Items filtered by date: Monday, 30 July 2018
Diamond Bank Plc has strengthened its retail business segment with digital customers of three million for the second quarter ended June 30, 2018.
 
Mr Uzoma Dozie, the bank’s Chief Executive Officer, on Monday attributed the milestone to its digital penetration strategy with strong focus on the Nigerian market.
 
Uzoma said that the bank’s digital strategy was paying off as the institution recorded a milestone figure of three million digital customers and significant increase in its mobile platform transaction fees.
 
He said that the bank’s non-interest income during the period grew by 6.4 per cent to N18.8 billion during the period on higher fees from retail transactions on mobile platform.
 
Uzoma noted that customers’ loan volume decreased by 3.6 per cent to N728.7 billion as maturities exceeded new loans during the period.
 
He said that the nation’s economy continued to record improvements at a macro level because of stable, higher than anticipated oil prices.
 
“We have witnessed 15 months of expansion reflected in monthly (Purchasing Managers Index (PMI) data, but investor sentiment has remained mixed caused in part by the election season factor.
 
“We have capitalised on the positive macro environment to sustain interest income in the short run with positive prospects for growth and have made progress in growing non-interest income.
 
“PMI is an indicator of economic health for manufacturing and service sectors,’’ Uzoma said.
 
He said that the bank would continue to build awareness in the wider financial ecosystem to develop new frontiers in retail banking.
 
Uzoma said that among this activity were the Beauty Souk and TechFest events, targeted at entrepreneurs and emerging businesses in the fashion and technology sectors respectively.
 
“Our partnership with Lagos Business School’s Enterprise Development Centre to support young entrepreneurs continued with the seventh season of the Building Entrepreneurs Today programme.
 
“In addition to retail banking, we are investing more resources in our mid-market business banking services to seize the opportunities emerging in that segment.
 
“In the second half of 2018, these investments will lead to improved profitability overall.
 
“Despite a tough six months being reported, the outlook for 2018 remains bright for the Bank as we continue to focus on a return to strong profitability and improvement in other (Key Performance Indicators (KPIs),” Uzoma said.
 
The News Agency of Nigeria (NAN) reports that the bank during the period under review posted profit before tax of N2.92 billion compared to N9.52 billion recorded in the corresponding period of 2017.
 
Gross earnings stood at N98.50 billion as against N97.89 billion achieved in the preceding period of 2017.
 
 
Source: NAN
Published in Bank & Finance
For former Zimbabwe leader, Robert Mugabe, it was payback time to President Emmerson Mnangagwa and other coup plotters in ZANU-PF who removed him from office last November, as he urged voters to reject them in Monday’s election.
 
On the eve of Zimbabwe’s first election since his ouster in a de facto coup, the 94-year-old said he hoped his former allies in the “military government” would be voted out of power.
 
Mugabe, whose 37-year rule came to an end when he was forced to resign in November, told reporters at his mansion in Harare on Sunday that President Emmerson Mnangagwa’s government was unconstitutional and ruled by the gun.
 
“I hope the choice of voting tomorrow will throw, thrust away the military government and bring us back to constitutionality,” said a frail looking Mugabe, in a rambling off the cuff speech that lasted almost an hour.
 
“Let tomorrow be the voice of the people to say never again shall we experience a period where the army is used to thrust one person into power.”
 
Monday’s election will see 75-year-old Mnangagwa, a long-time Mugabe ally, face 40-year-old Nelson Chamisa, a lawyer and pastor who is vying to become Zimbabwe’s youngest head of state.
 
Polls, which are unreliable, give former intelligence chief Mnangagwa a slim lead over Chamisa.
 
Both candidates are due to address the media later on Sunday.
 
Mugabe, one of the last “Big Men” of African politics, still looms large over Zimbabwean politics and he may yet influence the first vote without his name on the ballot paper since the country gained independence from Britain in 1980.
 
Though he became increasingly unpopular with most Zimbabweans as mismanagement and corruption sent the economy into decline, he retains support in his rural heartland where supporters remain bitter about the manner of his removal.
 
 
Source: PMNEWSNIGERIA
Published in Opinion & Analysis

The National Pension Commission (PenCom) said that the total pension fund assets stood at N8.14 trillion as at May, 2018.

PenCom in a statement signed by its spokesman, Mr Peter Aghahowa, on Sunday said the assets rose from N7.52 trillion in December 2017, to N8.14 trillion in May 2018.

The commission said,”the pension assets as at December 2017 stood at N7.52tn. It moved up to N7.8 trillion as at February and soared to N7.94 trillion in March, then to N8.14 trillion in May.”

It also said that N5.2 trillion has been invested in Federal Government Securities by the Pension Fund Administrators (PFAs)

It said the investment represented 70.08 per cent of the N8.14 trillion pension assets.

“In a breakdown of the investment, FGN bonds got N3.96 trillion; treasury bills, N1.68 trillion, agency bond like the Nigeria Mortgage Refinancing Company (NMRC) and the Federal Mortgage Bank of Nigeria (FMBN) got N6.54 billion, Sukuk bonds got N51.98 billion and green bond got N8.26 billion.

“The state government securities gulped N154.02 billion; corporate bonds, N393.27 billion; corporate infrastructure bonds, N8.36 billion; banks, N662.80 billion; commercial papers, N71.75 billion and estate properties, N228.86 billion.

“Other classes of assets include, supra-national bonds, N8.21 billion; open/close end funds, N10.16 billion; mutual funds, N1987 billion; private equity fund N3727 billion; infrastructure fund, N8.95 billion and cash & other assets N96.13 billion,” the commission said.

Source: NAN

Published in Bank & Finance
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