Banking
Access Bank Makes N72b As Number Of Accounts Hit Over 7m
By Modupe Gbadeyanka
Access Bank Plc has declared a profit before tax of N72 billion for the nine months ended September 30, 2016.
In a statement issued Friday in Lagos by Access Bank’s Head of Media Relations, Mr Abdul Imoyo, it was explained that the figure indicated an increase of 19 percent compared with what was achieved in the during the same period in 2015, which was N60.4 billion.
According to the statement, the bank’s profit after tax (PAT) stood at N57.1 billion from N48.1 billion in 2015, showing a growth of 19 percent.
Also, the gross earnings rose by seven percent to N274.5 billion against N257.6 billion in the corresponding period of 2015.
Mr Imoyo explained that the growth in gross earnings was driven by 17 per cent increase in interest income on the back of continued growth in the bank’s core business.
Likewise, the bank’s operating income increased by 12 percent to N199.3 billion from N178.1 billion in 2015, while customer deposits grew by 25 percent to N2.10 trillion from N1.68 trillion in December 2015.
Mr Imoyo also said the bank’s Capital Adequacy Ratio (CAR) remained solid at 19 percent as at September 2016, well above the regulatory minimum.
He also disclosed that Access Bank currently serves over 7 million individual and corporate account holders, through 370 branches and with more than 1,500 ATMs in major centres across Nigeria, Sub-Saharan Africa, among others.
Commenting on the financial results, Access Bank Group Managing Director, Mr Herbert Wigwe, said the company’s performance in the first three quarters of 2016 remained strong and consistent.
He said that the performance reflected a stable business with the capacity to deliver sustainable returns, particularly during a period underlined by significant macro headwinds.
According to him, the group maintained stable asset quality with Non-Performing Loan (NPL) of 2.1 percent and Cost of Risk Ratios (CRR) of 0.9 percent, respectively.
He explained that the bank’s capital and liquidity position remained above regulatory levels, noting that the bank would continue to implement a disciplined capital plan to support growth.
“We remain committed to our cost containment plan, as we strive to balance operational efficiency with earnings growth in a constrained environment.
“The bank will remain resilient in the achievement of its strategic imperatives; maximising our strong market position and solid capital base, while leveraging on digital innovation to improve service touch points,” Mr Wigwe said.
By Aduragbemi Omiyale
As part of activities to mark 2023 Global Financial Literacy Day, Wema Bank Plc this week organised a financial literacy programme for students across all states it operates.
The innovative financial institution said the financial literacy sessions for secondary school students aligned with its commitment to championing financial literacy for the next generation.
The Deputy Managing Director of Wema Bank, Mr Wole Akinleye, who led the financial literacy session at Yola Model School, Adamawa State, encouraged the students on the importance of developing financial literacy as a life skill.
Speaking on the significance of Financial Literacy Week, Mr Akinleye emphasized Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions.
“Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability,” he noted.
It was gathered that students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualization, investment, and donating for positive societal impact, amongst others.
The idea, according to a statement from the lender, is to instil an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.
The 2023 Global Financial Literacy Day was themed Plan your Money, Plant your Future.
Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals.
Wema Bank Plc reaffirmed its commitment to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.
By Adedapo Adesanya
Banking regulators have approved the merger between Access Bank Zambia Limited and African Banking Corporation Zambia Limited.
Access Bank Plc announced on October 25, 2021, that it had executed a binding agreement with Altas Maras Limited on a proposed merger between African Banking Corporation Limited (Atlas Mara Zambia) and the bank’s subsidiary in Zambia, Access Bank Zambia.
This was contained in a notice filed by the company by Mr Oyelola Oyeleye, the group’s company secretariat and Mr Sunday Ekwoche, its company secretary, on the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities on Friday.
“We are pleased to announce that Access Zambia has received final regulatory approval from the Central Bark of Zambia for the acquisition and merger of Atas Mara Zambia into its existing operations (the Transaction),” the statement read.
It was disclosed that The Central Bank of Nigeria (CBN) and the Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “no objection” to the transaction in 2022.
Following this new development, Access Zambia said it would move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambia.
The transaction is expected to be completed in the third quarter of this year.
By Adedapo Adesanya
The House of Representatives has asked the Central Bank of Nigeria (CBN) to direct commercial banks to urgently overhaul their online and electronic banking platforms.
At Thursday’s plenary, the green chamber said this would ease the electronic banking operations that the banks were implementing in line with the cashless/Naira redesign policy of the apex bank and reduce the pains of Nigerians.
The resolution came off a motion on notice moved by a lawmaker from Edo State, Mr Sergius Ose-Ogun, in the lower house.
“The House notes that Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly (like the Central Bank of Nigeria);
“Aware that the Central Bank of Nigeria is established under Section 1 of the Central Bank of Nigeria Act, Cap. C4, Laws of the Federation of Nigeria, 2004 to issue legal tender currencies in Nigeria;
“Also aware that Section 2 of the Central Bank of Nigeria Act saddles the Central Bank of Nigeria with the duty of promoting a sound financial system in Nigeria;
“Acknowledges that in the wake of the recent naira redesign and cash withdrawal limit policy of the Central Bank of Nigeria, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country;
“Also acknowledges that the use of online or internet banking services by Nigerians in the past three months or thereabout has been characterized by varying degrees of hitches ranging from unsuccessful electronic bank transfers, point of sale (POS) service failure and a host of others;
“Disturbed that the ineffectiveness or difficulty in using internet banking services across the online banking platforms of most commercial banks in Nigeria has brought untold hardship, suffering and difficulties on Nigerians in the past three months.
“Worried that if nothing is done by the Central Bank of Nigeria and the commercial banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.
“Resolves to urge the Central Bank of Nigeria (CBN) to direct all commercial banks in the country to immediately overhaul their existing online/electronic banking platforms for efficiency and ease of conducting electronic banking operations,” the motion read.
The House Committee on Banking and Currency was mandated to monitor and ensure compliance with the resolution within four weeks.
