Banks intensify competition for deposits, raise interest rates by 140%

Banks have raised deposit rates by 140 per cent in a bid to attract more funds from customers and address the sluggish growth in deposit recorded in the first half of the year (H1’21). The development appears to be a…

EKO Hospital targets quality healthcare with approval of 110m shares

To ensure delivery of adequate healthcare services, EkoCorp Plc owner of Eko Hospitals last week approved the proposal to sell 110, 000,000 ordinary shares to Geoff Ohen Limited. The resolution was reached through an electronic voting poll by the Board…

Zenith Bank’s Q1 2021 Profit Before Tax rises by 4%

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2021, with Profit Before Tax (PBT) rising by 4% to N61.0 billion, from N58.8 billion recorded in March 2020. This is despite a very challenging…

Seplat seeks new capital to settle old debts

Seplat Petroleum Development Company Plc has launched a process to raise new debt capital from the international capital market to enable its debts and finance corporate growth plan. In a regulatory filing, Seplat, which is quoted on the London Stock…

UBA earns N132b profit in 2020

United Bank for Africa Plc (UBA) has announced audited results for the full-year ended December 31, 2020, recording N132 billion profit. According to a statement, the bank said despite the challenging business environment during the COVID-19 pandemic, the bank’s Profit…

*Stock market reacts to recession, loses N8bn (Guardian)*4th Mainland Bridge: Lagos seeks support of boundary communities (Punch)

Stock market reacts to recession, loses N8bn (Guardian) Trading on the equities sector is already responding to economic recession, as the Nigerian Stock Exchange (NSE) reopened on a downturn yesterday, causing the market capitalisation to depreciate by N8 billion. The…

Fidelity Bank opts for early redemption of N30bn bond

Fidelity Bank Plc has redeemed and delisted its N30 billion bond, two years ahead of the redemption period. Fidelity Bank had offered N30 billion, 16.48 per cent fixed rate seven-year subordinated unsecured bonds due 2022. But the bank opted for…

Zenith Bank shows resilience as PBT rises by 1% in Q3 2020

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2020 with a Profit Before Tax (PBT) of N177 billion, representing a 1% growth over the ₦176 billion posted in the same period in the…

Q3 2020: UBA gross earnings grow to N454.4bn, reports N90.4bn PBT

United Bank for Africa (UBA) Plc, the Pan African financial institution, has announced commendable performance in its unaudited 2020 Third Quarter Financial Results, with impressive growth in Gross Earnings, which rose to N454.4 billion, up from N428.7billion recorded in September…

Fidelity Bank grows net profit by 33%

Fidelity Bank Plc has announced a 33 per cent increase in net profit for the half-year period that ended on June 30, 2020. The bank in its audited half-year results released on the Nigerian Stock Exchange (NSE), said its profit…

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