FBNHoldings Declares N270bn PBT In 9 Months

FBNHoldings Plc has reported gross earnings of N985.6 billion for the nine months financial year ended September 30, 2023. The amount represents an increase of 80.1 per cent compared with N547.2 billion achieved in the corresponding period of 2022. The group’s profit before tax rose to N270.3 billion from N105.5 billion in 2022, representing 156.3 per cent from N105.5 billion recorded the previous year while profit after tax grew by 159.2 per cent to N236.4 billion from N91.2 per cent posted in the preceding year. Analysis of the result showed that Interest income increased by 71.1 per cent to N633.8 billion against N370.4 billion recorded in the corresponding period of last year while net interest income went up 51.4 per cent to N377.7 billion from N249.5 billion in the preceding year. Non-interest income rose by 108.2 per cent to N326.90 billion against N157 billion in 2022. Commercial banking segment of the company within the period reported N922.2 billion growing by 79.8 per cent year on year from N512.9 billion achieved in the comparative period of last year. The bank’s profit before tax went up by 157 per cent to N248.5 billion from N96.4 billion while profit after tax stood at N221.1 billion against N85.7 billion in the preceding year, indicating 158.2 per cent growth year on year. Commenting on the financial result, the Group Managing Director, FBNHoldings, Nnamdi Okonkwo said “over the period we have delivered a strong performance and growth enabled by focused execution of our strategic plan. Gross earnings were up by 80.1 per cent while our profit before tax grew by 156 per cent year on year. At the same time, our credit risk portfolio remains healthy with an NPL ratio of 46 per cent and a coverage of 85.4 per cent. Cost of income ratio improved to N 50 per cent from 65 per cent in 2022 on the back of enhanced revenue generation as well as effective cost containment initiatives. “Despite the high inflationary environment we remain committed to leveraging technology, automation and our brand strength to enhance our value proposition, increase revenues and improve the overall operational efficiency of the group. We are confident in our continuous progress in generating sustainable value for our shareholders.” Also the Chief executive officer First Bank of Nigeria Limited, Commercial banking group) Dr Adesola Adeduntun said “in the nine months ended September 30, 2023, First Bank group reported impressive financial results, reflecting sustained growth and resilience of the franchise. “Our gross earnings at the end of the quarter were N922.2 billion, making a remarkable increase of 79.8 per cent y-o-y. The substantial increase of 49.3 per cent yoy in net interest income reflects our commitment to managing interest rate dynamics effectively and optimising our interest-earning assets, while the impressive growth of 111.6 per cent y-o-y in non-interest income underscores our success in diversifying the bank’s revenue streams and providing value added services to our customer. “Growth of 157.9 per cent and 158.2 per cent y-o- y in the profit before tax and profit after tax respectively reflect our commitment to delivering exceptional value to our shareholders and stakeholders. “This performance is a testament to the dedication and hard work of our entire team, and it reaffirms First Bank’s position as one of the leading players in the commercial banking industry. As we continue to face dynamic market conditions, our agility, risk management capabilities and strategic approach will remain pivotal in sustaining this impressive growth trajectory. Looking ahead, we are committed to sustaining this momentum exploring new growth opportunities through innovation and upholding our core value of customer centricity.”

AccessCorp Reports N1.593trn Gross Earnings In 9 Months

Access Holdings (AccessCorp) Plc has reported a superlative 75.70 per cent year on year (y/y) increase in gross earnings to N1.593 trillion during the nine months of 2023 from N906.93 billion reported the same period of last year. The growth resulted from double-digit increases in net interest income and income from fees and commission during the period. The company posted profit before tax of N294.416 billion at the end of nine months this year from N147.056 billion reported in the preceding year, indicating a surge of 100.21 per cent. The unaudited result released the company showed that AccessCorp paid income tax of N43.973 billion within the period under review against N10.287 billion paid in the preceding year, bringing profit after tax to N250.444 billion from N136.766 billion with 83.12 per cent rise in profit. The company interest income rose by 83.38 per cent to N1.048 trillion against N571.738 billion reported in the previous year while interest expenses up from N291.450 billion in 2022 to N658.508 billion, representing 125.94 per cent growth, bringing net interest income to N389.955 billion at the end of September 2023 from N280.288 billion recorded in the comparative period of 2022. Also, the net income advanced 83.12 per cent y/y to N250.44 billion in 9 months 2023 while the company reported N314.60 billion in gains from foreign exchange gains. Analysis of the result showed that fee and commission went up by 55.95 per cent to N208.182 billion from N133.494 billion while fee and commission expense stood at N59.628 billion against N38.311 billion recorded the previous year. Total assets went up by 42.71 per cent to N21.405 trillion from N14.998 trillion made in the previous year while total liabilities grew from N13.767 trillion to N19.765 trillion in the previous year. Bears dominate as equity market sheds N67bn Domestic equity market Thursday sustained its bearish run, shedding N67 billion as losses recorded in the shares price of small and medium size stocks impacted negatively on the market. Market capitalisation of listed equities declined by 0.18 per cent to N36.856 trillion from N36.923 trillion reported in the previous day.The NGX All Share Index also depreciated by 67084.95 points from 67206.16 points traded the previous day. A review of the investment showed that Mcnichols led gainers table in percentage terms with 8.93 per cent to close at N0.61 per shares, UACN followed with 6.09 per cent to close at N12.20 per share, Oando Plc added 4.07 per cent to close at N8.95 per unit, Chams Plc gained 3.65 per cent to close at N1.99 per share, Nestle Nigeria Plc increased by 2.94 per cent to close at N1050.00 per unit. On the contrary, NSLTECH topped losers chart, declining by 10 per cent to close at N0.27 per share, CWG trailed with trailed 9.94 per cent to close at N7.70 per share, Thomas Way fell by 9.84 per cent to close at N4.03 per unit, International Breweries down 9.78 per share to close at N4.15 per share while Universal Insurance dipped by 8.33 per cent to close at N0.22 per share. Volume of trades declined by 62.007 million, representing 18.8 per cent as investors traded 267.653 million shares valued at N5.110 billion in 5205 deals against 329.660 million shares costing N4.410 billion exchanged hands the previous day in 5998 deals. Transactions in the shares of Fidelity Bank led market activities with 39.831 million shares valued at N326.853 million, Chams Plc followed with account of 23.500 million shares worth N46.416 million, AccessCorp traded 20.555 million shares cost N347.746 million, United Bank for Africa exchanged 19.007 million shares valued at N35.725 million, Japaul Gold traded 18.252 million shares cost N16.285 million.

IGR: Lagos Leads Other States With N651.1bn, Rivers N172.8bn  

*FCT Generates N124,366,774,519.25 Lagos states led other states of the federation in the amount of internally generated revenue in 2022, according to the IGR report released by the National Bureau of Statistics (NBS) on Monday. According to the National Bureau of Statistics, Lagos, Rivers, and the Federal Capital Territory (FCT) stood out as the leading states in terms of IGR, ranking in  impressive amounts of N651,145,633,085.30, N172,823,232,535.44, and N124,366,774,519.25, respectively. On the other end of the spectrum, Kebbi, Taraba, and Yobe were the least successful in generating revenue, managing to collect only N9,146,249,907.83, N10,238,110,125.95, and N10,456,776,796.18, respectively. Collectively, the 36 states of Nigeria and the Federal Capital Territory (FCT) managed to generate a total of N1,925,612,626,650.76 as IGR in 2022. This represented a modest growth of 1.57 per cent when compared to the N1,895,786,762,263.80 generated in the previous year, 2021. The report further stated that the revenue for 2022 came from taxes, including various types, and the income generated by different government departments and agencies. The total revenue collected across all states and the FCT increased slightly compared to the previous year. According to the report, the main source of revenue for the year was the pay-as-you-earn (PAYE) tax, contributing a significant 67.62 per cent to the total tax revenues generated across the country. The report also stated that capital gains tax, on the other hand, played a much smaller role, accounting for only 0.24 per cent of the total tax revenue. In terms of local government area (LGA) revenue, Oyo, Lagos, and Jigawa emerged as the top three states. They reported impressive figures of N11,832,437,020.33, N11,505,586,283.35, and N8,700,993,591.78, respectively. The NBS report also noted that in the year 2022, the Internally Generated Revenue (IGR) was primarily driven by two major sources: taxes and revenue from Ministries, Departments, and Agencies (MDAs).

Customs Exceeds Monthly Target, Generates N343bn In August 

The Acting Comptroller-General (CG), Nigeria Customs Service (NCS), Mr Adewale Adeniyi, has disclosed that the service exceeded the revenue target for the months of July and August. Adeniyi, who spoke while presenting the scorecard for his 100 days in office on Thursday in Abuja, said that the NCS generated N307 billion in July and N343 billion in August “One of our early achievements has been a remarkable boost in monthly revenue collection. “We have witnessed a substantial increase, with an average monthly collection of 202 billion in the first half of the year that concluded in June, surging to an impressive 343 billion in August. “This outstanding growth amounts to a remarkable 70.13 per cent increase in revenue collection. “I am delighted to announce that we have consistently exceeded the monthly target collection, marking a remarkable departure from previous performances,” he said. He said that the ongoing revenue recovery review activities hadl contributed an additional eight billion Naira during the period. “This underlines our commitment to revenue generation. Subject to unforeseen circumstances, our aim is to sustain and even expand this momentum until the end of the year. “This commitment is driven by our resolve to minimise the deviation from the target, especially in light of the substantial shortfalls recorded during the first half of the year,” Adeniyi said. He said that the NCS had recorded appreciable results in its ongoing battle against smuggling “We have successfully intercepted various contraband items, including arms, ammunition, illicit drugs, substandard pharmaceuticals and other prohibited goods that pose grave risks to our citizens. “These seizures accompanied by the apprehension of 62 suspects undergoing legal procedures, underscore our commitment to tackling smuggling and safeguarding our communities. “Notably, a significant surge in impactful seizures, especially involving arms, ammunition, and drugs, has occurred in the past two months, reinforcing our resolve to combat these illegal activities,” he said. He said that NCS had forged stronger alliances and fostered an environment of trust and cooperation among stakeholders in the public and private sectors., as well as international partners. The acting CG said that NCS was at the verge of introducing multiple cutting-edge solutions to support the enforcement strategies, starting with the signing of an Memorandum of Understanding (MoU) that seeks to put vehicle smugglers out of business for good. “As we reflect on the achievements of the first 100 days in office and the journey we have embarked upon, it is essential to look ahead with a clear vision for the future. “The next phase builds upon the foundation we have laid, and it is characterised by unwavering dedication to our policy thrust of consolidation, collaboration, and innovative solutions. “Looking forward, we envision a service that is not only the most efficient and service-driven government organ but also a pivotal driver of national economic growth and border security. “There are also challenges we face but we are working hard to overcome it and get a better result,” he said. According to him, the NCS plays a pivotal role in facilitating international trade and economic growth and equally serves as a bridge connecting the nation to the global marketplace. He expressed commitment to aligning with President Bola Tinubu’s agenda on economic growth and development.