Banking - Business Metrics

INNOVATION: FirstBank unveils virtual payment card

Jan 12, 2021 Ugochi Emmanuel

INNOVATION: FirstBank unveils virtual payment card First Bank of Nigeria Limited says it has launched a virtual payment card, a naira-denominated debit card and digital representation of the plastic debit card. A statement from the bank on Sunday, titled ‘FirstBank begins the year with an innovative, convenient virtual payment card’, said the card was designed to be linked to either a customer’s operative account or wallet account. It said, “The FirstBank virtual payment card is a suitable alternative to the use of cash and cheques, with its wide-range features,…

Earning Forecast: Unity Bank targets N341 profit in Q1 2021

Jan 9, 2021 Banjo Olaniran

Unity Bank targets N341 profit in Q1 2021 Projects N9.32bn Gross Earnings; N312m PAT Unity Bank Plc has disclosed that it is expecting to rake in N341 million as pretax profit at the end of its first quarter operations in 2021. While the financial institution expects to fulfill tax obligations estimated at N28.99 million from the pretex gain, it has pegged profit after tax (PAT) for the period at N312 million. In its Q1 earning forecast obtained from the Nigerian Stock Exchange (NSE), Unity Bank has also said it…

Access Bank acquires another bank in Zambia

Jan 6, 2021 Banjo Olaniran

Access Bank acquires another bank in Zambia Access Bank Plc has announced the completion by it’s Zambian subsidiary of Cavmont Bank Limited (Cavmont ppl), following fulfillment of the key conditions precedent including regulatory approvals. In a statement on Wednesday, the lender explained that the merger of Cavmont into Access Bank Zambia is expected to take place before the end of January 2021. After then, “Access Bank Zambia will emerge as a stronger and well-capitalized banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in…

Earnings Forecast: Jaiz Bank targets N6.15bn gross earnings in Q1 2021

Dec 28, 2020Dec 28, 2020 Ugochi Emmanuel

Jaiz Bank targets N6.15bn gross earnings in Q1 2021 To open new branches in South-West soon Nigeria’s pioneer non-interest lender, Jaiz Bank Plc, has forecast N6.15 billion gross earnings for the first quarter of 2021. The bank disclosed its performance targets across major metrics for early next year in its Q1 earnings forecast obtained from the Nigerian Stock Exchange (NSE), in which it also projected to rake in N5.79 billion in interest income. It forecast a profit before tax of N830.41 million and a profit after tax (PAT) of N747.37…

NDIC: 42 microfinance banks lose operating licences

Dec 21, 2020 Ugochi Emmanuel

NDIC: 42 microfinance banks lose operating licences The Central Bank of Nigeria (CBN) has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation (NDIC) disclosed this recently in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’. It stated, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit…

Another banking consolidation imminent, McKinsey predicts

Dec 17, 2020Dec 17, 2020 Banjo Olaniran

McKinsey, Another banking consolidation imminent

Another banking consolidation imminent, McKinsey predicts Another round of banking consolidation is inevitable for lenders to thrive by growing capital base quicker than inflation rates and devaluation of the naira, management consulting firm McKinsey & Company said in a report on recently. The document titled Nigeria’s banking sector: Thriving in the Face of Crisis and Bold Ideas to Help the Industry Build Resilience and Drive Long-term Sustainability, noted that a new banking consolidation was imminent, considering the need to measure up to Basel III requirements, manage asset quality deterioration and a couple…

Fitch Ratings revises Coronation Merchant Bank’s outlook to stable

Dec 16, 2020 Business Metrics

Fitch projects improved global GDP at 5.3% in 2021

Fitch Ratings has revised the Outlook on Nigeria-based Coronation Merchant Bank Limited’s (CMB) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B-‘. Fitch has also affirmed CMB’s Viability Rating (VR) at ‘b-‘ and National Long-Term Rating at ‘BBB (nga)’. A full list of ratings is below. The revision of the Outlook to Stable reflects Fitch’s view of receding near-term risks to the bank’s intrinsic creditworthiness from the economic downturn. In our view, the bank’s Long-Term IDR has sufficient headroom at the ‘B-‘ level to…

Nigerian banking assets to hit N58trn In 2021- Report

Dec 9, 2020 Ugochi Emmanuel

Ike Chioke, the group managing director Afrinvest, has projected that the Nigerian banking sector is stable and positioned for growth with the total Nigerian banking assets expected to grow by 14.3 per cent to N54.3 trillion by the end of the year, with further growth projections in 2021. Speaking at the launch of Afrinvest 2020 Nigerian Banking Sector Report titled: ‘The Insecurity challenges of poverty’ in Lagos, yesterday, Chioke said excerpts from the report expressed optimism in the banking industry. “Total industry asset, we are projecting that the industry would…

Ecobank to empower 100,000 entrepreneurs with SME agency banking campaign

Dec 1, 2020 Banjo Olaniran

Ecobank Nigeria has launched Smart Small And Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition. Emeka Agada, head of SME, Ecobank Nigeria, said the initiative was introduced in line with the bank’s commitment to support the Federal Government and Central Bank of Nigeria’s (CBN’s) vision for financial inclusion across the country. Aside improving financial inclusion, he said the campaign also aims to create self-employment for new entrepreneurs and help diversify income streams of existing small businesses across Nigeria. Agada…

UBA gets double honours at BAFI Awards

Dec 1, 2020 Banjo Olaniran

Wins Best Bank of the Year, International Bank of the Year _____________________________ Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend. The bank beat other strong contenders – Zenith Bank, Guaranty Trust Bank, Access Bank and First Bank – to clinch the two top categories in a well-attended ceremony comprising of Bank CEO’s, Captains…