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Access Bank’s first post merger H1 PBT hits N74.1bn, declares 25k interim dividend

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Access Bank Group’s audited H1 results released to the Nigerian Stock Exchange (NSE) on Thursday showed Gross Earnings of N324.4 billion, up 28% from N253.0billion in the corresponding period of 2018. The growth in gross earnings was driven by 46% increase in interest income on the back of continued growth in the Bank’s core business and 22% non-interest income underlined by strong recoveries.

The Bank delivered a Profit before Tax (PBT) of N74.1 billion, a 62% increase from N45.8 billion recorded during the same period in 2018. Profit after Tax (PAT) grew by a similar margin from N39.6 billion in 2018 to N63.01 billion in H1 2019.

Similarly, the Bank posted 34% growth in Operating Income to N202.3 billion from N151.4 billion in 2018. Total Asset was up 31% at ₦6.48 trillion as at June 2019 in comparison to ₦4.95 trillion in December 2018. 

Access Bank’s Capital Adequacy Ratio (CAR) remained solid at 20.8%, well above the regulatory minimum.

Commenting on the result, Group Managing Director/CEO, Herbert Wigwe said, “Access Bank’s performance in the first half of the year reflects a sustainable business model coupled with effective execution as we make solid gains towards the achievement of our strategic goals”

Following the release of the half year results, the Bank also declared an interim dividend of 25k to its shareholders.

“Our focus on retail gained momentum during the period, as continued investments in our channels platform resulted in a 29% contribution to gross fee and commission income, up 92% from the corresponding period in 2018. The strong retail contribution demonstrates the effectiveness of our continued drive around low-cost deposits, on the back of an innovative digital platform. Asset quality improved as guided, to 6.4% on the bank of a robust risk management approach. This is expected to trend into the future as we strive to hit and surpass the standard we had built in the industry prior to the merger. Similarly, liquidity ratio improved year on year to 49.7%, reflecting deliberate steps to optimise our balance sheet in order to ensure the group’s liquidity position remains robust.” Wigwe added.

“Going into the second half of the year, our focus is on consolidating momentum and driving access to financial inclusion through our various agency initiatives. Additionally, we will remain disciplined in our efforts to deliver enhanced shareholder value, as we continue to realise the synergies from our newly expanded franchise” he noted.

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FCMB opens ultra-modern branch in Ondo City, Ondo State

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In line with its customer-centric and strategic expansion programme which aims at making its excellent services accessible to more individuals and businesses, First City Monument Bank (FCMB), has opened a new ultra-modern and full-service branch in Ondo City, Ondo State.

The new branch, which was commissioned at an impressive ceremony on December 12, 2019, is located at 15, Yaba Street in Ondo city. The location of the branch takes into consideration convenience for FCMB’s customers and others who live or operate businesses in Ondo City, Ore, Ile-Oluji, Oke-Igbo and neighbouring areas. The Bank currently has 206 branches spread across Nigeria and three are in Ondo state.

The branch in Ondo City is equipped with unique physical and technological infrastructure to ensure convenient transactions and sundry financial service delivery to existing and potential customers in a relaxed and tranquil environment.

Speaking on the development, the Managing Director of FCMB, Mr. Adam Nuru, described the development as another turning point in the commitment of the Bank to bring banking closer to the populace and promote financial inclusion in a manner that would positively impact on their individual and business aspirations.

Mr. Nuru, who was represented at the ceremony by the Regional Head, South-West, Mr. Adelaja Adeleye, said, “witha robust product suite for businesses and individuals and our award-winning service culture, we intend to leverage these capabilities by investing extensively in some channels to reach more customers. Today, our customers are embracing these alternative channels such as mobile and internet banking, at an impressive rate, whilst others who prefer human interaction when banking still need the reassurance a physical branch offers. Our new Ondo town branch gives this reassurance as it is well-equipped to further enhance the experience of our customers’’.

He reiterated that FCMB will continue to raise the bar in the way customers are served and the kind of environment under which such services are provided to meet their respective lifestyles.

On his part, the Group Head, Branch Service of FCMB, Mr. Ademola Idowu, said, ‘’our new Ondo town branch, like other branches of FCMB across Nigeria, brings with it something special in terms of structure and aesthetics. Part of our commitment to promoting a cleaner and greener environment, is by use of renewable energy and in this new branch, we have adopted solar technology which is a clean energy solution that produces minimal waste. It is non-pollutant and great for the environment’’.

Mr. Idowu, added that, ‘’the Branch will also offer excellent services provided by our team of professionals. We are committed to scaling our operation, building the requisite capabilities, while deploying the best ways to simplify banking for customers who use our robust technology platform’’.

In his address, the Governor of Ondo State, Mr. Rotimi Akeredolu, commended FCMB for its giant strides and contributions to the development of the State and Nigeria in general.

The Governor, represented by the Commissioner for Finance, Mr. Wale Akinterinwa, said, “it is gratifying that FCMB has further cemented its place in the economic development of Ondo City by moving to its own structure. The fact that the Bank has been in existence for 36 years and consistently performed creditably is a confirmation of the quality of its management. We want the Bank to develop products and services that will further promote financial inclusion and access to funds. Ondo State government will continue to work with FCMB to ensure that it contributes more to the development of the people and the state in general”.

Also speaking, the Osemawe and Paramount Ruler of Ondo Kingdom, Oba Victor Kiladejo, said, “we are happy with the feats attained by FCMB and considering Ondo City as a worthy place to align with. We want the Bank to do more in empowering our people and engage in CSR activities. Ondo Kingdom and our people are ready to collaborate more with the Bank, especially in the area of support to Small and Medium Scale Enterprises. We pray that FCMB will continue to grow and remain a partner in progress’’.

For more information about FCMB, please visit www.fcmb.com.

See pictures from the launch below:

 

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FirstBank announces the appointment of Alhaji Ado Yakubu Wanka as non-executive director

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, today announced the appointment of Alhaji Ado Yakubu Wanka as Non-Executive Director.

Speaking on his appointment, Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said, “We are delighted to welcome Alhaji Ado Yakubu Wanka, to the FirstBank Board. We are especially excited that he is bringing a combination of complementary skills and rich experience to the table which will no doubt enhance the quality of governance towards meeting our strategic goals.

Alhaji Ado Yakubu Wanka attended Government Secondary School, Bauchi (1966 – 1970), Federal School of Science, Lagos (1971 – 1973), holds a B.Sc. in Chemical Engineering from Ahmadu Bello University, Zaria (1973 – 1977) and an MBA from the same institution (1982 –1984). He is also an alumnus of the Harvard Business School and Switzerland’s Institute of Management Development, Lousanne. Alhaji Wanka served in the National Youth Service Corps (NYSC) as a graduate assistant with the Department of Chemical Engineering, Obafemi Awolowo University (OAU), Ile Ife. Thereafter, he started his managerial career as a young process engineer with Ashaka Cement Company Plc where he rose to the position of Deputy Production Manager

After completion of his MBA degree, Alhaji Wanka acquired further managerial competence during his stay with the Northern Nigeria Development Company (NNDC), Kaduna. During the period, he participated actively in new business development and monitoring of NNDC’s quoted and unquoted investments and left as Principal Investment Executive.

Alhaji Wanka began his banking career in April 1988 with the then Nigerian International Bank (Citibank Nigeria) where he served for six months as Deputy Manager. He was with the FSB International Bank Plc from 1991 to 1997 and rose to become Executive Director. He assumed duty as the MD/CEO of the then Gamji Bank Limited in 1997, moved to First Bank of Nigeria Plc in 1998 as Executive Director, where he spent about eight (8) years. In between his banking career, Alhaji Wanka spent three years in the Nigerian National Petroleum Corporation (NNPC) – September 1988 to April 1991 – where he was Acting Head, New business Development Unit and later Head, Strategic Planning Unit of the Corporation.

With experience in Corporate and Investment Banking, he served in various capacities in other organisations, most notably as Executive Director, Finance and Administration and also, Chairman of the Board of the Nigeria and Sao Tome Joint Development Authority (an agency which oversees the commercial exploration of mineral resources in the Joint Development Zone covering the overlapping maritime boundary between Nigeria and Sao tome & Principe).

Alhaji Wanka joined Unity Bank in March 2008 as a Group Executive Director, initially in charge of Retail Banking and later Risk Management & Control Directorates. He retired in August 2013, after serving as the Bank’s Managing Director for two (2) years.

Alhaji Wanka is currently the Chairman, APT Securities and Funds, APT Pension Fund Managers and Director, Arewa Metal Containers (ARMECO) Ltd.

Alhaji Wanka is a fellow of Chartered Institute of Bankers of Nigeria (CIBN); Nigerian Institute of Management (Chartered) (NIM); Nigerian Society of Chemical Engineers (NSCHE); Institute of Chartered Management Accountants (ICMA) and Institute of Credit Administration (ICA). He is also an Honorary Fellow of the Nigerian Chemical Society and a member of the Institute of Directors (IoD).

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Keystone Bank partners Nilayo Sports to host Valuejet Remo Ultra Race

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L-R: Mr. Yemi Odusanya, Executive Director, Keystone Bank Limited; a guest and Prince Dapo Abiodun, Executive Governor, Ogun State at the maiden edition of the Valuejet IAU African Championship, Remo 2019 competition, held at Shagamu, Ogun State, recently.

As a way of demonstrating its commitment to promoting fitness and healthy living amongst Nigerians, Keystone Bank Limited, recently partnered with Nilayo Sports Management Limited (NSML), to host the maiden edition of the Valuejet IAU African Championship, Remo 2019 competition.

The 50km ultra-distance race event held on Saturday December 7, 2019 at Sagamu, Ogun State, was the first African championship in IAU’s 35-year history. The three-in-one championship had about 4000 athletes from across 35 IAU member countries.

The race which took off at the Gateway International Stadium had in attendance dignitaries including the governor of Ogun State, Dapo Abiodun, president of IAU in Africa, Solomon Ogba, executive director, Keystone Bank, Yemi Odusoya, ex- Nigeria athlete, Falilat Ogunkoya amongst others.

Speaking at the event, Mr. Bukola Olopade, the managing director of NSML said the race is one of the company’s numerous ways to create bond among Nigerians and the world at large. “The ultra-marathon is first of its kind in Africa and we are elated that our company is responsible for bringing youths together to harness their talents. “Valuejet IAU African Championships is a trendsetter. The ultra-race has set an excellent example for ultra-running on the continent”, he concluded.

Commenting on the bank’s involvement in the event, executive director of Keystone Bank Limited, Mr. Yemi Odusanya said the lender recognises the importance of health to nation building, stating, “A healthy workforce is considered the most productive workforce. Good health is critical to economic development and therefore, health remains one of our core CSR pillars in the bank. Keystone Bank will continually strive to promote advanced healthcare in Nigeria.

“The competition showcases the bank’s commitment to community investment and project financing.

“Therefore, sponsoring the Valuejet IAU African Championship, Remo  2019 competition is in line with our vision to promote a healthier   nation as a whole.”

At the event, winners of the 50-kilometre ultra-race in both foreign and local categories pocketed $2,000, while the second and the third placed runners received $1,500 and $1,000, respectively.

For the Nigerian local five-kilometre run, the winner received N500, 000, runner-up N300, 000, while the second runner-up went home with N150, 000.

Nigerian musical artistes, CDQ, Slimcase and Naira Marley were also on ground to add glamour to the event.

While Nilayo Sports Management is a sports management and marketing company, working with some of the biggest names in the world of sports like IAAF, CAA and AFN aimed at promoting sporting activities from grassroots level to international level in Africa, Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

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