World Bank: Fuel price to slow Nigeria’s poverty reduction
•Says rising pre-election spending may derail reforms •Raises Nigeria’s 2026 growth forecast to 4.3% •Projects 15.7% inflation rate for 2026 •44% of firms in Nigeria, Kenya adopt AI, power constraints threaten gains By Babajide Komolafe, Economy Editor The World Bank has warned that elevated fuel prices could slow Nigeria’s poverty reduction efforts despite an expected […]
UNITY bank Plc: A new life after the storm
During the 9th Annual General Meeting of Unity Bank Plc to review activities for the financial year ended December 2014, an opportunity was provided for the bank to commend all critical stakeholders for returning the bank to the path of profitability and also sustaining the bank on a journey that started nine years ago with the coming together of nine banks during the Soludo-era consolidation exercise.
Union Bank unveils 4 new-look branches
Union Bank of Nigeria Plc has unveiled four of its recently redesigned and more modern branches in Lagos state. This is part of the bank’s efforts to continue to deliver superior banking experience to its customers. The branches are located at Oba Akran, Allen, Alausa and the Agege areas of Lagos. Union Bank said the redesigned branches are part of the Bank’s plan to offer “simpler and smarter” banking solutions to customers and prospects. The branches have been exquisitely designed and furnished to wear a sophisticated look.
Sterling Bank targets 1m new customers in 2016
Sterling Bank is set to increase its customer base by attracting one million new customers in 2016. Managing Director and Chief Executive Officer of the Bank, Mr. Yemi Adeola disclosed this at the annual press conference of the banks, adding the bank will also complete ongoing efforts to raise additional fund to beef up its capital base. He said, “As we get ready to go into 2016, we are focussing on four key areas strategically. The first is to improve our funding and customer counts. We intend to increase our customer base by one million new customers in 2016.”
Oando: Profit capacity broken by sustaining revenue fall
Oando’s cost-income structure has faltered with a sustaining decline in sales revenue and a continuing rise in costs. Turnover went down by 5.5% year-on-year at the end of September but cost of sales rose by 47%, which led to a 36% fall in gross profit. This has been the trend for the third year running. In 2013, the company lost 30.8% of sales revenue and in 2014, a further loss of 5.6% occurred. Profit drops happened for the second year in 2013 and huge losses have followed for the second year in 2015.
FBN Holdings loses profit on rising credit losses
FBN Holdings still towers above the rest of the banks in the industry by revenue but rising credit losses have robbed it of significant profit capacity this year. Impairment charges for credit losses made an upsurge of about 250% year-on-year at the end of the third quarter to stand at N46.64 billion. That has far exceeded the total impairment charges of N25.94 billion the bank made in the whole of 2014.
