Heritage Bank’s support for socio-economic growth earns Senior Executive EveAfrique Award
Senior Management Executive of Heritage Bank Plc received the “Heart of Gold” award by EveAfrique organiser of the annual Red Ball for Charity.
The awardee, Osepiribo Ben-Willie, Directorate Head, South-South, South-East & Private Wealth Management, who was part of the 10 awardees was honoured for her immense contribution to the sustainable development and socio-economic growth in the Niger Delta region.
EveAfrique’s Red Ball for Charity 2022 edition themed, “A night of Hope
with focus on Lupus Awareness and Management,” led to the awards and entertainment gala where the Heart of Gold awards were presented.
Speaking at the event, Ben-Willie stated that Heritage Bank has been at the forefront of investing in human capital development for critical economic recovery. This, according to her informed the keen interest in extending support to the Niger Delta region.
Specifically, she commended the organisers of the event for the award and on the need to raise awareness in addressing a peculiar health matter about Lupus signs and symptoms which happens not to be known by many individuals.
Ben-Willie said, “In Heritage Bank, health is priority that is why we will continue to partner and support the organizers of EveAfrique on knowledge increase about the importance of early detection and treatment, enhancing the self-management skills of people with lupus, and improving the capacity of health care providers in their ability to make quick and accurate diagnoses.”
She disclosed the Bank’s commitment to support one of the survivors of Lupus, Boma Alaiyiboba Graham-Douglas’s foundation, whilst stating that the bank has been at the forefront of addressing health matters through several partnership with state governments and NGOs.
In her
keynote address, the Convener of EveAfrique of Red Ball for Charity initiative, Ivy Davis Etokakpan said that her organisation in partnership with Heritage Bank has synergized to create significant awareness and support for individuals affected by the disease.
She further stated that the Heart of Gold award was presented in appreciation of well-deserved distinguished persons who have made notable strides in the areas of protection and respect for human rights, peaceful settlement of disputes, sustainable development to socio-economic growth in the Niger Delta region.
FIRSTBANK WINS BEST BANK IN NIGERIA AND BEST BANK IN DIGITAL TRANSFORMATION NIGERIA 2022
Nigeria’s premier banking institution and leading financial services inclusion services provider, FirstBank of Nigeria Limited has won two awards: Best Bank in Nigeria 2022 and Best Banking Digital Transformation Nigeria at the International Investor Awards 2022, a print and online publication that provides insights, news and visual informative pieces with topics ranging from world markets, investing opportunities, industry analysis and so much more. All content is dedicated to the global investment community that wants to take a step ahead.
The bank was recognized with the Best Bank in Nigeria 2022 award for its leadership role in promoting financial inclusion in Nigeria which has been integral to improving lives and stimulating businesses of individuals across the country.
Also, the Best Bank in Digital Transformation was awarded to FirstBank in recognition of its continued efforts at reinventing its digital banking channels which have been central to reinforcing the Bank’s leading role in promoting a cashless society in the country whilst putting customers at an advantage in enjoying a secured and seamless digital banking experiences. The Bank’s digital banking channels include; its recently unveiled fully automated branch (FirstBank Digital Experience Centre), *894# USSD banking, FirstMobile, First online, and WhatsApp banking amongst others.
Expressing delight at the Bank’s performance. Ms Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications First Bank of Nigeria Limited said: “We thank International Investor Awards for the recognition, whilst dedicating these awards to our esteemed customers spread across the world for their unflinching patronage of our services through our 128 years of existence.
As a bank that is woven into the fabric of society, we remain committed to ensuring that our customers enjoy safe, secure and advanced financial services as they seamlessly carry out their banking transactions on the go, irrespective of where they are,” she concluded.
In 2021 financial year, the Bank received similar recognitions. A few of these are: Most Innovative Retail Banking App Nigeria 2021 by Global Banking and Finance Awards; African Bank of the Year 2021 & Innovative Banking Product of the Year 2021 by African Leadership Magazine Awards; Best Internet Banking Nigeria 2021 by International Business Magazine; Best Financial Brand 2021 by Global Brands Awards.
Others are: Best Consumer Digital Bank 2021 by Global Finance; Alternative Delivery Channel of the Year 2021 by BusinessDay Banks and Other Financial Institutions Awards and 2nd Most admired financial services Brand in Africa by Brand Africa.
Workers’ Day: Ecobank Nigeria To Host Webinar On Investment Opportunities
Ecobank Nigeria has concluded arrangements to hold a consumer-focused and investment-oriented webinar titled “Today’s Opportunities for Your Money; Making the Best of the Moment”. The webinar, slated for May 6, 2022, by 11am is in commemoration of Workers’ day and it will feature a carefully selected panel of speakers; notably Jimi Ogbobine, Head of Agusto Consulting, business experts from the bank’s Treasury and Consumer Products teams, as well as Ecobank Development Corporation (EDC), the bespoke investment arm of the Ecobank Group. The registration link is https://bit.ly/3OHw35s
Speaking ahead of the event, Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, said the webinar will focus essentially on the investment opportunities available to customers and non customers considering current macro-economic realities, adding that it will also provide a guide to investment in key sectors and the banks offerings to help them get the best out of today’s financial landscape.
According to her, “The purely virtual webinar is designed for workers, salary earners, business owners and open to everyone. A consumer banking webinar of this magnitude is one of the numerous ways we retain our leading position as a Pan-African Bank and our customers’ preferred financial partner and this year’s Workers’ Day celebration gives us another opportunity to provide them value that goes beyond banking.”
She further explained that “In putting together this webinar, our goal is to provide every individual; irrespective of their location, class or income range, the right financial advice to help them unlock maximum value for their money. People work hard for their money and they deserve to acquire the insights that will help them put their money to work. We believe this webinar will help them achieve that.”
While imploring members of the public to join the webinar, Mrs. Demola-Adeniyi maintained: “The webinar is bound to provide financial education and financial planning tips to our customers and every other participant. “Participants will be informed about relevant investment opportunities to create wealth and most importantly, how the bank can be useful to them at this time. “It is important to make an informed decision regarding how to manage your money.”
Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading Pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.
Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.
Heritage Bank, Delta State rev-up creative sector for economic growth
…Omu Anioma unveils local fabrics ‘Akwa Ocha’
Heritage Bank Plc, Nigeria’s Most Innovative Service provider has collaborated with Delta State to make the creative and entertainment industry mainstay of revenue generation that will stimulate sustainable growth to the nation’s economy.
This was disclosed when the Omu Anioma and Nneoha, HRM Obi Martha Dunkwu unveiled the Anioma eternal native attire, “Akwa Ocha” to the Entertainment world during the Delta Music, Comedy and Fashion Expo held at the Dome Event Centre, Asaba, Delta State. Meanwhile, during a contest for best dancers dressed in Akwa-Ocha, organized by 2Things Promotion and prize money guaranteed by Heritage Bank Ynspyre Account, the 1st Prize winner, Friday Nkechi received N250,000, whilst Opene-Terry Joseph and Usanga Joseph as the 2nd and 3rd winners carted away N150,000 and N100,000, respectively
The MD/CEO of the bank, Ifie Sekibo, in his remarks said the partnership is in line with its culture as timeless wealth partners which has continued to impact positively on the nation’s socio-economic development.
“The Akwa Ocha fabric Industry, Entertainment and Creative Industry that Delta State is known for, may be the revenue base of the State Government beyond Oil. Heritage Bank is always available and ready to partner with the State and players in the industry to achieve Delta beyond Oil,” he said.
According to him, the music and entertainment industry has done so much for Nigeria in terms of employment and foreign exchange earnings and if more resources could be put into it, the country would be better for it.
Sekibo who was represented by the Ag. Group Head, South-South 2/ECM, Charles Ojakovo affirmed that the bank would continue to support initiatives that have to do with sustainable growth, adding that the bank has always supported the Entertainment and Creative Industry.
“This Industry over the years has had a huge impact on our GDP and engaging a very large number of our youths thereby reducing the level of unemployment.
“Akwa ocha is an Anioma Heritage and our Heritage, and there is need to take it to the next level and international standards, as a hub to orchestrate economic growth,” he noted.
He further explained that Heritage Bank’s various entrepreneural schemes in support of business had always focused on dependable job-creating sectors, such as agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining and solid minerals, creative industry (tourism, arts, and crafts), and Information and Communications Technology (ICT).
HRM Dunkwu commended Heritage Bank for its partnership with the organizers of the event for factoring a concept that introduces the Akwa Ocha fabric into fashion shows.
She emphasized how impressed she was at the beautiful appearance of all the models who were gorgeously dressed in the attire in such a dignified and holy exhibition.
Omu Dunkwu said she couldn’t have been more excited having been chosen as the one to do the unveiling of the Akwa Ocha for which she had devoted over a decade to promoting in line with propagating the unique identity and values of the Anioma people of Delta State.
Dunkwu affirmed that there was no fabric like the Akwa Ocha all over the world, which is why different people of the world are coming to identify with the source of the captivating attire – Anioma land.
The cerebral Queen Mother of the Anioma nation advised that conscious effort be made to market the brand by the younger generation who are willing to go into fashion business, maintaining that Akwa Ocha fabric could be money spinning venture if well packaged because of its unique and attractive features.
ZENITH BANK REMAINS NIGERIA’S BEST BANK BACK-TO-BACK FOR THREE CONSECUTIVE YEARS IN THE GLOBAL FINANCE BEST BANKS AWARDS 2022
Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global Finance Magazine’s Best Banks Awards 2022, retaining the award for a third consecutive year. The Bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 29th Annual Best Bank Awards Winners.
The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Global Finance considered factors that ranged from the quantitative objective to the informed subjective in selecting the top banks. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.
Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank, Mr Ebenezer Onyeagwu said: “This award is a testament to our tenacity despite a very challenging macroeconomic environment. Indeed, being recognised, for the third consecutive year, is an acknowledgement of the resilience of the Zenith brand as the leading financial institution in Nigeria.” He lauded the contributions and efforts of the Bank’s key stakeholders – the Founder and Chairman, Jim Ovia, CON, for his pioneering role in building the structures and laying the foundation for an enduring and successful institution, the Board for the outstanding leadership they provide, the staff for their commitment and dedication as well as the Bank’s customers for their unwavering loyalty and support.
Global Finance’s “Best Banks Awards” are recognised amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in 150 countries and territories across Africa, AsiaPacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Founded in 1987, Global Finance regularly selects the top performers among banks and other financial services providers, and the awards have become a trusted standard of excellence for the global financial community. Joseph D. Giarraputo, publisher and editorial director of Global Finance, said: “With the financial world in a state of turmoil from Russia’s invasion of Ukraine, corporate leaders face a new set of challenges concerning the choice of their banking relationships.” According to him, “following on the enormous difficulties wrought by the pandemic, these changes demand increased attention to global commercial relationships. Our awards support decision-makers in selecting the best financial partners.”
Zenith Bank’s track record of excellent performance has earned the brand numerous awards, including being voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has assured shareholders and investors of its unwavering commitment to sustain its current growth trajectory even as its efforts at business diversification across Africa and beyond continues to yield increasing returns.
The Group Chairman, Tony Elumelu, who made this declaration at UBA’s 60th Annual General Meeting, which was held at the Transcorp Hilton Hotel, Abuja on Thursday April 7, 2022, noted that the bank’s strategic investment decisions over the past few years have indeed translated to huge returns for its investors, despite the challenging business environment witnessed in the last two years.
“I am proud of how as a Group, we have been able to further consolidate on the new capabilities we have built, novel customer solutions we have deployed, efficiency gains recorded and the growth prospects we have leveraged from a recovering world,” Elumelu stated, adding “These were the building blocks for the very strong financial performance and the growth delivered by your Group in 2021, further confirming the wisdom of the investments we made and the strategy we have pursued, to ensure the diversification and sustainability of our business model.”
Whilst expressing his delight to shareholders and customers who have stood with UBA for almost eight decades, Elumelu remained confident of the bank’s capacity to sustain this momentum especially as economic activities recover from the impact of the Covid -19 pandemic.
l-r: Executive Directors, United Bank for Africa(UBA) Plc, Mr. Chiugo Ndubisi, Ibrahim Puri; Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; Deputy Managing Director, Mr Oliver Alawuba; Executive Directors – Mr Chukwuma Nweke and Mr Ike Uche, at the 60th Annual General Meeting of the Bank held in Abuja on Thursday.
“Our goal is to continue to build strong brand loyalty with our customers and create additional value for our shareholders, whose underlying support has positioned UBA for continued growth,” the Chairman noted.
UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who went into details about the improved performance of the bank’s subsidiaries in the financial year under consideration, said, “We are happy that the global community recognises the role our Group is playing in the transformation of the African economic landscape through innovative and customer focused banking services.”
He pointed out that the bank’s business in the United Kingdom had specifically witnessed remarkable expansion, adding “As from July 2021, UBA UK started making profit, and even to date, they are still doing well, and the same can be said for many of our African subsidiaries. The truth is that we are driven by the opportunities and potential in each of the geographies that we invested in, and we are happy with what we have achieved so far’.
Shareholders who spoke at the meeting including Sir Sunny Nwosu, Alhaji Farouk Umar, Mr. Nonah Awoh, Mr. Patrick Ajuda, Mrs. Bisi Bakare and Chief Timothy Adesiyan, were unanimous in their commendation of the board and management of UBA, for the impressive financials which have translated to higher dividends for shareholders.
“Despite the economic situation UBA has been able to grow profitability and increase its customer base. If you compare the dividend with the share price of UBA, you will see that our dividend yield is very high. No bank in Nigeria has been able to achieve this, and I therefore commend the UBA board,” Umar noted in his remarks.
At the end of the 2021 financial year, UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year. As a result, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021, bringing the total dividend for the year to N1.00 as the Bank had earlier paid an interim dividend of 20kobo.
United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty seven million customers, across over 1,000 business offices and customer touch points in 20 African countries. With a presence in the United States of America, the United Kingdom and France and its more recent operating license in the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
l-r: Deputy Managing Director, United Bank for Africa(UBA) Plc. Mr. Oliver Alawuba; Group Managing Director/CEO, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; Company Secretary, Mr. Bili Odum; and Vice Chairman, Ambassador Joe Keshi at the 60th Annual General Meeting of the Bank held in Abuja on Thursday.l-r: Non-Executive Directors – Erelu Angela Adebayo, Ms Angela Aneke, Mrs Owanari Duke; Group Managing Director/CEO, Mr. Kennedy Uzoka; Group Chairman, Mr Tony Elumelu, CON; Non-Executive Directors –Hajia Aisha Hassan Baba and Mrs Caroline Anyanwu, at the 60th Annual General Meeting of the Bank held in Abuja on Thursday.
ZENITH BANK’S SHAREHOLDERS EXCITED AS BANK PAYS N97.33 BILLION DIVIDEND
Founder and Chairman, Zenith Bank Plc, Mr. Jim Ovia, CON (Centre) flanked by the Group Managing Director/CEO, Mr. Ebenezer Onyeagwu (Left) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji (Right) at the 31st Annual General Meeting of the bank held yesterday at the Civic Centre, Victoria Island, Lagos.
Shareholders of Zenith Bank Plc,at the 31st Annual General Meeting (AGM) of the bank held on Wednesday, April 6, 2022, at the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend, expressing delight at the final dividend payment of NGN2.80 per share which brings the total dividend for the 2021 financial year to NGN3.10 per share with a total value of NGN97.33 billion.
In his statement, the Founder and Chairman of Zenith Bank Plc, Mr Jim Ovia, CON, thanked the shareholders for their unflinching loyalty, which has enabled the bank to rise to the pinnacle of the nation’s financial services industry, and assured them of the bank’s commitment to consistently deliver superior value to them.
Speaking on the bank’s performance, the Group Managing Director/Chief Executive, Mr Ebenezer Onyeagwu, said: “if you look at the bank’s history over the years, Zenith Bank has always grown, and even within the pandemic, we have maintained a reasonable positive growth trajectory. Growth is coming from the fact that we are deploying our digital capability to grow more businesses, simplify our service processes, make our processes more efficient, and deal with customers’ complaints. Apart from developing new products, we are discovering new business verticals, especially within the retail segment, which have significant revenue.” He added that: “meeting the expectation of shareholders means we have to work harder. The team is dodged, hardworking, resilient, and above all, we have a very supportive board that comes with superior guidance”.
Commenting on the dividend payout, the Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed the delight of shareholders over the consistent payment of dividends by Zenith Bank, noting that the bank’s shares remain the toast of investors because the bank has never failed to pay dividends to shareholders.
Also speaking on behalf of shareholders, the President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said: “The bank is doing very well. All the ratios and indices have gone up. And more importantly, while we were in the meeting, I got my alert of the credit of my dividend. This is very commendable. The leadership of the bank has been very effective; we thank Jim Ovia for the leadership he has been giving, he has increased the dividend in spite of the economic hardship in the country, and I believe the GMD is doing very well. I commend the management and staff of the bank, including the board, and I am very confident that this year would also be very good for the bank.” Dr Faruk Umar also commended the Group Managing Director for the numerous awards the bank received in 2021, especially the sustainability awards.
In spite of a challenging macroeconomic environment aggravated by the COVID-19 pandemic, the Zenith Bank Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of a 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion.
Profit before tax also grew by 10%, from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.
Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78.
Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.
In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.
WEMA BANK announces 108.3% growth in Profit Before Tax
+ Total Assets now above ₦1Trillion Naira
Wema Bank Plc’s resilience was on display as the digitally driven financial institution announced its financial results for the year ended December 31, 2021. The performance which capped a remarkable year showed strong growth in key financial indices especially as the bank crossed the ₦1trillion mark in total assets.
In a statement made to the public by Wema Bank, the Managing Director. Mr. Ademola Adebise said, “I am delighted to announce our performance for the year ended 31st December 2021. The Bank’s FY 2021 results shows robust growth in all key financial metrics despite the challenging macro-economic environment.
“Our year end numbers highlight the strong growth trajectory of the WEMA Bank. We comfortably crossed the ₦1trillion mark in total assets, with a share of approximately 3% of industry deposits.”
Wema Bank recorded an increase of 108.3% in profit before tax (PBT) to close the year at N12.38 billion. This was driven by a Year-on-Year growth of 15.35% in gross earnings to ₦92.14billion in FY 2021 from ₦79.88billion in FY 2020.
The Chief Finance Officer of the Bank, Mr. Tunde Mabawonku noted that “a key measure of success for us is a consistent growth in our balance sheet and customer base – and we are glad that we are reporting healthy growth in all these areas.”
Deposit Liabilities grew by 15.23% to ₦927.47billion in FY 2021 from ₦804.87billion in FY 2020 while Total Asset increased by 20.23% to ₦1.164.52billion in FY 2021 from ₦968.58billion in FY 2020.
Mr Mabawonku also added that, ” Looking forward, we expect that the strong growth will be sustained despite the tough business climate as we execute our customer experience improvement initiatives built around a digital first banking strategy and become first in class in that sphere. The bank will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play.
” On our commercial business, we will continue our aggressive strategy to improve our lending business alongside trade and other revenue lines. We have also unveiled our new Mission and Vision statements which underpins our corporate strategy. We want to be the dominant digital platform in Africa delivering seamless financial service’.
Gross earnings increased by 15.35% (Y-o-Y) to ₦92.14billion in FY 2021 from ₦79.88billion in FY 2020.Profit Before Tax (PBT) of ₦12.3billion in FY’21, an increase of 108.26% YoY from N5.95billion in FY’20 while. Profit After Tax (PAT) of ₦8.93billion in FY’21, representing an increase of 94.53% YoY from N4.59billion in FY’2020.
Net-Interest Income grew to ₦39.87billion in FY 2021from ₦30.86billion in FY 2020; growth of 29.22%.Non-Interest Income also increased from ₦16.83billion in FY 2021 to ₦18.83billion; a growth of 11.91%.
Deposit Liabilities up by 15.23% to ₦927.47billion in FY 2021 from ₦804.87billion in FY 2020. Loans and Advances to Customers rose by 16.33% to ₦418.86billion in FY 2021 from ₦360.08billion in FY 2020.
Similarly, Total Asset increased by 20.23% to ₦1.164.52billion in FY 2021 from ₦968.58billion in FY 2020.Key RatiosReturn on average equity of 17.26% in FY 2021 (FY 2020)
FIRSTBANK REWARDS CUSTOMERS WITH 50 MILLION NAIRA WORTH OF PRIZES IN VERVE CARD CAMPAIGN
FirstBank, Nigeria’s leading financial inclusion services provider has urged its customers to take advantage of the Bank’s ongoing Verve Card campaign designed to reward customers for their continued usage of the Verve debit Card.
The Eight-week promo will end on Wednesday, 30 March 2022 as 2,601 customers will win various prizes. These prizes include: N20,000 Cash Prize, N10,000 Cash Prize, N10,000 worth of airtime; power generating sets, refrigerator, cooking gas and the grand prize of a brand-new car.
The promo will reward customers on a weekly and monthly basis. In every week of the promo, 200 customers who carry out a minimum of 2 transactions with their Verve debit card stand a chance to win N10,000.00 worth of airtime, cash prizes of N10,000 and N20,000.
Furthermore, 100 customers who perform a minimum of 8 transactions within 4 weeks with their Verve debit card will be rewarded with either a Generator set, Refrigerator, Gas Cooker or N50,000 cash prize every four weeks.
A Grand prize of a brand-new car will also be won by a lucky customer who performs a minimum of 16 transactions during the campaign period.
Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products said “we are happy with the ongoing verve debit card promo designed to appreciate customers for their continued usage and adoption of the card for various digitally-driven transactions.
With the promo being instrumental to reinforcing the value placed by customers on its versatile capabilities, we encourage the continued usage of the verve card as it is a card offering that promotes safe, convenient and rewarding digital banking service to customers,” he concluded.
The Verve debit card is a Naira-denominated debit card that offers a convenient, fast, and secured payment for goods and services. It is accepted on all channels connected to the Verve International network where the Interswitch/ Verve logo is displayed; ATMs, POS and Web in Nigeria. The Bank’s Verve debit Cards make up a notable percentage of the industry’s base. Hence, this Promo is aimed at appreciating our cardholders while growing the bank’s card adoption and usage.
Visit the nearest FirstBank branch today to pick up your Verve card and start getting rewarded
Ecobank To Pay $40 Million Dividends To Shareholders
The Pan-African banking group, Ecobank Transnational Incorporated (ETI) is set to pay its shareholders dividends of $0.16 per share totaling $40 million for the year ended December 31, 2021. This implies approximately CFA90, N66.6, or 1.08 Ghana Cedi per share. For Nigerian and Ghanaian investors, this represents 5.5 times and 8.3 times, respectively, the most recent value of the Ecobank shares they hold.
According to the Company Secretary, Madibinet Cisse, “We are pleased to inform our shareholders and the public that the Board of Ecobank Transnational Incorporated (“ETI”), at its meeting of February 25, 2022, approved the Ecobank consolidated audited accounts for the year ended December 31, 2021 (“Audited Accounts”) subject to relevant regulatory approvals. The Board also recommended the payment of a dividend of USD0.16 cents per share being a total amount of circa USD40 million. The relevant resolutions will be presented for shareholders’ approval at the upcoming Annual General Meeting of ETI.”
He further stated that “The details of the audited accounts will be published upon approval of relevant regulators. Consequently, the closed period which commenced from January 1, 2022, will continue until 24 hours after the Audited Accounts for the year ended December 31, 2021, are released to the Stock Exchanges on which Ecobank Transnational Incorporated is listed.”
The dividend payout has triggered the share price in the various stock exchanges where ETI is listed. In Nigeria, ETI featured in this week’s selection for trading well below its real value, meaning it stands a good chance of considerable price appreciation in the future. The lender’s price-to-earnings (PE) ratio as of Friday was 2.54x, with earnings per share (EPS) of N4.32.
