Economy
Access Bank Posts Gross Earnings of N764.7bn for 2020, Extends African Footprint — MD
Access Bank Plc has declared gross earnings of N764.7 billion for the financial year ended Dec. 31. 2020, in spite of the challenging economic and regulatory landscape.
The bank said, in a statement on Friday, that the gross earnings represented an increase of 15 per cent, when compared with the N666.
75 billion it reported in the 2019 financial year.Profits before tax stood at N125.
9 billion in contrast with N115.38 billion achieved in the comparative period of 2019, the statement said.The bank recorded consistent growth in its retail banking business, reporting a 5.8 million growth in customer sign-on during the year, through its financial inclusion efforts.
It said that this increase in customer base led to a retail revenue of N177.2 billion or a 64.4 per cent increase from the 2019 figures of N107.8 billion.
Customer deposits also grew by 31 per cent to N5.59 trillion in December 2020, with savings account deposits standing at N1.31 trillion, the bank also reported, just as net loans and advances also grew by 18 per cent to N3.61 trillion as against the 2019 figures of N3.06 trillion.
The statement quoted the bank’s Group Managing Director, Mr Herbert Wigwe, as saying that the performance was a testament to the effectiveness of its strategy and capacity to generate sustainable revenue.
“The strategic actions that the bank has taken, over the past 12 months, evidenced a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation.
“In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further extending our footprints across the African Continent.
“Access Bank Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021, and the Group recently announced the approval, by relevant regulatory authorities, for the acquisition of Grobank Limited, creating an inroad into the South African market, in realisation of the Group’s strategic ambitions.
“In view of the opportunities that exist in the market, we will be transitioning to a holding company structure (Holdco),” Wigwe said, adding that an Approval-in-Principle had already been granted by the Central Bank of Nigeria for the restructuring.
According to him, the HoldCo would comprise four subsidiaries in order to tap into the market opportunities available in the consumer lending market, electronic payments industry and retail insurance market.
“Going into the fourth year of our five-year cyclical strategy, our focus remains on consolidating our retail momentum and expanding our African footprint in a sustainable manner,” Wigwe said. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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