Items filtered by date: Thursday, 07 March 2019
Guaranty Trust Bank Plc on Wednesday announced its audited results for the financial year ended Dec. 31, 2018 on the Nigerian and London Stock Exchanges.
 
The company in the result released by the Nigerian Stock Exchange (NSE) posted profit before tax of N215.6 billion against N197.7 billion recorded in the corresponding period of 2017, an increase of 9.1 per cent.
 
Gross earnings for the period under grew by 3.7 per cent to ₦434.7 billion from ₦419.2 billion reported increase 2017.
 
Its customers’ deposits increased by 10.3 per cent to ₦2.27 trillion from ₦2.06 trillion in the comparative period of 2017.
 
Also, loan book dipped by 12.9 per cent from ₦1.45 trillion recorded as at December 2017 to ₦1.26 trillion in December 2018.
 
The result showed that the bank closed the 2018 financial year with total assets of ₦3.29 trillion and shareholders’ funds of ₦575.6 billion.
 
An analysis of the bank’s asset quality showed that non-performing loans and cost of risk improved to 7.3 per cent and 0.3 per cent during the review period from 7.7 per cent and 0.8 per cent in December 2017, respectively.
 
The bank is proposing final dividend of ₦2.45 per share in addition to interim dividend of 30k per share, bringing the total dividend for 2018 financial year to ₦2.75k per share.
 
Commenting on the result, Mr Segun Agbaje, the bank’s Managing Director, said that the result represented the fundamental strength of its brand.
 
“In 2018, our focus on staying nimble, strengthening customers’ relationships and driving our digital-first strategy paid off.
 
“We successfully navigated the pressures of our challenging and radically changing business environment, recorded growth across key financial indices and reaffirmed our position as one of the best performing and well managed financial institutions in Africa.
 
“This result reflects, not just the fundamental strength of our brand, but also commitment to our values of excellence, creating value for all stakeholders and putting our customers first in everything that we do.
 
“Driven by these values, we are building the bank of the future by pairing the best of our business with the massive potential of digital technologies to create Africa’s first integrated and trusted platform,” Agbaje said.
 
Published in Bank & Finance

South Africa’s central bank says rising fuel and electricity prices posed a domestic risk to the inflation outlook and impact on its 2019 growth.

The apex bank governor, Lesetja Kganyago, gave the remarks on Wednesday after the latest fourth-quarter data showed an annualised growth of 0.8 per cent.

Besides, Kganyago said the impact of the volatile Rand currency and tightening global financial conditions were also being monitored for possible inflationary impacts.

The governor, however, maintained that he expected the economy to grow by 1.7 per cent this year and two per cent in 2020.

Published in News Economy
Thursday, 07 March 2019 06:53

South Korean ex-president granted bail

Former South Korean President, Lee Myung Bak, is set to be released from jail after he has been granted bail, local media reported.
 
According to the Yonhap news agency, Lee, 77, who has been imprisoned on corruption charges since October, was granted bail by the Seoul High Court due to deteriorating health and other reasons.
 
He was handed a 15-year prison sentence for taking bribes while in office from 2008 to 2013.
 
The money came from the secret services, businesses and other organisations.
 
All four of South Korea’s still-living former heads of state have been sentenced for corruption after their presidential terms ended.
 
Lee’s successor, Park Geun Hye, was sentenced in April to 24 years in prison on multiple charges, including abuse of power, bribery
and leaking state secrets.
 
Former president Chun Doo Hwan and his successor Roh Tae Woo were sentenced to death in 1996 for rebellion and high treason.
 
Both were fined heavily for corruption in office.
 
They were pardoned in 1997 and are still alive.
Published in World

Absa Group Ltd is restructuring its South African retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy.

Finance labor union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said by phone Wednesday.

About 15 retail-banking executives exited their positions at the Johannesburg-based lender in June, after a similar process was followed to flatten the unit’s top structure.

Discussions between Sasbo, Absa and employees are still in their early stages, with 827 jobs potentially at risk, Landman cited a written notice from the company as saying, adding that 340 people might be employed through the process.

“At this point we are trying to figure out if what the bank is saying has merit, and prove that the restructuring is actually unnecessary.”

“It is only once the realignment is complete that the total number of people who have either been appointed to new roles or have left the organisation will be known with certainty,” Absa said in emailed comments.

The changes will result in “both new opportunities and redundancies across the business,” it said, adding that the steps aren’t a “retrenchment exercise, but a realignment effort aimed at enabling our new strategy.”

Tepid Growth

The shake-up comes as South African lenders contend with slow economic growth and a consumer base battered by tax hikes and rising fuel and utility expenses.

A stubborn unemployment rate of about 27% and declining business confidence is also curbing demand for loans, forcing banks to bring their costs down.

Retail and business banking accounts for more than half of Absa’s profit and is at the center of a group-wide push to grow revenue faster than its competitors after the lender’s former U.K.-based parent, Barclays Plc, sold down its controlling stake to below 15%.

The division’s chief executive officer, Arrie Rautenbach, who was appointed about a year ago, is focusing on boosting mortgage lending, lowering costs and expanding the number of products sold to its clients.

Rautenbach is implementing his strategy as South Africa’s banking sector becomes increasingly competitive with one new rival, TymeBank, launching in February and two more expected to follow this year.Absa will publish its annual financial results on Monday.

Published in Bank & Finance

The nation’s bourse on Wednesday reversed the three consecutive days positive trend with the market capitalisation dropping by N20 billion.

The News Agency of Nigeria (NAN) reports that the market capitalisation shed N20 billion or 0.17 per cent to close at N11.978 trillion against N11.998 trillion posted on Tuesday.

The All-Share Index lost 51.92 points or 0. 16 per cent to close at 32,121.74 compared with 32,173.66 achieved on Tuesday.

Breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers’ table, appreciating by 50k to close at N196.50 per share.

Guaranty Trust Bank followed with a gain of 35k to close at N37.95, while Access Bank increased by 10k to close at N6.10 per share.

United Capital added 5k to close at N3.30, while FBNHoldings also gained 5k to close at N8.15 per share.

Conversely, Seplat topped the losers’ table with a loss N22.10 to close at N596.90 per share.

Cement Company of Northern Nigeria trailed with N1 to close at N19, while GlaxosmithKline dipped 40k to close at N11.50 per share.

Ecobank dropped 30k to close at N13.70, while Etranzact shed 29k to close at N2.64 per share.

Zenith Bank dominated trading activities, accounting for 45.37 million shares worth N1.11 billion.

Guaranty Trust Bank followed with an exchange of 23.08 million shares valued at N872.94 million, while Fidelity Bank Plc traded 20.17 million shares worth N46.46 million.

Access Bank sold 15.61 million shares valued at N94.18 million, while Transcorp traded 13.86 million shares worth N17.54 million.

In all, the volume of shares traded closed lower by 47.96 per cent as investors bought and sold 208.60 million shares valued at N2.78 billion in 3,246 deals.

This was in contrast with 400.87 million shares worth N3.46 billion exchanged in 3,885 deals.

Published in Bank & Finance

FC Porto converted a penalty kick awarded following a Video Assistant Referee (VAR) review three minutes from the end of extra time to beat AS Roma 3-1 on Wednesday.

The win gave them a 4-3 aggregate victory to advance into the UEFA Champions League quarter-finals, after having lost 1-2 in the first leg.

Fernando went down as he tried to meet Maxi Pereira’s low shot across the face of the goal and, after studying the pitchside monitor, the referee judged in his favour.

He adjudged that his shirt had been tugged by Alessandro Florenzi.

Alex Telles emphatically converted the penalty kick to give Porto a win and heap further pressure on Roma coach Eusebio Di Francesco.

Italian media had said before the match that he was fighting to keep his job.

Tiquinho Soares put Porto ahead in the 26th minute before Daniele De Rossi levelled with a penalty kick before half-time.

Moussa Marega put the Portuguese champions back in front in the 52nd minute, and both sides failed to find the range again thereafter until the extra time decision.

Published in World
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