period from Friday, the 17th day of September, 2021 until 24 hours after the outcome of the Board Meeting is announced to the investing public. During the closed period, no director, person discharging managerial responsibility and adviser of the Issuer and their connected persons shall deal in the securities of the Company.

 

See link to notice.

NPF Microfinance Bank appoints Adamu Usman as Non-Executive Director.

The Board of NPF Microfinance Bank Plc (‘’the Bank’’) has approved the appointment of Mr Adamu Usman as a Non-Executive Director, subject to regulatory approval from the Central Bank of Nigeria.

According to a notice acknowledged by the bank, dated 15th of September, 2021, Mr Usman was appointed to fill the void created by the retirement of a former director- Mr Aminu Saleh, who until his retirement was representing the interest of the Nigerian Police Cooperative Multi-Purpose Society Limited on the Board of the Bank.

As at the period of reporting this, Mr Usman’s appointment is yet to be ratified by the Central Bank of Nigeria (CBN) and the shareholders of the Bank.

About Mr Adamu Usman

Adamu Usman is currently the Assistant Inspector General of Police (AIG) in charge of the Nigerian Police Cooperative Multi-Purpose Society Limited. He enlisted in the Nigerian Police Force (NPF) on 15th of March, 1988, and later became the Public Relations Officer (PRO) in the defunct Gongola and Adamawa states.

Mr Usman holds a degree in Public Administration from Ahmadu Bello University, Zaria and a Master in Public Administration from Imo State University. He also obtained an Advanced Diploma in Security Operations/Management from the University of Lagos.

Usman is a member of the International Chief of Police and International Security Organisation (ISO-SEC) Switzerland. He is a fellow of International Institute of Professional Security (FIIPS). He has undertaken several professional courses both locally and internationally.

Union Bank appoints former Minister for Women Affairs, Aisha Abubakar as Independent Non-Executive Director.

Union Bank of Nigeria Plc (‘’Union Bank’’) has announced the appointment of Ms Aisha Abubakar into its Board, as Independent Non-Executive Director, effective from 9th of September 2021.

The Bank in a statement filed with the Nigerian Exchange Limited (NGX) today, revealed that the appointment has been approved by the Central Bank of Nigeria (CBN).

It would be recalled that Ms Abubakar served as Nigeria’s Honourable Minister for Women Affairs and Social Development from 2018 to 2019. Prior to this, she also served as the Honourable Minister of State for Industry, Trade and Investment between 2015 and 2018.

About Ms Abubakar

Ms. Abubakar is an accomplished public sector administrator with over three decades of professional experience in Public Service and Pension Administration, Investment Banking, SME Finance/Rural Enterprise Development and Micro-Credit Administration. She is a Fellow of the International Professional Managers Association (IPMA-UK), and the President of the International Experts Consultants (IEC-UK).

Ms. Abubakar also boasts of valuable private sector and development experience, having worked at Continental Merchant Bank Limited, African Development Bank and African International Bank.

What they are saying:

Commenting on her appointment, Union Bank’s Board Chair, Mrs. Beatrice Hamza Bassey, said: ‘’On behalf of the Board of Directors, I welcome Ms. Aisha Abubakar to the Board. She brings many years of robust experience which will be invaluable in supporting our efforts to steer the Bank forward and deliver on our strategic objectives.”

Also commenting, the Chief Executive Officer of Union Bank, Emeka Okonkwo, said: ‘’ I am pleased to welcome our new Independent Non-Executive Director, Ms. Aisha Abubakar to the Board. We look forward to drawing from her wealth of experience and fresh perspectives as we continue to execute our vision to be Nigeria’s most reliable and trusted partner.

Fidelity Bank holds H1 2021 Investors Presentation.

Fidelity Bank Plc held its Half Year (HY) 2021 results presentation to investors and analysts. Below are the facts to the figures;

  • Gross earnings grew by 6.2% YoY to N105.8bn as the gradual recovery of business activities translated to an increase in non-interest revenue. This is as total customer induced transactions across all service channels increased by 58% YoY.
  • Total interest income increased by 1.7% YoY, though interest income on liquid assets dropped by 40.3% YoY.
  • Net interest margin dropped to 5.3% from 6.4% in H1 2020, as the decline in average yield on earnings assets surpassed improved average funding cost in H1 2021.
  • Average cost of deposits dropped by 135bps to 2.7%, while the average borrowing cost declined by 29bps to 4.9%.
  • The Bank also recorded a N7.2 billion drop in key expense lines as it deepens operational efficiency through process improvement and cost optimization. The bank partly hinged the drop on harnessing the benefits of remote working, which impacted the overall operating cost.
  • Total assets grew by 12.8% to N3.11 trillion from N2.8 trillion as at December, 2020.
  • Customer deposits increased all deposit types. The top three are; Debt securities (+28.8% YTD), Tenor deposits (+26.8% YTD) and Demand deposits (+18.4% YTD). The bank further explained that low cost deposits accounted for 75.5% increase in total customer deposits.
  • Net loans & advances increased by 15.8% YTD to N1.54 trillion, with 30.7% of the loan book within the 12 months or less maturity portfolio.
  • CAR stood at 18.8%, well above the regulatory minimum requirement of 15.0%

For more information about the Investors presentation, click HERE.

 

Infinity Trust Mortgage Bank projects profit after tax of N160.33 million in Q4 2021.

Infinity Trust Mortgage Bank Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021)

  • Gross earnings were projected to hit N431.57 million.
  • Interest income was projected at N334.23 million.
  • Net operating income projection of N367.94 million
  • Operating expenses projection of N189.8 million
  • Tax projection of N17.8 million
  • Profit after tax was projected at N160.33 million.

See link to results.

Stanbic Africa Holdings Limited acquires additional 5.5m units of shares in its Nigerian unit,  worth N216.2 million.

Stanbic Africa Holdings Limited (SAHL) has announced the acquisition of an additional 5.5 million units of shares in its Nigerian subsidiary- Stanbic IBTC Holdings PLC, in a deal worth N216.2 million.

This is according to a disclosure signed by the secretary of Stanbic IBTC Holdings Plc, Chidi Okezie, and filed with the Nigerian Exchange Limited (NGX).

The breakdown of the transaction which occurred in Lagos on Tuesday showed that SAHL acquired additional 5,557,703 units of Stanbic IBTC shares at a unit price of N38.90, amounting to N216, 194,646.7

This transaction comes barely 24 hours after the financial services holding company had similarly spent about N194.4 million for the purchase of an additional 5 million stakes in its Nigerian subsidiary.

In this light, the recent transaction thereby raises the stake of SAHL in Stanbic IBTC to about 67.16% translating to 7,454,008,002 units of shares. Recall that as at 30th of June, 2021, the former held about 7,443,450,299 units of shares in the latter, indicating about 67.02% of the latter’s total shareholdings.

Stanbic Africa Holdings Limited (SAHL) is an unlisted, wholly owned subsidiary of Standard Bank Group Limited (SBG). SAHL is registered in the United Kingdom and is the holding company for majority of SBG’s African subsidiary banks.

Stanbic IBTC Holdings Plc closed trading today 15th of September, 2021 at N38.9 per share on the floor of the Nigerian Exchange Limited (NGX).