TheNewsGuru

Tag: Profit

  • FY18: Access Bank declares 25 Kobo dividend after N95bn profit

    The board of Access Bank Plc has released the financial statements of the company for the year ended December 31, 2018.

    The results, announced on Friday, showed improvements in both the topline and bottomline when compared with what were recorded in the previous financial year ended December 31, 2017.

    For example, the gross earnings of the bank increased by 84.8 percent to N528.8 billion from N459.1 billion achieved a year earlier.

    For the profit before tax, it improved by 32 percent to N103.2 billion from N78.2 billion, while the profit after tax appreciated by 58.1 percent to N95 billion from N60.1 billion.

    A further analysis of the numbers showed that Access Bank raked N360.3 billion from interest income on financial assets not at FVTPL/ not held for trading, while the interest income on financial assets at FVTPL/held for trading stood at N20.6 billion compared with N25.5 billion in FY 2017.

    The net interest income rose to N173.6 billion from N163.5 billion, with the net impairment charge closed at N14.7 billion in the period under review compared with N34.5 billion a year earlier.

    Fee and commission income closed at N62.1 billion versus N56.7 billion, while the fee and commission expense ended at N9.6 billion against N7.3 billion.

    For the earnings per share (EPS), it increased to N3.31k from N2.11k.

    Meanwhile, the board, in rewarding the company’s shareholders, proposed a final dividend of 25 kobo per share, bringing the total dividend to 50 kobo per share for the 2018 financial year, which should be paid on Thursday, April 25, 2019.

  • NOVA Merchant Bank declares N1.15bn in profit after tax, continues to focus on scaling its business

    NOVA Merchant Bank declares N1.15bn in profit after tax, continues to focus on scaling its business

    NOVA Merchant Bank Limited has declared a profit after tax of N1.15 billion for the year ended 31st of December 2018, a significant increase from N510.6 million achieved in 2017, marking a 125% increase. The result is achieved as it begins to reap the benefits of its investments in its operations, technology and people.

     

    The impressive result demonstrates the Bank’s growth trajectory which is expected to accelerate as it scales its business and grows its client base.

     

    NOVA achieved strong growth across all parameters. The Bank recorded a 54.10% growth in gross earnings from N1.22bn in 2017 to N1.88bn. The bank further grew the total assets by 38.89% from N18bn to N25bn between 2017 and 2018.

     

    This impressive performance marks a very successful year for the newly licensed merchant bank which recently deployed a state of the art and fully digital core banking application. The Bank also recorded remarkable growth in customer acquisition and in line with its objective to be the employer of choice, promoted about a third of its workforce.

     

    Anya Duroha, the MD/CEO, commented “Our stellar results are a culmination of the hardwork, commitment, resilience, discipline and resourcefulness of all our employees. We have been able to drive strong customer acquisition and deploy leading edge technology whilst optimising our costs. We will continue to focus on growing our business, providing solutions tailored to our clients’ needs, building a high performance culture, motivating our employees and creating sustainable value for our shareholders”.

     

    Remarking on the results, Phillips Oduoza, Chairman of NOVA Merchant Bank said “We have been able to build a strong foundation for the success of the Bank and approach the future with confidence and optimism in our business model, value proposition, clients and employees. We remain committed to the implementation of our over-arching philosophy of ‘New Thinking, New Opportunities’ to create value for all our stakeholders.”

     

    The Bank will continue to strive to deliver profitable, responsible and sustainable growth. It remains dedicated to its core values of Uniqueness, Passion, Leadership, Integrity, Fairness and Teamwork (UPLIFT) as it believes these ethos will enable it to surpass the expectations of its clients and stakeholders.

  • Transcorp Sets Record Performance with Profit After Tax of N20.6bn

    Transcorp Sets Record Performance with Profit After Tax of N20.6bn

    Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading diversified listed conglomerate, has announced its audited results for the year ended 31st December 2018, with a 94% growth in Profit After Tax (PAT) of ₦20.6bn in 2018 compared to ₦10.6bn in the prior year.

    The Group recorded an unparalleled improvement within the year as turnover grew by 30% to ₦104.2bn. Profit Before Tax (PBT) increased to ₦22.4bn from ₦12.3bn in 2017, depicting an 82% year on year growth.

    “We’re proud to have ended the year on a high-note while sustaining a strong performance, which is a reflection of our sound business strategy,” said Valentine Ozigbo, Transcorp’s President and Chief Executive Officer, who took over at Transcorp in January 2019. “We will continuously strive to deliver significant value to our stakeholders while achieving our long-term goals,” he said.

    He further stressed that “This result was achieved due to the increased revenue from the power and hospitality segments of the group. In addition, we were able to cut down on our loss from Forex arising from financing activities by 30% year-on-year as we experienced a relatively stable exchange rate during the fiscal year-ended 2018, this no doubt impacted our Profit before tax as it soared 82% year-on-year.”

    Mr. Ozigbo added ”Transcorp Power Ltd has continued to explore opportunities created by the eligible customer framework initiated by the Federal Government. We are at an advanced stage of negotiations with a number of eligible customers, which will translate into transactions in the months ahead. Our hospitality subsidiary, Transcorp Hotels Plc, also maintained its history of profitability in 2018, displaying the impact of our recent US$100m upgrade at the Transcorp Hilton Abuja and the immense value placed on the hotel’s best-in-class hospitality services.”

    Reflecting on the results, the Chairman of Transcorp, Mr. Tony O. Elumelu, CON, stated, “We remain committed to our purpose of improving lives and transforming Nigeria by powering our industries and businesses while providing our local and international guests with unrivalled hospitality services. This is our way of creating sustainable value for all our stakeholders.”

  • UBA delivers stellar performance in half-year 2017, grows profit by 66%

    UBA delivers stellar performance in half-year 2017, grows profit by 66%

    …Declares N0.20 Per Share Interim Dividend

    …African Subsidiaries Contribute 32% of the Group’s Earnings

    The Pan African financial institution, United Bank for Africa (UBA) Plc has announced its audited half year financial results ended June 30, 2017, showing remarkable performance across major metrics.

    UBA grew its gross earnings for the period by 34.5 percent to N222.7 billion, as against N165.6 billion reported in June 2016. This impressive performance, which reflects the strong momentum of UBA’s business and its increasing share of customers’ wallet, was driven by the 44.3 per cent and 16.0 per cent growth in interest income and non-funded income respectively. The Group’s operating income stood at N161.8 billion, compared to N116.2 billion recorded in the corresponding period of 2016, representing a 39.2 percent growth.

    Notwithstanding the impact of Naira devaluation and double digit inflation in Nigeria and a number of other African countries where UBA operates, the Group managed through its cost lines to deliver a sterling Profit Before tax (PBT) of N57.5 billion, representing a significant growth of 65.5 percent over N34.8 billion recorded in the corresponding period of June 2016.

    In same vein, the Group recorded an unprecedented Profit After Tax (PAT) of N42.3 billion, translating to a 56.2 percent growth over the N27.1 billion recorded in the half-year of 2016. This profitability further reflects the earnings capacity of the Group and its capability to progressively deliver superior returns to shareholders.

    While the Group closed the half year with Total Assets of N3.69 trillion, a growth of 5.3 percent, it prudently grew gross loans to N1.6 trillion, a 4 percent growth when compared to the Group loan book as at 31 December 2016.

    Reflecting a strong capacity for internal capital generation, the Group’s Shareholders’ Fund grew by 8 percent to N483.1 billion, whilst it delivered an annualized 18.2% return on average equity (RoAE) and an Interim Dividend of N0.20 per Share.

    Commenting on the result, Kennedy Uzoka, the Group Managing Director/CEO, said that “the results again demonstrate the strong momentum of the Bank, as we deliver continuous improvement across our businesses and key performance metrics.”

    He further stated that the Bank’s “unwavering focus on customer service excellence is translating to strong operational and financial efficiency gains. We have achieved better pricing on assets and liabilities, leading to continued improvement in the net interest margin to 7.3%. Leveraging our service-focused strategy and treasury management, we grew non-interest income by 17% year-on-year, reinforcing our transaction-banking-led approach towards deepening financial inclusion in Sub-Saharan Africa.”

    According to him, UBA has made considerable progress in its retail banking penetration, gaining market share in deposits, at a time when a sizeable percentage of households are challenged due to inflationary pressures on disposable income. The Bank grew its retail savings and current account deposits by 23% and 5% YTD respectively.

    Also speaking on UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh said that the Bank had “a strong start in the year, despite protracted recession in Nigeria, our largest market. Our profit after tax of N42 billion translates to 18.2% return on average equity, broadly in line with our 2017FY guidance.”

    He further said that the Bank’s African subsidiaries (ex-Nigeria) contributed 32% of the Group’s earnings, leveraging on digital offerings to gain market share across the different markets. “We maintain our discipline of banking only quality and profitable assets, a conservative stance which reflects on our asset quality. Notwithstanding consistent liquidity mop-up by the CBN, we maintained an average balance sheet liquidity ratio of 42%. Further reinforcing the Bank’s capacity is the strong BASEL II capital adequacy ratio of 20%, which underpins our ability to grow, as the macro risks decline, he said”

     

  • Zenith Bank declares N75.32bn profit in 6 months

    Zenith International Bank Plc has declared a profit after tax of N75.32 billion for the half year ended June 30.

    This is available in the company’s half year result released by the Nigerian Stock Exchange (NSE) on Thursday.

    The report showed that the profit-after-tax increased by 112.35 per cent when compared with N35.47 billion posted in the preceding period of 2016.

    Its profit-before-tax rose to N92.18 billion, compared with N53.91 billion in 2016.

    The bank also recorded gross earnings of N380.4 billion against N214.8 billion achieved in the comparative period of 2016, indicating a growth of 77 per cent.

    Net interest income stood at N138.962 billion, as against N127 billion in 2016, while impairment charges increased by 196 per cent from N14.2 billion to N42 billion.

    The bank’s trading income, realised from foreign exchange, jumped from negative N864 million to positive N65.318 billion; other operating income soared from N3.57 billion to N15.11 billion in 2017.

    The bank also announced an interim dividend of N7.8 billion, which translated to 25k per share, same amount paid in the corresponding period of 2016.

    Mr Jim Ovia, the bank’s Chairman, told the shareholders in March that the bank would continue to reward them accordingly.

    Ovia said in line with its commitment to delivering superior returns to its shareholders, the bank ensured that a good chunk of the profit was set aside for shareholders.

    He stated that the bank had maintained a culture of outstanding performance and industry leadership even in the face of a very challenging operating environment.

    “As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate.

    Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market.”

  • Apapa port declares N136bn profit in 5months

    …intercepts unprocessed wood export

    The Apapa Command of the Nigeria Customs Service, (NCS) in 5 months (January to May, 2017) declared a profit of N136 billion.

    The command also amongst other items intercepted unprocessed wood and scrap metals.

    The generated revenue represents 38.78 percent of N98billion collected within the same period of 2016.

    Mr. Mohammed Jubrin, the Area Comptroller disclosed this to newsmen in Lagos.

    Jubrin noted that the command’s enforcement unit effected a total of detentions including containers of different items, such as frozen fish, medicaments, pharmaceuticals which were either falsely declared and resulted to under payment of customs duties.

    “We have also intercepted and detained some export containers of scrap metal, wet Blue (leather and unprocessed wood which falls under export prohibition.

    “Investigations are ongoing and sanctions will be applied in line with extant laws.”

    Besides the revenue generated from import duties, over N1.8billion was also realized from identified infractions with the period under review.

    Jubrin said that on resumption of office, he explained to his officers that value addition must be a propelling force for the command’s team.

    “This implies that we all must be committed to adding value that will leave the command progressively better each day.

    “The principle over time has been internalized by officers and men of the command hence an impressive result recorded in the first five months of the year.” He added

    He however assured prospective exporters of made in Nigeria products and other raw materials of facilitating flawless trade process.

    In his words: “I have already held meetings will all the critical agencies and we have robbed minds on a smooth operations of the Customs examination centre within Apapa port , the system will continue to be perfected as the project progresses with intention to reduce human contact as well as time spent on cargo clearance,” the Customs boss said.