FirstBank UK Adopts Bloomberg TOMS to Optimize Fixed Income Workflow
Bloomberg announced today that FirstBank UK Limited (FirstBank UK), the UK subsidiary of First Bank Nigeria Limited, the premier West African bank, has adopted Bloomberg’s Trade Order Management System (TOMS). By integrating TOMS into its workflow, FirstBank UK will have access to a comprehensive suite of data and analytics, communications, as well as order and execution management solutions, enabling it to streamline its fixed income bonds business.
FirstBank UK is a niche market-maker to its customers in Africa. The business provides market liquidity in cash bonds, primarily in Nigerian, Angolan, Egyptian and Ghanaian Eurobonds to manage risk and optimize its inventory. Thanks to Bloomberg’s coverage, TOMS enables the trading desk of FirstBank UK to support its client base and to monitor its positions, profit and loss (P&L) and Risks.
“By integrating with our existing systems, Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets,” said Olukorede Adenowo, CEO-designate at FirstBank UK.“ The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
“We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS,” said Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg. “TOMS empowers firms to create a seamless workflow from their front and middle-office, through to their operations and enterprise applications, while concurrently delivering their front office users with real-time execution, risk and P&L analytics.”
FirstBank UK has further digitized its order management workflow by offering clients access to liquidity on its own Eurobond Single-Dealer Platform. The application has been integrated with Bloomberg TOMS to centralize both order handling and aggregated custom analytics and liquidity tools within a single interface, to be hosted and connected to multiple trading venues. “The integration of TOMS with our custom-built electronic trading platform, allows our customers real-time access to liquidity in our markets, something unique to the majority of our customers,” said Robert Hagenaars, Head of Markets at FirstBank UK.
For additional information about Bloomberg’s sell-side solutions, please click here
Left: Chief Operating Officer, Development Bank of Nigeria (DBN); Bonaventure Okhaimo; Managing Director, DBN, Tony Okpanachi; Carol Oyedeji, Deputy Managing Director, Ecobank Nigeria and Executive Director, Finance and Corporate Services, DBN, Ijeoma Ozulumba at the DBN Annual Service Ambassador Awards ceremony held in Lagos recently
Ecobank Nigeria won 3 prominent awards signifying its’ support for MSME’s in Nigeria at this year’s Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos recently. The Bank bagged the following strategic awards which include: Platinum Service Ambassador; Bank with the Highest impact on Women Issues, and Bank with the Highest impact on MSMEs Accessing Credit for the first time.
The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending to Micro, Small and Medium-scale Enterprises (MSMEs) and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantee and technical support to MSMEs.
Receiving the awards at the event, Deputy Managing Director, Ecobank Nigeria, Carol Oyedeji said this a testament to the bank’s commitment to supporting and empowering women owned businesses and assisting small businesses to access loans conveniently at cheaper interest rates for the development of the overall MSME subsector. Ecobank had the highest volume and value of transactions in these award categories
She reiterated that, Ecobank remains a women-friendly bank with many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Africa such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female entrepreneurs.
Mrs. Oyedeji noted that Ecobank recently signed a USD200 million risk-sharing agreement with African Guarantee Fund (AGF), a specialized pan-African guarantee provider, stressing that it is aimed at catalyzing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent. “Through this partnership, both organisations are taking bold steps to enhance green financing and gender financing. It would eliminate the rigorous and restrictive requirements for collateral, particularly hindering women-focused businesses’ access to credit.”
According to her, “ We have both financial and social empowerment initiatives for female entrepreneurs because we recognise women as the bedrock of most families and entrepreneurship in the society. We aim to eliminate the rigorous and restrictive requirements for collateral, hindering access to credit.”
In his welcome address, Managing Director, DBN, Tony Okpanachi saluted the awardees, stating that their collaboration and commitment is impacting positively on the sustainable growth of the MSME sub-sector of the economy.
According to him, “your unwavering commitment to forging a lasting impact on the MSMEs through our collaboration is a testament to your dedication to fueling sustainable growth. The true essence of the DBN Awards shines through a celebration of sustainable triumph, where today’s aspirations evolve into tomorrow’s achievements.”
He explained that the DBN leverages its partnership with Participating Financial Institutions (PFI) to provide relatively cheaper loans as well as capacity building initiatives to small businesses.
The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.
Access Compromised: How Access Bank Expensive, Porous Financial Security
The primary function of banks is to make sure the money deposited with them and the data of their customers’ are kept safe at all times. This is the reason the current situation in Access Bank, a bank that used to be one of the most reliable financial institutions in the country, is sad and pitiful.
In the interim consolidated financial statement of June 30, 2023 of Herbert Wigwe led Holdings, it was recorded that Access Bank incurred a loss of N5. 46 billion to fraud and forgery incidents, a situation that places the bank on top of the list of most risky banks to save your money.
Findings shows the recorded loss were the money the owners were able to recover from the bank and this did not includ several billions whose owners were frustrated or bullied by the actions of Access Bank from recovering their money deposited from safe keeping with the bank that were somehow stolen.
The statement which was released by the Bank’s newly formed parent company Access Holdings reports that the N20.85 trillion asset company has been doing a shoddy job in securing the savings of their many customers which is primarily the bank’s responsibility and has only been able to prevent a loss of mere N975 89 million out of N6.44 billion which means they can confirm depositors with Access Bank incurred N5.46 billion debt due to the bank’s porous cyber security despite the several billions being earmarked for that purpose in the bank’s annual budget.
The report reveals the loss of N5.459 billion is as a result of fraudulent transfers, fraudulent withdrawals and reactivation of customers’ accounts, while N4.53 million loss was from cash theft, cash suppression, cash pilferage and dry posting.
If it would be recollected the bank was accused of practices that are not professional by Mr P of the singing duo of PSquare. The grouse of the musician is that the Bank and some other banks colluded with some individuals to use his name to perpetrate fraud on hapless Nigerians by allowing elements that are not him to use a combination of his stage and real names to open account to defraud the people.
He also accused the bank of not making moves to curbing the fraud months after he had reported the actions of the scammers to the bank over the anomaly of allowing such account to operate without the BVN.
It is important to note that the once proactive AccessBank seems to have been swimming in the deeps of banking security services for some times as there has been several incidents involving the bank that was at a time running the best secured online banking platform in the country to actions that has seen several depositors lose their life savings kept with the bank or use an account opened with the bank to steal.
FIRSTBANK REWARDS CUSTOMERS WITH 170,000,000 WORTH OF CASH PRIZES IN ITS WIN BIG PROMO
FirstBank, Nigeria’s premier financial institution and leading financial inclusion services provider, has launched the Win Big promo to reward and delight its valued customers. The four-month promo, which started on 23 October 2023 and will run till 23 February 2023 will reward several new and existing customers of the Bank with a total cash reward of 170,000,000.00 naira.
At the end of the four-month promo, 1,240 new and existing customers would have been rewarded with N100,000.00 each as each month will have 310 new and existing customers winning N100,000. Up to 40,000 customers who reactivate their dormant account stand a chance to win free airtime as 10,000 customers will be rewarded with free airtime monthly for reactivating their dormant account.
6 customers will emerge lucky winners of N1,000,000 each in the grand finale draw. The promo is open to new and existing savings and current account customers.
To open a FirstBank account dial USSD code *894*0#and follow the prompt or visit the Bank’s website and click on “Open Account”. You can also visit any FirstBank branch near you to open account.
To qualify for the N100,000 monthly draw, customers will have to deposit and maintain a minimum amount of 5,000.00 in their account monthly and transact a minimum of 5 times transactions on any of the Bank’s digital channels: FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions.
Customers who are eligible to win N1,000,000 must have a deposit of N50,000.00 monthly for four consecutive months or maintain a minimum deposit of N200,000.00 for four months and transact a minimum of 5 times on any of the Bank’s digital banking channels; FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions to qualify for the grand finale draw.
Customers who reactivate their account(s) are also eligible to win. For reactivating their account, the first 10,000 customers to deposit N1,000.00 and transact on any of the Bank’s digital channels: FirstMobile, LIT App, USSD, First Online and Debit Card transactions will be rewarded with free airtime. Customers who reactivate their dormant account could also qualify for the monthly draw when they deposit and maintain a minimum amount of N5,000 monthly and transact a minimum of 5 times on any of the Bank’s digital channels. They could also emerge winners of N1,000,000 in the grade finale draw if they meet the criteria.
To reactivate account, the customers will have to dial USSD code *894*7# and follow the prompt to reactivate Tier 1 accounts or visit any nearest FirstBank branch for Tier 2 and 3 account reactivation.
“We are thrilled to launch this promo in appreciation of the patronage, trust and loyalty our customers have shown us over the years,” said Ms. Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank Group. The exciting modalities of the promo reflect our commitment to enhancing the banking experience of our customers across any or all of our digital banking services.”
This is the season when FirstBank provides opportunities and platforms for the yearly memorable homecoming experience from across the world. The promo is an enabling opportunity for customers, their friends, and families to have exciting, fun-filled, memorable experiences. We encourage our customers to seize this opportunity and participate actively’ she concluded.
For more updates on the promo and other exciting offerings from FirstBank, follow the Bank’s social media handles on – Facebook: First Bank of Nigeria Limited, Instagram: @firstbanknigeria and X (formerly twitter): @FirstBankngr.
UBA Group Chairman, Tony O. Elumelu, Applauded by Distinguished Leaders for Youth Empowerment in Africa
A gathering of prominent global leaders, including Nigeria’s President Asiwaju Bola Ahmed Tinubu, Lagos State Governor Babajide Sanwo-Olu, representatives from the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF), as well as numerous leaders from the public and private sectors, came together to commend the exceptional contributions of Tony Elumelu, Founder of the Tony Elumelu Foundation (TEF), to youth development and entrepreneurship in Africa.
These distinguished leaders expressed their admiration for Tony Elumelu, who also serves as the Chairman of United Bank for Africa (UBA) Plc, recognizing his unwavering commitment to youth empowerment, his advocacy for entrepreneurship, and his dedication to the growth of Small and Medium Scale Enterprises (SMEs) across the continent.
These accolades were bestowed upon Tony Elumelu during the TEF-UNDP Breakfast Roundtable meeting, held on the sidelines of the ongoing 78th United Nations General Assembly (UNGA) in New York.
This gathering also served as the platform for the launch of the Tony Elumelu Foundation (TEF) Impact Report titled “The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact.”
President Bola Tinubu, represented by the Honourable Minister of Industry, Trade and Investment, Doris Uzoka-Anite, urged other capable Africans to follow in the footsteps of Tony Elumelu by investing in youth empowerment. She stressed the importance of ensuring that the continent becomes self-reliant and no longer depends on foreign donors, highlighting Tony Elumelu’s role in driving investments, supporting SMEs, and promoting youth entrepreneurship and start-ups.
Sanwo-Olu, in agreement with the minister, recognized Tony Elumelu’s efforts in empowering and building the youth. He noted that these efforts align perfectly with Lagos state’s initiatives for economic empowerment and poverty reduction.
Ahunna Eziakonwa, UNDP’s Assistant Secretary-General and Director of the Regional Bureau for Africa, expressed her immense inspiration by Tony Elumelu’s vision for African youth. She emphasized the shared passion between UNDP and Tony Elumelu in promoting human development and providing opportunities for individuals to shape their destinies.
Eziakonwa explained the reason behind UNDP’s continued partnership with TEF, highlighting the potential impact of having ten individuals like Tony Elumelu each investing $100 million in young people over the next decade. She stressed the tremendous success achieved on the continent with limited investment and envisioned the continent’s unstoppable potential if such efforts were multiplied.
She assured participants of UNDP’s continued excitement about partnering with TEF and the intention to elevate this partnership to new heights, emphasizing their commitment to this cause.
The meeting provided a platform for global leaders to engage in discussions on critical global issues. Among the participants were the Representative of the President of Rwanda, Paul Kagame, the Chief Executive Officer of Generation Unlimited, UNICEF Kevin Frey, and many others. They all concurred that Tony Elumelu’s achievements and his passion for youth empowerment deserved unequivocal recognition.
In his presentation, Tony Elumelu commended all partners, including UNICEF, UNDP, and UBA, acknowledging UBA’s significant support. He reminded the audience of the inception of TEF seed capital funding, emphasizing its roots in his vision to effect change in Africa using African solutions.
Tony Elumelu articulated the collective goal: “to see young entrepreneurs in Africa build sustainable businesses for themselves and generate viable green jobs, so that our young ones are not left behind in the inevitable green economy that the world will transition to.”
He passionately called for increased collaboration to prioritize young Africans, foster economic activities, and alleviate poverty. He emphasized the importance of the beacon lit by TEF and the need for it to shine even brighter with the support and collaboration of everyone. He stressed the urgency of providing economic support to young Africans, addressing the impact of climate change, and ending the migration and hardships faced by the continent’s youth.
HACKAHOLICS DIGITAL SUMMIT 2023: WEMA BANK LAUNCHES AFRICA’S LARGEST GATHERING OF INNOVATORS, DISRUPTORS, REGULATORS, POLICYMAKERS, INVESTORS & CUSTOMERS IN THE DIGITAL SPACE
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced the launch of the Hackaholics Digital Summit 2023, Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space.
This groundbreaking summit will serve as a hub for sharing cutting-edge insights, trends, and best practices in the tech industry towards the positive transformation of technology and innovation not just in Nigeria but across the African continent.
In 2019, Wema Bank introduced Hackaholics, a dedicated initiative targeting youth and startups. Its mission is to provide a stage for entrepreneurs and innovators with transformative, tech-driven concepts to bring their ideas to fruition and refine their skills. The 4th edition of Hackaholics, launched in April 2023, involved several months-long journey to top Nigerian universities to identify and nurture talented students with creative ideas. These students were afforded the opportunity to collaborate, enhance their skills, and actualize their unique concepts through technology. The Hackaholics Digital Summit will host both the grand finale of Hackaholics 4.0 and the inaugural edition of the digital summit.
The Hackaholics Digital Summit 2023 is scheduled for October 6, 2023, in Lagos, Nigeria, under the theme “Re-Imagine: Disrupting the Ecosystem for Scale.” This multifaceted event commences with the launch of the Hackaholics Digital Summit and concludes with the exciting grand finale of Hackaholics 4.0. During this grand event, the standout teams from the competition will showcase their innovations, contending for the prestigious titles of Hackaholics 4.0 winners.
Notably, the winning team will receive a grant of N10,000,000 worth of prizes, the first runner-up N7,000,000 worth of prizes, the second runner-up N5,000,000 worth of prizes, while a special N3,000,000 grant is reserved exclusively for a female-led team. Additionally, a N15,000,000 grant will be allocated to University STEM endowment.
The Digital Summit will further encompass an array of simultaneous master classes, providing attendees with the opportunity to witness the emergence of Africa’s technological future while gaining invaluable insights from renowned experts. These masterclasses will delve into topics such as “The Future of Financial Services,” “Venture Capital and Funding Viable Innovation for Scale,” and “Strategic Technology for Impact & Societal Change: Transforming Today & Tomorrow’s World.”
Attendance to this prestigious event is by invitation only; however, interested customers and technology enthusiasts can secure a spot at the Wema Bank Hackaholics Digital Summit 2023 by registering at https://hackaholics.wemabank.com/digital-summit.
Don’t miss the chance to be part of this exceptional gathering, charting the course for the future of technology in Africa.
ZENITH BANK APPOINTS DR. JULIET EHIMUAN AS NON-EXECUTIVE DIRECTOR
The Board of Directors of Zenith Bank Plc has appointed Dr. Juliet Ehimuan as a Non-Executive Director of the bank effective August 29, 2023. The appointment, which was announced in a statement to the Nigerian Exchange (NGX) Limited on Tuesday, August 29, 2023, has also be confirmed by the Central Bank of Nigeria.
Dr Juliet Ehimuan is the Founder and CEO of Beyond Limits and the immediate past Director of Google West Africa. She was named by Forbes as one of the top 20 power women in Africa, by the London Business School as one of 30 people changing the world, and as one of the Most Influential People of African Descent (MIPAD). She was also featured in the BBC Africa Power Women series, and on CNN Innovate Africa.
With over 25 years experience primarily in Technology, Oil & Gas, and New Media industries across Europe, Middle East and Africa; Juliet is a leading voice on Innovation, Transformation, and Leadership.
During her remarkable 12-year tenure at Google, Juliet played a pivotal role in expanding the company’s presence in Nigeria and the wider West Africa region. She championed initiatives to increase digital access, local content development, skills acquisition, entrepreneurial growth, innovation, and fostered strategic partnerships with leading private sector and government institutions.
Dr Juliet has made significant contributions to the tech ecosystem in Nigeria and Africa at large. She served on committees that developed the national broadband plan and ICT incubation strategy in Nigeria, and has been involved in national strategic advisory groups focused on economic growth. These engagements demonstrate her commitment to shaping the future of tech in Africa. She has received numerous awards for outstanding contribution to the digital landscape in Africa.
She holds board positions across multiple industries including Finance, FMCG, Oil & Gas, Education and social enterprises.
Her education includes a Doctoral degree in Business from Walden University in Minneapolis, an Executive MBA from the London Business School, a Postgraduate degree in Computer Science from the University of Cambridge; and a BSc in Computer Engineering (1st class honours) from the Obafemi Awolowo University, Ile-Ife. She is a recipient of the London Business School Global Women’s Scholarship, and at Cambridge University was awarded Selwyn College Scholar and Malaysian Commonwealth Scholar. She is a Fellow of the Cambridge Commonwealth Society.
She was awarded IT Personality of the Year in 2012 by the Nigeria Computer Society, Digital Personality of the year 2016 by Marketing World; and received a 2015 Titans of Technology award from Technology Africa. She is a published Author, Executive Coach, and a member of the Forbes Coaches’ Council.
Access Holdings Receives Karlsruhe Award for Outstanding Business Sustainability Achievement for the Eighth Consecutive Time
Access Holdings Plc has been honoured with the prestigious Karlsruhe Award for Outstanding Business Sustainability Achievement for the eighth consecutive time.
Presented at the Global Sustainable Finance Conference (GSFC) organised by the European Organisation for Sustainable Development (EOSD) in partnership with the city of Karlsruhe, Germany, the Award underscores the sustainability commitment demonstrated in the way Access Holdings conducts its business operations and activities.
Delivering the opening remarks at the Awards event, the Lord Mayor of Karlsruhe, Dr. Frank Mentrup, lauded the unwavering commitment of the organisations present and urged all stakeholders to collaborate to achieve the global sustainability vision.
“In today’s globalised world, the responsibility of each one of us does not end at our borders. We need to work together to make our world more just, more peaceful, and more sustainable. This requires a high level of commitment and allocation of resources – including finance and investments,” Mentrup said.
Reiterating Access Holdings’ commitment to driving the achievement of the SDGs, Omobolanle Victor-Laniyan, Head, Group Sustainability, at Access Holdings Plc said, “We are pleased to receive the Karlsruhe Award for Outstanding Business Sustainability Achievement for the eighth consecutive time. At Access Holdings, we believe that businesses must play a significant role in addressing sustainability challenges and driving positive impact. In line with this, our approach to sustainability reflects our dedication to creating long-term value for our stakeholders in Africa and beyond.”
The 2-day Global Sustainable Finance Conference and Awards also had in attendance other notable stakeholders such as Arshad Rab, Chairman, International Council of Sustainability Standards and CEO, European Organisation for Sustainable Development; Dr. Jesimen Chipika, Deputy Governor, Reserve Bank of Zimbabwe; Amaechi Okobi, Group Head, Corporate Communications, Access Holdings Plc; Rolando Victoria, President and CEO, Aski Group, Philippines; Romani de Silva, Deputy Chairman and CEO, Alliance Finance, Sri Lanka; Mr. Krishnan Vimalanandavally Shaji, Chairman, National Bank for Agriculture and Rural Development, India; Mrs. Sylvi J. Gani, Director, PT. Sarana Multi Infrastruktur (Persero), Indonesia; Dr. Kao Thach, The Delegate of the Royal Government of Cambodia; Jide Akintunde, Director, Nigeria Development and Finance Forum (NDFF) and Nigeria Country Representative, European Organization for Sustainable Development (EOSD), and Tom Hoyem, Former Cabinet Minister of the Kingdom of Denmark and Member, City Council of Karlsruhe, Germany.
Access Holdings has been widely recognised as one of Africa’s most responsible companies, earning numerous national and international honours and awards including the World Finance Award for Most Sustainable Bank (eleven-time winner) and Global Brand Awards for Best CSR Bank and Investor Relations (four-time winner).
FOR A THIRD CONSECUTIVE YEAR, ZENITH BANK RETAINS POSITION AS NIGERIA’S BEST COMMERCIAL BANK, ALSO NAMED BEST CORPORATE GOVERNANCE BANK AT WORLD FINANCE 2023 AWARDS
For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023. The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year.
These awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently. The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.
Commenting on the awards, Dr Onyeagwu said that: “these awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”
Dr Onyeagwu dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank.
World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy. Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
Wema Bank showcases strong performance – Doubles Profitability. Commences Rights Issuance in Q3
WemaBank announces its unaudited results for Half Year ended 30th June 2023.
The commercial bank achieved improved performance including Gross Earnings of ₦89.09bn, a y/y increase of 49% (H1 2022: ₦59.59bn). Interest Income up 53% y/y to ₦76.11bn (H1 2022: ₦49.75bn). Non-Interest Income up 32% y/y to ₦12.98bn (H1 2022: ₦9.85bn). Profit before Tax (PBT) was ₦12.05bn a y/y increase of 97% over the ₦6.13bn reported in H1 2022. Profit after Tax (PAT) also increased y/y by 97% to ₦10.48bn (₦5.30bn in H1 2022).
The bank grew its deposit year to date by 19% as at H1 2023 to ₦1,392.85bn from ₦1,165.93bn reported in FY 2022. Loans and Advances also grew by 20% to ₦627.01bn in H1 2023 from ₦521.43bn in FY, 2022.
Income statement (N’bn) H1 2023 H1 2022 (∆)
Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97%. The management team at Wema Bank is focused on driving the execution of our current corporate strategy. Our embrace of technology is helping us deliver seamless best in class services while offering compelling value propositions to customers. Hence, we are seeing record breaking returns across board. Finally, we continue to see improvements in our corporate, commercial, and retail businesses as evidenced by our strong loan growth.’
Also speaking on the result, the Managing Director communicated that, with the improved stability in the operating environment, the Banks earlier approved Rights Issuance will be commencing this 3rd quarter of 2023.
“It has been a good half year performance for Wema Bank with gross earnings growing by 49% year on year and earnings per share at 163.0 kobo,”. In addition, our cost to income ratio at 72.71% has witnessed significant improvement from the previous period.
“We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in Nigeria with our ubiquitous fintech infrastructure support play”.
