Company Report
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Equities market rebounds slightly, up 0.04%
Activity on the Nigerian Exchange Limited (NGX) was mixed on Wednesday, albeit with a bullish tilt as the benchmark index closed 0.04per cent higher to settle at 43,477.48 basis points. Rebound in Dangote Cement that gained 0.59per cent as well as Tier-1 banking names Zenith Bank that added 0.25 per cent, Guaranty Trust Holding Company (GTCO) that rose by 0.29per…
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NGX commends Transcorp for diversity, performance
Nigerian Exchange Limited (NGX) has commended the management of Transnational Corporation Plc (Transcorp) for its commitment to diversity and its performance despite economic headwinds. At the company’s Facts Behind the Figures Presentation on Tuesday, the Chief Executive Officer, NGX, Mr. Temi Popoola said Transcorp had shown resilience despite the macroeconomic headwinds. “The company’s revenue growth and generation are strong. “The…
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Zenith Bank, 9 others generate N99.73bn from maintaining customer’s current account
On the backdrop of increase in customer base, Zenith Bank Plc, Access Holdings Plc and eight other banks generated N99.73billion from maintaining current account in the third quarter (Q3) of 2022. This is an increase of 18.4 per cent from N84.3billion reported in the third quarter of 2021. The Central Bank of Nigeria (CBN) in its “guide to charges by…
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Nigerian banks can withstand depreciation of naira, says Fitch
Fitch Ratings said Nigerian banks can withstand a depreciation of the naira. Fitch disclosed this in a recently released statement titled; “Nigerian Banks’ Capital Resilient to Naira Depreciation.” This comes barely two weeks after the Bank of America projected that the official exchange rate could likely be devalued to N520/$ in 2023 because it is well above fair value. Redesigning…
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Fidelity Bank reports 35% increase in profit to N37.8bn
In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 34.7per cent growth in profits from N28.1billion at the end of Q3 2021 to N37.8billion for the nine months ended September 30, 2022. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX).…
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Shareholders of Conoil okay N2.50 dividend
Shareholders of Conoil Plc, at the weekend, unanimously approved the proposed final dividend payout of N2.50 per 50 kobo ordinary share, which translates to N1.73billion, for the 2021 financial year. The dividend payment ratified at the company’s 52nd Annual General Meeting held in Lagos, represents an increase of 66.7 percent over the approved dividend payment of N1.04 billion in the the…
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Access Corporation to acquire indirect equity stake In Sigma Pensions
Access Holdings Plc on the Nigerian Exchange Limited (NGX) on Tuesday announced its proposed acquisition of indirect equity stake in Sigma Pensions. The Group Company Secretary, Access Corporation, Mr. Sunday Ekwochi in a signed statement on the Exchange said the pan-African bank has obtained National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) approvals for the…
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Geregu Power Plant’s nine-month performance marks decline in profits, hike in finance cost
Geregu Power Plc in its unaudited nine months’ results ended September 30, 2022 has reported drop in profit amid weak revenue and interest rate on bank loan and expenses on medium term bond. The results showed revenue of N39 billion in nine months of 2022, compared with N54 billion in the corresponding period of 2021. The decline, according to the…
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Access Bank set to reward customers with millions of naira
Access Bank is rewarding its loyal customers with cash rewards and other items up to N1 billion for funding, transacting, maintaining and increasing their deposits from October 2022 to November 2023 through the Access Winfest campaign. The essence of this campaign, according to the bank, is to promote a savings culture and efficient banking among Nigerians using alternative channels. Victor…
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UBA reports N116bn profit in nine months
United Bank for Africa Plc (UBA) on Monday announced a N116billion profit after tax in nine months unaudited result and accounts for the period ended September 30, 2022, an increase of 10.9 per cent from N104.6illion reported in nine months of 2021. The pan-African bank’s results on the Nigerian Exchange Limited (NGX) announced N138.49billion profit before tax in nine months,…
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