Sunday, April 15, 2018
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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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    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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    Total Nigeria: Profit drops from 2016 peak

Total Nigeria: Profit drops from 2016 peak

Total Nigeria has reported a drop of 46% in after tax profit in the 2017 full year from the record profit high it registered in 2016. At N8.02 billion, after tax profit is down to the second highest figure in the operating history of the oil marketing company. Total Nigeria had multiplied after tax profit more than three and half [...]

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    Seplat Petroleum reaps tax credit windfall

Seplat Petroleum reaps tax credit windfall

Seplat Petroleum Development Company, the oil producing firm, has returned to profit, ending three years of rapidly falling profits that hit a big loss at the end of 2016. A strong final quarter saw the company advance from near break-even at the end of the third quarter to a pre-tax profit of N13.45 billion at full year.Profit performance was reinforced [...]

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    Food/beverages sector: Springing back to life

Food/beverages sector: Springing back to life

Food and beverage companies recorded considerable progress towards recovery in 2017 from the foreign exchange crisis of 2016, the associated exchange losses and the drop in consumer spending power due to economic recession. Stability in the foreign exchange market last year strengthened output and consumers gradually adjusted to price increases. The operators here however still faced a highly competitive market [...]

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    Why insurance sector is still losing attraction

Why insurance sector is still losing attraction

The insurance sector isn’t getting the attention of investors in the current stock market rally that has seen some share prices double within three weeks of the new year. The sector continues to face weak growth in revenue and rising underwriting expenses.The core business of underwriting remains constrained in the face of operating difficulties but there are reasonable improvements in [...]

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    2017 earnings: What to expect from conglomerates

2017 earnings: What to expect from conglomerates

Conglomerates have since lost the normal advantage of diversified operations that enable them maintain stability through the business cycle. Their usual advantage is to use earnings from highly growing markets to compensate for slowly growing or declining areas and thus maintain overall stable growth.The operators seem to have lost that advantage. Every market segment faces its own difficulties, making it [...]

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    Petroleum companies: Interest/input costs likely to hinder profits

Petroleum companies: Interest/input costs likely to hinder profits

Huge interest expenses as well as rising cost of sales were a major headache for petroleum marketers and producers in 2017. While the companies succeeded in reinforcing revenue growth in the year, rising input cost and huge finance expenses stood on the way of converting revenue into profit. Inability to grow wealth for shareholders despite improved revenue is expected to [...]

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Exchange Rates

April 13, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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