Friday, 30 August 2019
Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has announced its mid-year audited results for the period ended June 30, 2019, as it recorded a profit of N36.2 billion after tax.
The Group also announced an interim dividend of 100 kobo.
According to the Stanbic IBTC’s income statement, the Group recorded an increase in gross earnings to N117.4 billion, representing a 3% growth. The company also maintained its total operating income of N94 billion.
Profit before tax stood at N44.7 billion, while profit after tax was N36.2 billion. Other results reflect an increase in non-interest revenue which stood at N54.9 billion while net-interest income was N39.3 billion.
Stanbic IBTC’s balance sheet reflect that the Group’s total asset’s was N1,619.3 billion while the gross loans and advances was N479.7 billion, an increase in 5%, compared to last year’s figures. While customer deposits was N693.5 billion, there was an improvement in current-and-savings-accounts deposits mix which went up to 68.9%.
Speaking at the formal announcement of the results at the Stanbic IBTC Holdings PLC Headquarters, Yinka Sanni, Chief Executive, Stanbic IBTC, stated that the Group’s business segments were profitable, despite the challenging business and regulatory environment.
He said: “Our financial results in the first half of 2019 reflected similar trends encountered in the first quarter. The operating environment remained muted, regulatory changes coupled with the highly competitive landscape continued to impact overall returns. Still, our diversified business model continues to set us apart. Our business segments remained profitable and resilient although at a slower pace when compared to prior year.”
Sanni disclosed that there has been a return to growth in the second quarter, mainly from the communication and oil and gas sectors. He further added that the gross non-performing loan to total loan ratio which was 3.91%, was within acceptable regulatory limits.
Speaking on other areas of the mid-year results in which the Group experienced growth, he noted that assets under custody rose to N7 trillion (representing a 42% growth) while assets under management grew by 8% to N3.5 trillion.
Sanni highlighted three areas through which Stanbic IBTC Holdings achieve growth targets as: EZ cash loan/advance, a recently launched instant credit solution; enhanced migration of customers to digital platforms and the launch of RetireWell Individual Retirement Savings Account, a retirement savings account targeted at self-employed individuals.
He shed more light on those initiatives: “To further drive credit growth, in the retail space, we launched an instant credit solution named EZ cash loan/advance, which gives access to loans in less than a minute to pre-approved customers. This, among other initiatives, will enable us achieve the targeted loan growth for the year.
“The disciplined execution of our digital strategy has seen customers increasingly adopting and transacting on our digital platforms. The number of transactions performed by customers on our digital channels was up 26% between H1 2019 and H1 2018. This translated into a year-on-year growth of 71% in electronic banking fees. Moreover, we instituted a digital academy targeted at equipping staff with digital skills at various levels while also driving collaboration with Fintech players to position us for early adoption of innovative solutions.
“Following the launch of the micro pension initiative by the government earlier in the year, we deployed the RetireWell Individual Retirement Savings Account. We have put in place strong agency network in key locations to drive growth in this area and we have made good progress in this regard.”
Published in Bank & Finance

The Nigerian government on Thursday said it has taken delivery of a calibration aircraft worth $8.5m to make the air space safer.

Hadi Sirika, country’s Aviation Minister said on his twitter account on Thursday evening that he just received new calibration aircraft for the country.

He said the make of the aircraft is King Air 350i and cost $8.5m.

According to him, the acquisition of the aircraft had saved the nation the agony of contracting it to South Africa or Niger at about $500K every 6 months.

Sirika said the nation’s airspace is safer now and thanked President Muhammadu Buhari for purchasing the aircraft/

“Just received new calibration aircraft for the country. Make is King Air 350i. Cost $8.5M. The agony of contracting it to South Africa or Niger at about $500K every 6 months is over. Our airspace is safer. Thanks Mr President, we started & finished during your regime,” he wrote on his twitter page.

Just received new calibration aircraft for the country. Make is King Air 350i. Cost $8.5M. The agony of contracting it to South Africa or Niger at about $500K every 6 months is over. Our airspace is safer. Thanks Mr President, we started & finished during your regime

Published in Travel & Tourism
Friday, 30 August 2019 08:59

Google reveals massive iPhone hacks

Google says they have been targets of massive hacks for several years
Google security experts uncovered an “indiscriminate” hacking operation that targeted iPhones over a period of at least two years and used websites to implant malicious software to access photos, user locations and other data.
In a post Thursday on the blog of Google’s Project Zero security taskforce, cyber experts did not name the hacked websites hosting the attacks, but estimated they received thousands of visitors a week.
“Simply visiting the hacked site was enough for the exploit server to attack your device, and if it was successful, install a monitoring implant,” said Project Zero’s Ian Beer.
Once installed, the malicious software “primarily focused on stealing files and uploading live location data,” Beer said, adding it had been able to access encrypted messenger apps like Telegram, WhatsApp and iMessage.
Google hangouts and Gmail had also been affected, he added in the post, which provided a detailed breakdown of how the malicious software targeted and exploited iPhone vulnerabilities.
Most of the vulnerabilities targeted were found in the iPhone’s default Safari web browser, Beer said, adding that the Project Zero team had discovered them in almost every operating system from iOS 10 through to the current iOS 12 version.
Once embedded in a user’s iPhone, the malicious software sent back stolen data, including live user location data back to a “command and control server” every 60 seconds.
Beer said Google had informed Apple of the attacks in February, and Apple subsequently released a security patch for the iOS 12.1.
Long the driver of Apple’s money-making machine, iPhone revenue overall was down 12 percent from last year to $26 billion.
The tech giant sent out invitations on Thursday to a September event at its Silicon Valley campus where it is expected to unveil a new-generation iPhone.
Published in Telecoms

Eskom Holdings SOC Ltd., the state-owned utility that supplies about 95% of South Africa’s power, rejected proposals by National Treasury that it sell some plants to reduce its debt mountain, a lawmaker said.

Eskom has turned to the government for bailouts to remain solvent as it confronts massive cost overruns at two partially completed coal-fired plants -- Medupi and Kusile -- and its other aging plants struggle to produce enough power to meet demand. The sale of the generating facilities could raise 450 billion rand ($29 billion), Treasury said in a policy paper published on Aug. 27. That’s 10 billion rand more than the utility owes.

“We have posed a question to Eskom on the sale of Kusile,” Mkhuleko Hlengwa, the chairman of parliament’s public accounts committee, told reporters in Johannesburg on Thursday after the panel visited the two plants. “The responses that we have received is that they don’t believe, on the basis of the work that they have done, that the sale of Kusile or any of their assets would be the way to go.”

Kusile is expected to be completed by 2023 at a cost of 161 billion rand, and Medupi next year or in 2021 at a cost of 146 billion rand. When the projects were first announced in 2007, it was projected that Medupi would be finished in 2012 and Kusile two years later and the combined cost would be about 150 billion rand.

“The project from inception was not conceptualized properly,” Hlengwa said. “It is evident that corruption has taken place. There’s no running away from that if you look at the cost escalations, the contract management.”


- Bloomberg

Published in Engineering
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