Friday, January 18, 2019
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    Access Bank: Narrow, winding path to profit

Access Bank: Narrow, winding path to profit

Access Bank followed a narrow and winding path of revenue improvements and disappointments as well as rise and fall in key expense lines to convert a decline in pre-tax profit into an improvement in the bottom line at the end of the third quarter.The bank grew interest income by 11.6% but interest expenses grew close to twice as fast and [...]

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    Diamond Bank: Can management head off another loss?

Diamond Bank: Can management head off another loss?

Diamond Bank closed the three months of its third quarter operations at a marginal loss, deflating the growth momentum with which it ended half year trading. That isn’t providing promising prospects for a turnaround hoped for this year. The loss position looks very likely to grow further in the final quarter when a likely increase in loan loss expenses could [...]

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    Unilever Nigeria: Big gains from cutting debts

Unilever Nigeria: Big gains from cutting debts

Unilever Nigeria is counting gains from a three-year debt cutting programme that has given it a virtually debt free balance sheet. Interest bearing debts have dropped from N21 billion at the end of 2016 to N674 million at the end of 2017 and further to just N4 million at the end of the third quarter of 2018. Over the same [...]

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    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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Exchange Rates

January 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362463411
KANO361465413
PH361462412
ABUJA362462413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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