Tuesday, November 13, 2018

Mike 'Uzor

    FBN Holdings: Revenue and profit end flat

FBN Holdings: Revenue and profit end flat

FBN Holdings closed the third quarter operations with revenue and profit flat, losing the improved performance outlook with which it ended the first half in June 2018. Interest income – the main income line of the bank increased its pace of decline while interest expenses quickened its rate of increase. A moderating factor came from non-interest income, which accelerated to [...]

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    GTB builds profit from volatile earnings

GTB builds profit from volatile earnings

Guaranty Trust Bank raised after tax profit by 13% to over N142 billion at the end of its third quarter operations in September 2018. The profit was built in the volatile earnings environment that has been ruling the banking business for the sixth year running. Interest income – the main earning line of the bank, fluctuated violently from the strongest [...]

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    Zenith Bank: Defending profit and shareholder wealth

Zenith Bank: Defending profit and shareholder wealth

Zenith Bank’s earnings story at the end of the third quarter operations in September 2018 is that management is succeeding to build profit and shareholder wealth from a sustaining drop in gross earnings. All the bank’s main income lines were down at the end of the third quarter, leading to a drop of 11% in gross earnings year-on-year. That was [...]

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    UBA: Containing growth in loan loss expenses for second year

UBA: Containing growth in loan loss expenses for second year

United Bank for Africa (UBA) closed third quarter operations with an after tax profit of N61.7 billion, a flat growth over the corresponding figure in 2017. The flat position looks likely to be the story for the bank at full year, pointing to a likely slowdown on profit performance for the second year.The bank ended the 2017 financial year with [...]

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    International Breweries: Gaining sales, losing profit

International Breweries: Gaining sales, losing profit

International Breweries is building sales revenue from expanding market share but the revenue gains aren’t reaching the bottom line. The Ilesha-based company has been on a major capacity building endeavour since last year under which it has merged with an Onitsha-based Intafact Breweries Ltd, producers of hero beer and Port Harcourt-based Pabod Breweries Ltd.The post merger entity – International Breweries, [...]

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    Presco: Profit heads for sharp drop

Presco: Profit heads for sharp drop

Presco, the oil palm and rubber producing company, is headed for a sharp drop in profit this year after lifting profits to great highs in the preceding two years. Gain on biological assets revaluation of N24.8 billion multiplied the company’s after tax profit close to nine times in 2016 and a tax credit of N14.5 billion helped to produce the [...]

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    NASCON Allied: Strong second half key to profit outlook

NASCON Allied: Strong second half key to profit outlook

NASCON Allied Industries isn’t running with the high speed gear on sales that it engaged last year. Sales revenue was flat at the end of half year trading, a sharp turn from a top record growth of 50% at the end of 2017 – the strongest revenue growth in the past five years. The leap in sales revenue led to [...]

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    Guinness Nigeria cuts spending on creditors to pay shareholders

Guinness Nigeria cuts spending on creditors to pay shareholders

Guinness Nigeria’s strategy to cut its spending on creditors in finance expenses to build wealth for shareholders has been achieved. This is the summary of the company’s operating results for the 2018 financial year, thus paying back investors in their good coin of availing the company new money last year that permitted a cut down in balance sheet borrowings.The brewing [...]

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    Sterling Bank: Rebuilding profit despite high cost of funds

Sterling Bank: Rebuilding profit despite high cost of funds

Sterling Bank is feeling the pain of rising interest expenses that consumed more than all the increase in interest income at the end of half year operations in June 2018.Management is however maintaining the course of rebuilding profit for the second year from a 50% drop it experienced in 2016.A sharp drop on credit loss expenses and a strong growth [...]

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    Fleeing portfolio traders sink equities market

Fleeing portfolio traders sink equities market

Foreign portfolio traders are on a homeward run from Nigeria’s equities market and have dragged down the market again in the cycle of re-entry and exit that has made the market extremely volatile and risky. Since the beginning of July, selling pressure has continued to mount in the market as the traders extract a dismal reading out of Nigeria’s growing [...]

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    FCMB steps up profit despite tight revenue

FCMB steps up profit despite tight revenue

First City Monument Bank grew profit by 90% at the end of the second quarter, accelerating from 64% in the first quarter.The performance is despite a continuing weakness in revenue with a slowdown from an increase of about 10% in the first quarter to 8% in the second. The drag is coming from other operating income, which has [...]

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    Nigerian Breweries: Losing revenue, losing profit

Nigerian Breweries: Losing revenue, losing profit

Nigerian Breweries is losing both sales revenue and profit in the current year, stepping downward again after breaking a trend of declining profits in 2017.Sales revenue was down by over N8 billion at the end of half-year trading and the company lost more than N5 billion in net profit. Costs generally failed to go down alongside with sales revenue and [...]

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    FBN Holdings: sustaining recovery for the second year

FBN Holdings: sustaining recovery for the second year

FBN Holdings strengthened its profit performance at the end of half year operations in June 2018, showing improved prospects for sustaining recovery for the second year.The bank’s position has shifted from a profit decline in the first quarter to a year-on-year growth at the end of the first half. That has placed it in a position to build profit further [...]

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    Zenith Bank: Stable profit despite volatile earnings environment

Zenith Bank: Stable profit despite volatile earnings environment

Zenith Bank experienced a volatile earnings environment in the second quarter but management engaged cost management shock absorbers to keep profit growing. The bank closed half year operations with gross earnings dropping by 15% led by a fall of 44% in trading income and a drop of 13% in interest earnings – the main income line of the bank.The bank’s [...]

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    Nestle Nigeria: Interest expenses cut lifts profit

Nestle Nigeria: Interest expenses cut lifts profit

A sharp cut down in interest expenses was the major favourable event in the Nestle Nigeria’s income statement at the end of half year operations, lifting profit margin higher than any time since 2014. The consumer goods company brought finance expenses down 85% year-on-year to N1.12 billion at the June 2018. With that, it slashed net finance cost by over [...]

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    Oando: Tax credit saves profit at half year

Oando: Tax credit saves profit at half year

Oando kept its turnaround flag flying by using a tax credit to overwrite a loss position at the end of half year operations. The company is sustaining the turnaround for the third year running but the core business isn’t yet providing the driving force. Tax credit has taken over from profit from discontinuing operations to keep the company’s turnaround engines [...]

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Exchange Rates

November 9, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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