Wednesday, May 22, 2019
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    TheCable Ratings: Top 10 banks by profit in 2018

TheCable Ratings: Top 10 banks by profit in 2018

Nigerian banks made significant progress in recovering bad loans in 2018. That was the singular factor that powered profit performance in the year while revenue constraints remained. Some banks recorded significant write backs of previous credit losses, which seems to have continued to obscure the underlying industry problem in the core business.Net interest income continued to decline industry wide as [...]

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    CCNN: Assets multiply, dwarf profit

CCNN: Assets multiply, dwarf profit

Cement Company of Northern Nigeria (CCNN) multiplied the size of its balance sheet more than 14 times to almost N348 billion in 2018. A corresponding increase in earnings however failed to happen in the year, which left returns crashing. Despite strong increases of 62% in sales revenue and 78% in profit, the cement producing company showed gross inability to convert [...]

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    UBA: Credit losses drop to the lowest figure in four years

UBA: Credit losses drop to the lowest figure in four years

United Bank for Africa (UBA) closed the 2018 financial year with an after tax profit of N78.6 billion, flat on a restated N77.5 billion the bank posted in 2017. This is on target of our full year projection of after tax profit in the region of N80 billion. It is also a slowdown in profit performance for the second year [...]

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    Stanbic IBTC: Going strong for the third year running

Stanbic IBTC: Going strong for the third year running

Stanbic IBTC Bank has sustained strong profit growth for the third year running to 2018. After tax profit was up 54% at the end of the year to N74.4 billion, up on the 70% advance in 2017 and 59% leap in 2016. The bank has maintained leading growth numbers in a struggling banking industry.Like the rest of the industry operators, [...]

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    Zenith Bank turns drop in revenue to rise in profit

Zenith Bank turns drop in revenue to rise in profit

Zenith Bank’s earnings story at the end of 2018 operations is that management turned a drop in revenue into a rise in profit. It was a feat accomplished by the bank’s management in the year to jack up the bottom line by a clear 11% from a 15% flop in gross earnings. This happened by cutting costs all the way [...]

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    Access Bank rebuilds profit to new high

Access Bank rebuilds profit to new high

Access Bank closed the 2018 financial year with a strong final quarter that produced close to 30% of gross earnings and more than one-third of profit. That changed the bank’s earnings picture at the end of the third quarter when it was unable to grow revenue. Rebuilding profit from a drop in the prior year, the bank attained a new [...]

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    GTB keeps profit up on moderate earnings

GTB keeps profit up on moderate earnings

Guaranty Trust Bank experienced another year of tight revenue in 2018 and management had to apply a pruning saw on costs to build profit. The volatile earnings behaviour seen at the end of the third quarter followed the bank to full year. Gross earnings crept from flat in the prior year to a marginal increase and closed 4% down from [...]

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    Seplat Petroleum: Profit drops on tax expense reappearance

Seplat Petroleum: Profit drops on tax expense reappearance

Seplat Petroleum Development Company has closed its 2018 operations with after tax profit down by 45% to N45 billion against a 500% advance in pre-tax profit to over N80 billion. A shift from a huge deferred tax credit in the preceding year to a tax expense in 2018 accounted for the profit drop, obscuring somewhat an exceptional performance the company [...]

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    Transcorp doubles profit at full year

Transcorp doubles profit at full year

Transnational Corporation of Nigeria (Transcorp) has closed the 2018 financial year with 100% profit advance, as projected. The conglomerate netted N20.6 billion for the year, which is almost at par with all the profits it posted in the preceding four years put together. This is a strong profit growth sustained for the second year.The breakthrough performance pivoted on the company’s [...]

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    Guinness Nigeria: Cost saving saves profit

Guinness Nigeria: Cost saving saves profit

Guinness Nigeria reduced interest expenses by more than two-thirds year-on-year at the end of its second quarter trading in December 2018. That was the singular event that enabled the brewing company to jerk up profit at the end of the period. This is in continuation of the company’s strategy in the preceding financial year when it slashed finance cost by [...]

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Exchange Rates

May 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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