archiveJuly 2016

  Deposits from customers drops by 11% Loans and advances to customers fell by 7% AMCON levy hits N904m in six-month Wema Bank Plc’s unaudited result for the six-month ended June 30th, 2016 has shown that the bank recorded a 11 per cent growth in profit before tax. The bank’s...

Zenith Bank Plc has been named as Nigeria’s most customer-focused bank by KPMG the leading advisory and consultancy firm. KPMG in its 2016 edition of the annual banking industry Customer Satisfaction Survey recently released, Zenith topped other Nigerian banks in the Customer Satisfaction Index (CSI) with a total of 74.6...

The bears continued its onslaught on the equities market as investors recorded a loss of N92 billion on the Nigerian Stock Exchange (NSE) on Wednesday as Market Capitalisation of the Exchange closed at N9.692 trillion from N9.784 of the previous day even as the All-Share Index closed at 28,221.18 basis...

With slow sales and significant increase in financial charges, Lafarge Africa has announced N30 billion loss in profit for the half year period ended June 30, 2016. The cement manufacturing company had reported a N30.8 billion gain in prior half year attributed to increase sales and modest loss in finance...

A new President was, on Wednesday in Abuja, inaugurated for the Christian Association of Nigeria (CAN), with a promise that under his administration, CAN would not patronise government but will be a check on misgovernment. Speaking before handing over to his successor, Dr. Supo Samson Ayokunle, outgoing President of CAN...

The Central Bank of Nigeria (CBN) has given a directive that all foreign exchange trades (forex) by Authorized Dealers (Banks) and Companies in the Nigerian forex market must be executed through the platform provided by the Financial Market Dealers Quotes (FMDQ)-advised forex trading, with effect from August 1, 2016. The...

Niyi Olaoye Report of the Debt Management Office (DMO) has shown that Deposit Money Banks (DMBs) got more allotment at 27.54 per cent of the total FGN Bonds allotted in 2015. Analysis of Federal Government (FGN) Bonds allotments by investor-type depicts that the banks were followed by Fund Managers &...

Cadbury Nigeria Plc has recovered in its profitability, with a gain of N216.4 million in profit before tax in unaudited interim financial statement for the half year ended June 2016 from a loss of N250.7 million in the same prior of last year. Drop in cost of sales and growth...

Transcorp Hotels Plc has announced 7.5 per cent growth in profit after tax to N1.9 billion for the half year period ended June 30, 2016. The group profit after tax had closed half year of 2015 at N1.76 billion. Also, profit before tax stood at N2.75 billion, 11 per cent...

The outgoing Group Managing Director (GMD), United Bank for Africa Plc (UBA), Philip Oduoza, will on Friday July 22 delivers the fourth Chartered Institute of Bankers of Nigeria's (CIBN) valedictory lecture having had an eventful career at UBA. CIBN in a statement said, “in view of having achieved a remarkable,...