Friday, July 19, 2019
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    Sterling Bank: Profit slows down as credit losses rise

Sterling Bank: Profit slows down as credit losses rise

Sterling Bank recorded a slowdown on profit growth at the end of the third quarter and that has undermined the strong full year growth projection for 2018. A sharp increase in credit loss expenses in the third quarter weakened the bank’s ability to convert its earnings into profit. The weakness was reinforced by a slowdown in revenue from 36% growth [...]

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    Lafarge Africa: Still building losses

Lafarge Africa: Still building losses

Lafarge Africa, the building materials company, is expected to post another huge loss for 2018 after a loss of nearly N35 billion in 2017. The company has been under pressure since 2016 when increased input cost and huge finance expenses led to a pre-tax loss of N23 billion. Rising administrative expenses has added to the challenges and the key expenditure [...]

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    Nestle Nigeria: The reward of debt reduction

Nestle Nigeria: The reward of debt reduction

Major cost saving from interest expenses and debt reduction is the strength of strong profit growth for Nestle Nigeria so far in 2018. It holds the promise for another strong profit growth that is expected to be the summary of the company’s earnings story for 2018.The consumer goods company has engaged a continuing reduction in balance sheet borrowings from over [...]

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    CCNN: Expect another high speed finishing

CCNN: Expect another high speed finishing

Cement Company of Northern Nigeria (CCNN) began the 2018 financial year on the high speed growth track and is expected to finish with a top record profit growth for the second year. After tax profit doubled at the end of the third quarter in September to N4 billion after rising more than one and half times in 2017.Moderating cost amidst [...]

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    ETI lifts profit from declining loan losses

ETI lifts profit from declining loan losses

Ecobank Transnational Inc (ETI) closed its third quarter operations in September 2018 with an after tax profit of N75.51 billion, already above the 2017 full year profit figure of nearly N70 billion. The bank found no room for revenue improvement and management equally kept costs flat to defend profit.The only room for the profit improvement was a drop of 26% [...]

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    Access Bank set to become Nigeria’s largest bank

Access Bank set to become Nigeria’s largest bank

A shakeup of Nigeria’s banking industry leadership is in the works and Access Bank is again at the centre of the storm. The bank is frantically warming up for the number one position by the size of the balance sheet. Having travelled from the backyard to the frontline of Nigerian banking, Access Bank is jockeying for a higher height still.The [...]

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    Flour Mills: Dropping sales hits profit

Flour Mills: Dropping sales hits profit

Flour Mills of Nigeria is losing sales revenue and that is hurting the ability to deliver profit. An impressive growth of 54% in after tax profit in the last financial year has shifted to a 46% drop in the bottom line at the end of its half year operations in September 2018. The disappointment draws from inability to push sales [...]

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    Seplat Petroleum: Delivering on production and profitability

Seplat Petroleum: Delivering on production and profitability

Seplat Petroleum Development Company is delivering on its promise to accelerate field development activities across the existing portfolio as well as profitability in second half of the year. It is good news for the company on both sides of production volume and price in the third quarter – resulting in the doubling of sales revenue and a big turnaround in [...]

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    Cadbury rebuilds profit, raises hopes for full year

Cadbury rebuilds profit, raises hopes for full year

Cadbury Nigeria has wiped off a loss of N424 million it recorded at the end of its half year trading in June. A profit of close to N600 million in the third quarter saw the company out of the red into a net profit of N172 million at the end of September.This presents a new strength for the beverage and [...]

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    Stanbic IBTC beats 2017 full year profit in nine months

Stanbic IBTC beats 2017 full year profit in nine months

Stanbic IBTC Bank counted an after tax profit of nearly N60 billion at the end of its third quarter operations in September 2018, a clear 23% ahead of its significantly enhanced full year profit record in 2017. Two major developments in operations accounted for the bank’s elevated profit performance.The first is a shift from a net impairment loss of over [...]

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Exchange Rates

July 12, 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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