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Coronation Merchant Bank Group records 46 percent growth in non-interest earnings for 2018

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Coronation Merchant Bank Limited, Africa’s leading financial institution, has released its 2018 Full Year Results to stakeholders in which the Bank posted a Profit Before Tax of N5.3billion.

Commenting on the results, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Limited said that “despite a difficult operating environment, our company stayed the course, recording modest growth across most financial indices.

“The growth we recorded in our profitability and capital position is a testament to the strength of our business model and the commitment of our people.

“When we look at where we stand today, our company is stronger, simpler, and better positioned to deliver long-term value to our stakeholders, thanks to the straightforward way in which we serve our customers and clients.

“As a platform for improving lives, our aim is to assist our customers to identify growth opportunities, harness these opportunities and in the process, enable businesses thrive, economies grow, and ultimately, help organizations fulfil their hopes and realise their ambitions.”

The Group maximized opportunities in its core business to deliver stable and sustainable revenue growing the topline revenue by 10% compared to 2017. Profit Before Tax increased from N5.1bn in 2017 to N5.3bn while Total Assets grew by 63% from N136bn in 2017 to N223bn.

Earning assets grew significantly by 70% y/y to cushion the huge gap from reduced market-driven decline in yield. This resulted to a slight decline in net interest income by 5% to achieve N7.6bn (2017: N8.0bn).

There was increase in foreign exchange and fixed income trading volumes, loan disbursement, e-channel transactions which saw the bank’s non-interest income increase by 46% y/y to achieve N4.1bn (2017: N2.8bn).

The impact of the adoption of IFRS 9 increased the bank’s cost of risk marginally from 0% to 0.03% with all its risk assets in the stage 1 classification according to IFRS 9 classification.

Commenting further on the results, Abu Jimoh stated “As a Group, we have continued to expand our sector reach and meet our customers’ financing needs by offering products tailor made to their varied needs.

“In 2018, we deliberately increased our exposures to high quality obligors in Agriculture, Manufacturing and Oil & Gas sectors who fall within our risk acceptance criteria.

“The quality and efficacy of our growth strategy is evidenced by our zero NPL ratios which we have maintained for the third year running. In addition to this, our dollar asset base grew by over 100% driven largely by self-liquidating trade finance transactions that are well managed, in line with our risk management framework.

“Furthermore, the Bank’s commercial paper product which was launched in the year helped to provide a relatively stable funding base to support our growth. Our Customer Deposit grew by over 65% from N76bn in 2017 to N126bn in 2018.

“The positive results recorded by our commercial paper is an attestation of Bank’s strength in the capital market and a reflection of its growing level of investor confidence.”

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FMBN disburses N23.3bn home renovation loans

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FirstBank splashes N2.7m scholarships on 18 customers

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L-R, Susie Onwuka, Consumer Protection Commission; Martin A, Akinrimisi, Business Development Manager, First Bank of Nigeria Limited; Oma Ogban, Manager, Technology Advisory, (KPMG); Chuma Ezirim ,Group Executive, e-Business & Retail Product , First Bank of Nigeria Limited; Simisola Munira, Lagos State Lottery Board; Abiodun Famuyiwa, Head, Retail Business & Community Banking, First Bank of Nigeria Limited and Oluwaseun Adepoju-Iwuchukwu, Account Manager, Tequila Nigeria following the FirstBank XploreFirst grand finale raffle draw held in Lagos.

By Chinyere Joel- Nwokeoma (NAN)

 

First Bank of Nigeria Limited has splashed scholarships worth N2.7 million on 18 customers under its XploreFirst promo initiative to boost savings culture and promote financial inclusion among students.

The News Agency of Nigeria (NAN) reports that the winners were drawn from the six geopolitical zones and Lagos at the final/ grand raffle of XploreFirst promo on Friday in Lagos.

The winners emerged through an electronic draw handled by Tequila on behalf of the bank and supervised by KPMG, National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Commission (CPC).

At the event, Mr Chuma Ezirim, FirstBank Group Executive, e-Business & Retail Products, said: “XploreFirst is a FirstBank savings account variant designed specifically for students between the age range of 18 to 29.’’

Ezirim said that a minimum amount of N1, 000 was required to open the account and account holders are to maintain a minimum balance of N200 to run the account.

He said that the XploreFirst promo was one of the special benefits of the account.

According to him, the 18 winners that emerged at the final draw will be offered yearly scholarships of N150,000 each.

Ezirim said that the initiative was targeted at youths, especially those in tertiary institutions and informal sector, to enhance savings culture and drive financial inclusion across the country.

“Customers are offered yearly scholarships of N150,000 as incentives to maintain a certain amount of deposit, in this case, N10,000 in their account over a 30-day period to qualify for the monthly draws and giveaways.

“Customers who  successfully maintain the set balance over the six months period are eligible to win the jackpot of N150,000, the grand finale prize,’’ he said.

Ezirim noted that the initiative would be sustained by the ban k  in line with the Central Bank of Nigeria (CBN) financial inclusion mandate.

Also speaking, Mr Olufemi Odumuboni, the bank’s Head, Youth/Women Banking, said  the promo dynamics was centered at making people to engage in financial discipline.

Odumuboni said that winners were selected based on certain principles that made them eligible to qualify for the draw.

He explained that apart from the N2.7 million set aside for the yearly scholarships, the bank had splashed about N900, 000 to customers who emerged winners at the various monthly draws for data purchase for their mobile phones.

“Winners from the monthly draw selected from the bank’s six geopolitical zones are entitled to N5, 000 each which they are encouraged to use for data purchase for their mobile phones,” Odumuboni stated.

Ms Susie Onwuka of CPC, commended the bank for ensuring transparency throughout the promotion process.

Onwuka said the bank had deployed modern technology in the promo process to eliminate bias, noting that, the agency was happy with the process and the bank.

“Promotions should be registered to show transparency and ensure fairness to the consumers,” she said.

Onwuka said the regulatory body would follow up with the winners to ensure they were rewarded accordingly.

NAN reports that some of the scholarship winners included Mr Offiong Micheal, Mr Ezugba Chukwuebuka, Mr Olorunfemi Oluwatunmise, Mr Adekale Adenike and Ms Agbakwuru Dorcas

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More winners emerge in Fidelity Bank Get Alert in Millions Savings Promo (GAIM Season 3)

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L- R: Regional Bank Head, Rivers/ Bayelsa 2, Fidelity Bank Plc, Evi Kanu; Grand Prize Winner of N10 million of Fidelity Get Alert in Millions Savings Promo, John Silus, Poubo; Executive Director, South Fidelity Bank Plc, Mrs. Aku Odinkemelu and wife of the star prize winner, Mrs Mary John Poubo at the grand prize presentation ceremony of Get Alert in Millions Savings Promo (GAIM Season 3) in Port Harcourt on Tuesday

L-R: Regional Bank Head, Rivers / Bayelsa 2, Fidelity Bank Plc, Evi Kanu; N2million winner, Okoye Ndubuisi; N3million winner, Kingsley Ibenegbu; Grand Prize N10million winner, John Silus Poubo; Executive Director, South, Fidelity Bank, Aku Odinkemelu; N2million winner, Dokpesi Nasiru; GAIM3 Dance Contest winner, The Exceptional Dancers, Daniel Clinton; Divisional Head, Retail Group, Richard Madiebo at the Grand Prize Presentation of Fidelity Get Alert in Millions Savings Promo (GAIM 3) in Port Harcourt on …TUESDAY

 

Mr John Pouba, a Seaman with an oil servicing company, has emerged winner of the N10 million grand prize in the Fidelity Bank’s Get Alert In Million (GAIM) Promo Season 3.

Pouba, who was announced the winner at the grand prize presentation ceremony in Port Harcourt on Tuesday, collected his cash prize at the occasion.

Alongside Pouba were four other winners of millions of Naira, namely; Mr Kingsley Ibenegbu, N3 million; Mr Nasiru Dokpesi, N2 million; Mr Oliver Okoye, N2 million and Nwodo Edeh, N1 million.

Ibenegbu, who is a technologist at the University of Nigeria, Nsukka, described his prize as a miracle of God.

He said that he was billed for an eye surgery but due to lack of fund, he could not go.

He said that he was involved in a road traffic accident in November and his left lense (black eye) fell off the eye to the ground.

“I picked it up and took it to a hospital, the doctors immediately referred me to UNTH (University of Nigeria Teaching Hospital) which said I have retina detachment but unfortunately, the hospital did not have the equipment to help my case.”

Ibenegbu said that he got to a private hospital in Enugu and was told that the surgery would cost him N1.1 million which he did not have.

He said that further enquires got him to a private hospital in Ibadan where he was charged 350,000 but because he did not have such an amount, he pleaded to pay by instalments.

He said that the doctors refused but advised him to go and scout for money fast, adding that by that time, the remaining right eye had started paining him.

“I went round my relations and friends but I couldn’t get any money, so one of my friends advised me to pray to God for a destiny help.

“I went home that night and prayed earnestly to God, asking for the forgiveness of my sins and to bless me with a miracle; the following day, I got a call that I have won N3 million,” he said.

Ibenegbu, however, commended Fidelity Bank for the gesture and described it as a destiny help, adding that he would be going for the surgery in June.

The grand prize winner, Pouba, said he would invest the money in Fidelity but before that, he would consult with his account officer for advice.

Pouba and other winners thanked the bank for the gesture and urged it to continue making its customers millionaires.

In her opening address, Mrs Aku Odinkemere, Executive Director, South, said the essence of the promo was to encourage customers and their families to imbibe the saving culture.

Odinkemere, who represented the Managing Director/Chief Executive Officer of the bank, Mr Nnamdi Okonkwo, said that the importance of saving for a rainy day could not be over-emphasised.

She said that in 2017, a man won a house in Port Harcourt through the promo, adding that N110 million and 108 consolation prizes have been given out in the promo.

Past prize winners of the season’s promo, who were present at the occasion, recounted their joys when they received the calls announcing them winners and commended the bank for bettering their lives.

Refrigerator and power generating set were given out as consolation prizes to Nkem Isichei and Ejirooghene Ekeuwei, respectively.

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