Thursday, September 20, 2018

Mike 'Uzor

    Union Bank: Can recovery speed up this year?

Union Bank: Can recovery speed up this year?

Union Bank of Nigeria is expected to strengthen its recovery and growth momentum this year, having beefed up its equity resources last year with new money from rights issue. Growth in credit loss expenses undermined profit capacity for the third year running in 2017 but with improving revenue, the bank may reduce the proportion of gross earnings claimed by loan [...]

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    CCNN: Another year of doubling profit

CCNN: Another year of doubling profit

Cement Company of Northern Nigeria (CCNN) raised after tax profit more than one and half times last year and the cement producing company is again maintaining the high speed growth for the current year. Major cost moderations recorded last year reinforced a strong growth in sales revenue and boosted profit capacity. This year, key cost lines have proceeded from a [...]

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    ETI posts the biggest quarterly profit in two years

ETI posts the biggest quarterly profit in two years

Ecobank Transnational Inc (ETI) closed its first quarter operations in March 2018 with the biggest quarterly profit in more than two years. With an after tax profit of N27.86 billion, the West Africa bank is sustaining the upturn in operating performance that saw a turnaround from a loss of N52.60 billion in 2016 to a top record profit of nearly [...]

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    Diamond Bank: Will loss grow or profit return?

Diamond Bank: Will loss grow or profit return?

Diamond Bank’s three years of falling profit degenerated into a loss in 2017 and a clear direction is lacking so far this year on its earnings prospects. Whether the bad trend will continue with a possibly bigger loss or whether a return to profit will be attained remains clouded as the bank finished first quarter trading with just one step [...]

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    FBN Holdings: Can it sustain recovery?

FBN Holdings: Can it sustain recovery?

FBN Holdings reversed a two-year drop in profit at the end 2017 and lifted profit by 233% to N40 billion in the year. That still leaves the bank a long way to full recovery to the peak net profit figure of over N84 billion it posted in 2014. Will progress be sustained towards recovery with a disappointing first quarter is [...]

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    For Nigeria, the internal pain of rising oil price

For Nigeria, the internal pain of rising oil price

Crude oil prices have reached the highest mark the global market has seen since 2014. Oil exporting countries are counting profit from the long desired oil price recovery. In Nigeria however, the profit is coming with internal pain.When crude oil prices approached the $60 per barrel mark towards the end of last year, the business of importation and sales of [...]

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    FCMB: Defending profit under tight earnings

FCMB: Defending profit under tight earnings

First City Monument Bank (FCMB) faced a tight earnings situation in the first quarter of the current financial year but management appears determined to keep profit from dropping for the second year. The bank had lost 34% of its prior year’s profit in 2017 after losing more than one-half of other operating income. A continuing drop in that income line [...]

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    Trump could shoot down oil price with tariff war

Trump could shoot down oil price with tariff war

US president, Donald Trump’s description of crude oil prices as artificially high, is indicating that the market isn’t yet taking a strong downside risk factor into consideration. That is the prospects that US’ aggressive trade policy could hurt global economic growth and reintroduce a demand side problem to the global glut challenges the oil market has faced since the beginning [...]

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    Oando trims operations to build profit

Oando trims operations to build profit

Oando’s resolve to discontinue some lines of operations has enabled the company to shape up to a profitable structure. Profit from discontinued operations stood in excess of N29 billion in 2016 and provided the strength that turned a loss of N25.4 billion into an after tax profit of nearly N4 billion in that year.Further discontinuation of operations happened in 2017, [...]

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    Stanbic IBTC: Recovery and growth accomplished

Stanbic IBTC: Recovery and growth accomplished

Stanbic IBTC Bank has successfully picked its way up from a 47% drop in profit in 2015 and returned to the path of growth in 2017. Profit has crossed the 2014 mark and climbed to a new peak in line with forecast. A massive growth in loan loss expenses had caused the profit fall in 2015 and a slowdown for [...]

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    Access Bank: Profit drops on loss of trading income, rising credit losses

Access Bank: Profit drops on loss of trading income, rising credit losses

After three years of sustained profit improvements, Access Bank closed the 2017 operations with a profit drop, as loss on investment securities and rising credit losses hurt profit performance. The bank’s profit had slowdown sharply in 2016, which extended into a drop in 2017.Net gains on investment securities collapsed from N55 billion into a net loss of over N33 billion [...]

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    Spend or save: CBN’s confusing policy signals

Spend or save: CBN’s confusing policy signals

The Central Bank’s monetary policy committee ended its meeting in June last year blaming the fiscal authorities for not spending enough to propel economic recovery. The committee’s next meeting since then has just ended on 4th April 2018 with a call on the fiscal authorities to freeze growth in aggregate expenditure and revenue distributions and start saving. This is [...]

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    Unilever Nigeria: Another triple digit leap in profit

Unilever Nigeria: Another triple digit leap in profit

Unilever Nigeria lifted after tax profit by over 142% to N7.45 billion in 2017, maintaining triple digit profit leap for the second year after a 158% rebound gave the conglomerate a new growth momentum in 2016. This is a new profit high for the company since it lost nearly one-half of after tax profit in 2014.For the first time in [...]

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    Guaranty Trust Bank lifts profit with drop in loan losses

Guaranty Trust Bank lifts profit with drop in loan losses

Guaranty Trust Bank lifted after tax profit by 29% to N170.47 billion at the end of 2017, just on target with our full year projection of N170 billion for the bank. The profit growth came largely from a drop of 81% in loan impairment charges, as revenue ended flat also as anticipated. The drop in credit losses saved over N53 [...]

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    Trading income lifts Zenith Bank from loan impairment hit

Trading income lifts Zenith Bank from loan impairment hit

Loan impairment charges more than tripled to N98.23 billion for Zenith Bank in 2017 but management used a 456% advance in trading gains to level up the impact of credit losses on the income statement and still achieved an accelerated growth in profit. The galloping growth in loan loss expenses for the second year and the phenomenal rise in gains [...]

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    NNPC closes 2017 with N82b deficit

NNPC closes 2017 with N82b deficit

NNPC Group closed the 2017 full year operations with a budget deficit of N82 billion against its budgeted surplus of N601.16 billion for the year. [...]

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Exchange Rates

September 20, 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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