Economy
Access Bank to Pay HY Dividend as Earnings Hit N450.6bn
By Dipo Olowookere
Access Bank Plc is paying its shareholders an interim dividend of 30 kobo for the first half of 2021 ended June 30, a notice from the lender has confirmed.
However, the HY dividend is subject to appropriate withholding tax and would be paid on Wednesday, September 29 to shareholders whose names appear on the register of members as at the close of business on Thursday, September 16 and to those who have completed their e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.
A look into the performance of the banking institution in HY 2021 showed that its gross earnings expanded to N450.6 billion from N396.8 billion in the same period of 2020.
Business Post observed that the corporate and investment banking arm of the business raked N167.9 billion versus N152.0 billion a year ago, the commercial banking earned N139.4 billion compared with N112.1 billion, the business banking generated N24.8 billion in contrast to N36.9 billion, while the retail segment added N118.6 billion versus N95.8 billion to the total revenue.
In terms of the geographical segments, the largest chunk of the earnings came from its Nigerian operations, raking N353.8 billion, higher than N338.6 billion in the same period of last year.
The lender said in the first six months of this year, its net interest income grew to N200.1 billion from N126.2 billion, while its net interest income after impairment charges rose to N171.4 billion from N109.7 billion.
In the period under consideration, Access Bank said it improved its fee and commission income to N73.7 billion from N51.8 billion as a result of a rise in channels and other e-business income, commission on other financial services, commission on bills and letters of credit, account maintenance charge and handling commission as well as credit-related fees and commissions.
However, its fee and commission expense rose in the same period to N15.0 billion from N11.2 billion, while the net fee and commission income closed at N58.7 billion, higher than N40.6 billion in HY 2020.
In the first half of the year, Access Bank said personnel costs swallowed N43.6 billion compared with N36.3 billion in the same period of 2020 mainly as a result of an increase in wages and salaries to N41.3 billion from N34.1 billion, while other operating expenses jumped to N126.1 billion from N120.7 billion despite a decline in bank charges, administrative expenses, communication expenses, outsourcing costs, advertisements and marketing expenses, recruitment and training, events, charities and sponsorship, security expenses, cash processing and management cost, and office provisions and entertainment costs.
When these costs and others were taken from the earnings, the bank was left with a profit before tax of N97.5 billion, higher than N74.3 billion as at June 30, 2020, while the profit after tax stood at N86.9 billion compared with N61.0 billion, signifying a 42.5 per cent improvement.
In the period, the earnings per share (EPS) grew to N2.48 from N1.73, while the total assets increased year-to-date to N10.1 trillion from N8.7 trillion in FY 2020, with the total liabilities rising year-to-date to N9.3 trillion from N7.9 trillion.
It was observed that deposits from customers in the first months of this year went up to N6.0 trillion from N5.6 trillion as at December 31, 2020, while loans to customers increased to N3.6 trillion from N3.2 trillion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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