Business

Ecobank Group Announces N143.7bn Profit Before Tax in 9 Months

Published

3 years ago

December 8, 2021

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Ecobank Transnational Incorporated (ETI) has announced N143.7 billion profit before tax in its audited nine months ended September 30, 2021, an increase of about 316 per cent from N34.5billion reported in nine months ended September 30, 2020. By the results filed with the Nigerian Exchange Limited (NGX), the bank triple-digit growth has resulted in earnings per share of over N3.01 kobo during the period under review.

Profit after tax also grew by 916 per cent to N104.51billiion from N10.28billion reported in prior nine months of 2020. Growth in gross earnings, net investment income, Other operating income and decline in operating expenses were major financial parameters that contributed to the Group’s significant increase in profits amid macro economy challenges where it has branches.

Gross Earnings for the period grew by 12 per cent to N686.8billion from N614.5billlion reported in 2020. As net investment income rose by 523 per cent to N5.56billion from loss of N1.3billion in 2020; Other operating income closed at N11.59billion from N3.3billion reported in 2020. The group’s total assets grew by five per cent to N10.9trillion as at September 30, 2021 from N10.38trillion in full year ended December 31, 2020.

In his comment, Group CEO, Ecobank, Ade Ayeyemi said: “We reported strong results, reflecting the continued diligence of Ecobankers in putting our customers first and ensuring that we meet their respective needs.

“For the nine months period up to September 2021, we earned $352 million in pre-tax profit, a 41per cent increase compared to the prior year and revenues of $1.3 billion, a four per cent growth. Hence return on tangible equity increased to 17.9per cent, and we grew the per-share value of our shareholders’ equity by 11per cent to 5.52 US dollar cents.

“These results also demonstrate the hard work invested in driving efficiency in all our businesses in line with our deliberate focus on driving down our cost-to serve, sustain improvement in the quality of our credit portfolio, and strengthen liquidity and capital buffers.”

“As a result, our cost-to-income ratio has been declining consistently quarter on quarter, currently 58.3 per cent. In addition, the stock of nonperforming loans as a percentage of loans outstanding is now at 6.9 per cent compared to 9.9per cent a year ago. We have boosted the firm’s liquidity profile, thanks to growing customer deposits fueled by an acceleration in digital channel adoption, partnerships with Fintechs, Telcos, and businesses in the Payments Ecosystem,” Ayeyemi added.

“Finally, we continue to invest in new digital and mobile capabilities to enhance customer experience, alongside the investments we are making in our people, processes, and controls, to ensure the continued resilience of our business and service delivery to our clients. I am deeply grateful to all our customers and the Ecobank team for the remarkable job,” Ayeyemi added.

Business

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

Published

3 days ago

November 6, 2024

august24admin

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.

This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

Business

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Published

4 days ago

November 5, 2024

august24admin

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.

Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Business

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

Published

4 days ago

November 5, 2024

august24admin

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.

At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.

We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.

Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.