Business Featured Headlines

Eight banks record N2.45trn gross earnings in 9 months

Ihesiulo Grace 28 October 2019 0

Not less than eight commercial banks listed on the Nigerian Stocks Exchange (NSE) have recorded a total of N2.45 trillion in gross earnings in nine months ended September 30, 2019. This figure represents an increase of 10.4 per cent from N2.22 trillion declared in the corresponding period of

Business

Three banks rake N77.57bn through e-banking in six months

Ihesiulo Grace 5 September 2019 0

Motolani Oseni Four commercial banks operating in the country generated a total sum of N77.57 billion from electronic-banking products in the half-year (H1) of 2019, as against N26.49 billion generated in the corresponding period of 2018. The banks considered are; Zenith Bank Plc, United Bank for Africa (UBA) Plc and Guaranty Trust Bank plc (GTBank). […]

Business

N100bn cold chain industry: Operators charge banks on lack of financing

Ihesiulo Grace 26 July 2019 0

Michael Ajayi Operators and investors in the Nigeria’s cold chain industry have called on commercial banks operators and other investment financiers to invest in the cold chain industry, whose value is put at a minimum of N100 billion. The call became necessary as stakeholders in the cold chain sector believed that the industry is capable […]

Business

CBN confirms licencing two commercial banks, one non-interest bank

Ihesiulo Grace 24 July 2019 0

Motolani Oseni The Central Bank of Nigeria (CBN) has confirmed licencing two new commercial banks and one non-interest bank. The apex, in a list of Deposit Money Banks (DMBs) and financial holding companies operating in the country as at July 19, 2019, posted on its website on Tuesday showed that CBN had issued a commercial […]

Business News

NDIC recovers N28bn debts, pays N1.45bn to bank customers

Ihesiulo Grace 19 November 2018 0

The Nigeria Deposit Insurance Corporation (NDIC) said it has recovered total sum of N28.48 billion from debtors of Deposit Money Banks (DMBs) in-liquidation as at December 31, 2017, even as N1.45 billion was paid to 16,324 depositors of 34 closed commercial banks during the same period. This was contained in the Corporation’s 2017 Annual Report, […]

Business Headlines

How banks loans to deposits ratio dropped amidst uncertainty

Ihesiulo Grace 17 September 2018 0

…As all Tier-1 banks listed on NSE report drop in loans, advances to customers Commercial banks operating in the country have witnessed drop in loan-to-deposit ratio amid slowdown in lending to real sector of the economy and uncertainty leading to 2019 general elections. Loan-to-deposit ratio is used to assess a bank’s liquidity by comparing a […]

Business Headlines

Account maintenance charges: How 5 banks rake N12.2bn in 6 months

Ihesiulo Grace 8 August 2018 0

Five commercial banks operating in Nigeria have recorded a whopping N12.2 billion from account maintenance charges in the first half of 2018, The Daily Times findings revealed. The five commercial banks are FBN Holdings, Diamond Bank Plc, Union Bank of Nigeria Plc, Sterling Bank Plc and First City Monument Bank Group Plc (FCMB). The banks […]

Business Headlines

Revealed: How 5 banks gained N103.78bn in 6 months

Ihesiulo Grace 30 July 2018 0

A total of five out of 16 quoted commercial banks on the floor of the Nigerian Stock Exchange (NSE) have recorded total profit of N103.78 billion in the first six months of 2018. This amount represents N23.67 billion or 29.6 per cent increase reported by the five banks in six months of 2018 when compared […]

Business News

AMCON: 6 banks pay N155.45bn into sinking fund

Ihesiulo Grace 25 June 2018 0

Six Commercial banks have made payments totalling N155.45 billion into the sinking fund of Asset Management Corporation of Nigeria (AMCON) within three years. Access Bank, GTBank, United Bank for Africa (UBA), Fidelity Bank, FCMB Group and Sterling Bank made the payments between 2015 and 2017. Data obtained from the banks’ annual reports showed that Access […]

Headlines News

How 13 banks rake N96.7bn from accounts maintenance in 2017

Ihesiulo Grace 31 May 2018 0

No fewer than 13 commercial banks operating in the country have realised a whopping N96.7 billion from maintaining customers’ accounts in 2017, against N84 billion raked in the previous year from charges on customers with, current and term deposit. This translates into a 14.8 per cent increase the 13 banks recorded in maintaining customers’ accounts […]

Business Headlines

Tax: FG rakes N131bn from 6 banks

Ihesiulo Grace 4 April 2018 0

The Federal Government through its revenue agencies generated not less than N131billion as tax income from six commercial banks operating in the country in 2017, findings by The Daily Times has revealed. The six commercial banks in 2016 paid government agencies N124 billion, as government at both the federal and state level continued brace up […]

News

Excess charges: Enugu House of Assembly slams banks, tasks CBN

Ihesiulo Grace 14 February 2018 0

Members of the the Enugu State House of Assembly, Tuesday, slammed commercial banks over what they called unwarranted charges being imposed on customers. This was sequel to a motion moved at plenary by the sponsor, Rt. Hon. Chinedu Nwamba representing Nsukka East Constituency, which was seconded by Hon. Iloabuchi Aniagu, representing Nkanu West Constituency. Nwamba […]

Business

Why commercial banks may struggle to sustain profitability in 2018-Fitch

Ihesiulo Grace 8 January 2018 0

An international credit rating agency, Fitch rating has predicted that commercial banks operating in Nigeria may find it challenging to sustain profitability in 2018, given the decline in net Treasury Bill (T-bill) issuance programme in the first quarter of 2018. The rating agency, noted that the Central Bank of Nigeria (CBN) Treasury Bill (T-Bills) slowdown […]

Money

How 6 commercial banks record N992.4bn operating expenses in 2017

Ihesiulo Grace 3 January 2018 0

No fewer than six commercial banks operating in the country have recorded total sum of N992.4 billion in their Operating Expenses (Opex) in nine months of 2017, represented an increase of N143.5bn or 17per cent from N848.9bn reported in the corresponding period in 2016. The Daily Times checks, however, showed that this was due to […]

Headlines Money

Why commercial banks suffer macro-economic challenges

Ihesiulo Grace 12 December 2017 0

.. Banks burdened by exchange rate risks, others Despite the Nigeria’s recent economic recovery, commercial banks operating in the country still face huge macroeconomic challenges. In a clear indication of ongoing progress, the Nigerian economy has improved further, according to the latest Gross Domestic Product (GDP) growth in third quarter of 2017 by 1.40 per […]

Headlines News

Reps summons 100 banks CEOs, others over breach of shareholders’ rights

Ihesiulo Grace 30 November 2017 0

The House of Representatives Committee on Capital Market and other Institutions on Wednesday summoned 100 chief executive officers CEOs and boards of commercial banks, oil companies and other private companies operating in Nigeria over allegations of corporate governance breaches and abuse of shareholders rights and interests. The summons by the House committee was based

Business Headlines

CBN lend commercial banks N871bn in one week

Ihesiulo Grace 28 November 2017 0

The Central Bank of Nigeria (CBN) lend total sum of N870.9 billion to Deposit Money Banks (DMBs) operating in the country in just one week, which was higher than N574bn in previous week. The latest figure showed that commercial banks borrowing from the Apex lender rose by 52 per cent in one week, attributable to […]

Business Headlines

Recession: 13 banks record N241.8bn bad loans–Investigation

Ihesiulo Grace 4 September 2017 0

…Loans repayment default affecting lender-banks …Fitch affirms Nigeria’s sovereign ratings at B+; negative outlook Nigeria’s current economic hardships, especially induced by the recession, is believed to be responsible for the rising bad loans in 13 commercial banks. Consequently, unpaid debts by the banks’ customers accounted for the N230.6billion Non-

News Nigeria

Accountant-General gives approval for TSA audit – Director

Ihesiulo Grace 18 August 2017 0

The Accountant-General of the Federation (AGF), Mr Ahmed Idris, has given approval for the auditing of the entire Treasury Single Account (TSA), Mr Alex Adeyemi, Director of Funds, OAGF, has said. He said this in Abuja on Thursday at the conclusion of a two-day media sensitisation workshop on reporting TSA organised by the Office of […]

Business Capital Market

Interbank rate hits 15%, as government raises N190b through TB

Ihesiulo Grace 12 July 2017 0

The nation’s interbank overnight lending rate increased sharply by 10 percent to close at 15 percent on Friday, compare to 5 percent closed rate a week ago, and this has been linked to the payment for Treasury Bills (TB) purchases by the commercial banks. On Friday, the Federal government through the Central Bank of Nigeria […]