Category: Banking

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Ecobank Transnational Inc. grows profit by 29% to N62.6 billion in H1 2021.

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Ecobank Transnational Incorporated released its unaudited financial statements for the period ended 30th of June, 2021.

  • Net interest income for the period was N184.8 billion. (+14% YoY)
  • Fees and commission income of N92.8 billion. (+22% YoY)
  • Operating income was N334.9 billion. (+15% YoY)
  • Operating expenses totalled N196.62 billion. (+6% YoY)
  • Profit for the period was N62.6 billion. (+29% YoY)
  • Earnings per share from continuing operations of N1.74 Vs N1.35 YoY.
  • Total loans and advances to customers stood at N3.6 trillion
  • Total customers deposit stood at N7.9 trillion

See link to results.

 

United Bank for Africa Plc announces notice of board meeting, closed period.

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United Bank for Africa (UBA) Plc has announced that its board of directors would meet on Thursday, August 12, 2021 to consider among other things, the company’s audited Financial Statements for the half year period ended 30th of June, 2021.

Consequently, the firm also announced that it would observe its closed period from July 1, 2021 until 24 hours after the half year accounts are filed with the Nigerian Exchange Group Limited.

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

Accordingly, the announcement of a 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.

What you should know:

  • UBA Plc had earlier reported a 27% increase in its profit after tax figures for the first quarter of the year (Q1, 2021). During the aforementioned period, the bank posted a PAT of N38.16 billion.
  • The bank closed trading for the week ended 23rd of July, 2021 with a share price of N7.85.

For more information about the board meeting, click HERE.

Wema Bank announces the appointment of 2 new directors.

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Wema Bank Plc has announced the appointment of Prince Olusegun Adesegun and Mr. Adeyemi Adefarakan as Non-Executive Directors, with effect from July 19, 2021.

This disclosure is contained in a notification which was sent by Wema Bank to the Nigerian Exchange Group Limited (NGX), esteemed shareholders and other stakeholders, signed by the Company Secretary, Johnson Lebile.

According to the notice, the appointments of Prince Olusegun Adesegun and Adeyemi Adefarakun have both been approved by the Central Bank of Nigeria (CBN).

Directors Profile

Prince Olusegun Adesegun is a psychologist, career counsellor and consultant for high quality investment decisions. He has technical expertise in marketing, administration, supply chain logistics solutions and management both at the public and private sectors.

Segun once worked for Pyramid Products Limited, where he served as Manager in Training and rose to become the General Manager of the then Eastern Zone in 1988. He retired and engaged in private business, establishing and owning Pecol Ventures Limited – a cash crop export and paper products company where he transformed the company from a small producer to a large, world-class Agric-Export firm. He combined his private business with public service to become a two-time Commissioner for Works and Housing in Ogun State, and later served as the Deputy Governor of Ogun State between 2011 and 2015.

Segun holds a Masters’ degree in Industrial Psychology from the prestigious University of Ibadan.

On his part, Adeyemi Adefarakan is a seasoned executive with strong global investment banking, portfolio risk, asset and financial management exposure. Yemi currently serves as the Group Chief Financial Officer and an Executive Director on the board of CBSL (Continental Broadcasting Service Limited). He holds other Boards positions where he continues to create and extract shareholder value through active board engagement.

Before he joined CBSL, Yomi worked with some of London’s financial powerhouses such as; State Street Global Markets, DRW Investments, JP Morgan Chase, Deutsche Bank and HSBC Global Asset Management, where he traded both vanilla and complex instruments and risk-managed multi-billion-dollar multi asset portfolios.

He holds a B. SC (Hons) in Economics & Accountancy from the prestigious City University, London and a Masters’ degree in International Securities, Investment & Banking from the acclaimed ICMA Centre at the University of Reading, U.K.

 

Fidelity Bank Reschedules Board of Directors Meeting.

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Fidelity Bank Plc has informed shareholders and the general public, of a change in the date of its forthcoming Board of Directors meeting earlier scheduled to hold on 6th of August, 2021.

According to a notice signed by the bank’s secretary, Ezinwa Unuigboje, and filed with the Nigerian Exchange Group Limited (NGX), the Board Meeting will now hold on Thursday, August 5, 2021.

The Bank had earlier disclosed that the forth coming meeting was scheduled to consider and approve its audited financial statements for the half year ended June 30, 2021. Consequently, the bank announced a closed period from July 1, 2021, until 24 hours after the publication of the audited half year financial statements

It is pertinent to note that during the closed period, all insiders of the firm are prohibited from trading in the shares of the Bank.

What you should know:

  • Fidelity Bank Plc had earlier reported a profit after tax of N9.6billion in the first quarter of the year (Q1, 2021).
  • The bank closed trading today 22nd of July, 2021 with a share price of N2.39, down by 0.42%.

See link to recent disclosure.

United Capital Plc grows profit by 64% to N3.14 billion in H1 2021.

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United Capital Plc released its unaudited financial statements for the half-year ended 30th of June, 2021.

  • Gross Earnings for the period was N6.85 billion. (+54.1% YoY)
  • Fee and commission income of N3.12 billion. (+127.9% YoY)
  • Net operating income was N6.81 billion. (+56.5% YoY)
  • Total expenses of N3.11 billion. (+42.9% YoY)
  • Profit for the period was N3.14 billion. (+64.2% YoY)
  • Earnings per share of 105 kobo Vs 64 kobo YoY
  • Total shareholders fund for the period was N23.55 billion.
  • Net Assets Per Share of N3.93 Vs N4.07 YoY.

See link to results

Sterling Bank announces board meeting, close period ahead of H1 2021 result release.

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Sterling Bank Plc has announced that its Board of Directors will be meeting on Thursday 29th July, 2021 at 10:00am to take decisions on the company’s audited financial statements for the period ended 30th June, 2021.

Sterling Bank also informed stakeholders and the investing public that it would observe its closed period starting from 1st July, 2021 until 24 hours after the unaudited 2019 financial statements is released.

This is according to a notice signed by the company’s secretary, Temitayo Adegoke, and sent to the Nigerian Exchange Group Limited (NGX), as seen by Nairametrics.

The disclosure is in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that: ‘’ The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange’’

“The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.’’

A close period is a period before the release of a company’s result when those with material information that could impact the firm’s share price, are prohibited from trading the shares of the company. Those with enough material information that could influence share price include company’s directors, audit committee members, managers etc.

 

First Bank announces notice of board meeting, closed period.

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FBN Holdings Plc has announced that its board of directors would meet on Thursday, July 29, 2021 to consider the company’s unaudited Financial Statements for the half year period ended 30th of June, 2021.

The firm also announced that it would observe its closed period from July 1, 2021 until 24 hours after the half year accounts are filed with the Nigerian Exchange Group Limited.

The aforementioned disclosures are contained in a notice signed by the company’s secretary, Seye Kosoko and uploaded at the website of The Exchange.

According to the notice, the announcement of a close period is in line with Rule 17.18(a) (Closed Period Rules) of the NGX’s Rule Book (2015). The closed period allows the board to consider the company’s financial statements for the aforementioned period. Other company issues will also be discussed during the meeting.

What is a closed period?

A closed period is a period prior to the release of a company’s result or financial statement, when those with material information that could influence the firm’s share price are prohibited from trading. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.

For more information about the board meeting, click HERE.

UBA’s Non-Executive Director acquires additional shares worth N3.83 million.

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Caroline Anyanwu, a Non-Executive Director of United Bank for Africa has increased her stakes in the leading Pan-African Bank with the purchase of 500,000 additional shares of the bank.

This is according to a Notification of Share Dealing by an Insider, signed by the company secretary, Mr. Bili A. Odum, and published on the website of the Nigerian Exchange Group Limited (NGX)

According to the notice, the Non-Executive Director increased her stakes in UBA with the acquisition of 500,000 additional shares of the bank at N7.65 per share, on the floor of the Nigerian Exchange Limited on 8th July 2021. This puts the total consideration for the shares purchased by Anyanwu at N3, 825,000.

It is imperative to note that dealings by insiders of listed companies are corporate actions that are required to be disclosed by the management of the company. In this light, the disclosure is in compliance with The Exchange’s prespecified policy, and will help to cement the Director’s position as one of the substantial shareholders of the banking giants.

For more information about the recent disclosure, click HERE.

 

Infinity Trust Mortgage Bank grows profit after tax by 99% to N300.1 million in H1 2021.

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Infinity Trust Mortgage Bank Plc released its unaudited results for the half year ended 30th of June, 2021.

  • Turnover for the period was N785.5 million. (+35.02% YoY)
  • Net fee and commission income was N59.97 million. (+74.1% YoY)
  • Operating income of N673.33 million. (+40.2% YoY)
  • Personnel expenses totalled N136.1 million. (+13.7% YoY)
  • Total operating expenses of N368.3 million. (+20.1% YoY)
  • Profit after tax was N2300.1 million. (+99.4% YoY)
  • Earnings per share of 13.4 kobo Vs 6.2 kobo YoY.

See link to results.

Primrose Investment Limited injects N70.2 million in additional FCMB shares.

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Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 22 million units of FCMB Group Plc shares worth N70.22 million.

This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and sent to the Nigerian Exchange Group Limited (NGX).

Breakdown

The breakdown of the recent deal showed that Primrose Investment Limited purchased a total of 22,000,000 units of FCMB shares at an average price of N3.1917 per share. This puts the total consideration for the shares purchased at N70, 217,400.

It is pertinent to note that the deal took place in three tranches on 24th, 28th and 29th of June, 2021. The breakdown of the amount spent in each tranche is succinctly captured below;

  • In the first tranche, 500,000 units of the firm’s share were purchased at N3.0956 per share, grossing N1, 547,800.
  • Another 500,000 units were purchased at N3.1 in the second tranche, totalling N1, 550,000.
  • The last tranche recorded the highest deal with the purchase of 21,000,000 units at N3.3796 per share, grossing N70, 971,600.

What you should know:

Earlier this year, Nairametrics reported that Primrose Investment Limited had spent N66.6 million on the purchase of additional 20 million shares of the company