Fidelity Bank sees H1 2018 post tax profit grow by 31% to N11.8bn
Businessam StaffSeptember 26, 2018
Fidelity Bank Plc. Wednesday released its half year financials for the period ending 30th June 2018, recording a 31 percent increase in profit after tax. The lender grew it’s post tax profit to N11.8 billion from N9.0 billion recorded in the same period of 2017, on account of a four percent growth in gross earnings […]
Nigeria’s senior bankers, insurers praise central bank’s takeover of Skye Bank, urges best practice in sale process
Temitayo AyetotoSeptember 26, 2018
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) praised the Central Bank of Nigeria (CBN) on Wednesday over the revocation of the operating license of Skye Bank. The union said the N786 billion injection by the apex bank, which birthed Polaris Bank, is a courageous move at ensuring the efficiency of […]
Heritage Bank seeks sustained collaboration between banks, fintechs on financial inclusion
Adesola AfolabiSeptember 25, 2018
Heritage Bank Plc has stressed the need for sustained collaboration between banks and financial technology companies (fintechs), to support Central Bank of Nigeria’s (CBN) drive for financial inclusion and promote economic growth. Ifie Sekibo, managing director of Heritage Bank, said this while delivering a goodwill message at the 2018 annual national conference of the Finance […]
Lagging revenues from sectors masks Nigeria’s diversified economy, says Agusto & Co analyst
Adesola AfolabiSeptember 25, 2018
Jimi Ogbobine, lead researcher at Agusto & Co, has downplayed the argument for the need to diversify Nigeria’s economy, saying that the economy as it is currently composed is well diversified but for lagging revenues from the diverse sectors, hence the sluggish economic growth and growing debt profile. According to him, Nigeria is a country […]
States lack sustainable fiscal plan, BudgIT
Adesola AfolabiSeptember 24, 2018
BudgIT, a social advocacy group, in a recent analysis of the fiscal condition of states, says Nigerian state governments lack sustainable fiscal plan. It noted that “it was critical that state governments embrace a high level of transparency and accountability, develop workable economic plans, take haircuts, especially on overheads, expand their internally generated revenue (IGR) base, […]
Analysts at FBNQuest say Nigeria bank lending to pick up in H2
Afolabi OluwaseunSeptember 19, 2018
Despite a N300 billion drop in the amount banks lent to the private sector between the first and second quarters of 2018, analysts at FBNQuest are predicting a marginal growth that would reach high single-digits in the second half as banks attempt to improve their lending. Loan growth dropped in the first half of the […]
Monetary policy rate hike more likely with expected rise in inflation
Adesola AfolabiSeptember 18, 2018
Indications of a tighter monetary policy regime are rife on the backdrop of an expected surge in inflation, according to analysts who say they expect MPC members to maintain a hawkish stance. On Friday the country’s statistical agency, the National Bureau of Statistics (NBS) announced August inflation rate of 11.23 percent from 11.14 percent in […]
Economic experts allay fears of adverse implications from finance minister’s resignation
Adesola AfolabiSeptember 18, 2018
ECONOMIC EXPERTS HAVE allayed fears of adverse implications from Kemi Adeosun’s resignation as finance minister, saying Adeosun’s decision to resign is more of a good signal especially to the i nternational community and holds no negative implication for economic growth. According to Johnson Chukwu, an economist and the CEO Cowry Asset Management Plc, foreign investors […]
T-bills rate seen rising on rollover of maturities
Afolabi OluwaseunSeptember 18, 2018
As investors continue to favour long tenored treasury bills over shorter tenors, analysts say they expect higher rates to be sustained into this week’s trading especially as a total of N182.2 billion T-bills maturity is expected to hit the system with the same amount planned to be rolled over in 91-day (N5.4bn), 182-day (N8.4bn) and […]
Increased demand for sovereign Eurobond seen as oil prices uptrend
Afolabi OluwaseunSeptember 18, 2018
Analysts at Afrinvest have predicted that the positive state of the global oil prices will help improve the risk profile of the country externally and thus drive demand for Nigeria’s sovereign Eurobond. “Given the relative stability and positive outlook as crude oil output once more reached optimal levels and crude oil prices continue an uptrend, […]