Union Bank records 12% profit before tax for the first quarter of 2021

NIGERIA – Union Bank, a commercial bank, has announced that its profit before tax rose by 12 per cent to N6.9 billion (US$18.13m) as of the end of the first quarter of 2021 from N6.2 billion (US$16.29m) in the corresponding period of 2020 driven by higher non-interest income and lower operating expenses. According to a statement by the company, its gross earnings was down by 15 per cent to N36.4 billion (US$95.66m) in the period under review from N42.6 billion in Q1, 2020, due to lower interest environment in the Nigeria financial…

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EIB backs Zim’s CABS with US$18m facility to support businesses affected by COVID-19

ZIMBABWE – The European Investment Bank (EIB) has unveiled a €15 million (US$18 million) seven-year facility to Zimbabwe’s biggest mortgage lender, CABS, a member of Old Mutual Group, to bail out thousands of firms that have been affected by COVID-19. The intervention is part of EIB’s strategy to scale up interventions across African markets to build resilience in the region’s companies during the pandemic. It is part of an approved response strategy unveiled by European Union (EU) finance ministers after the COVID-19 outbreak in 2020. Speaking at a signing ceremony…

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Ecobank Group records 10% profit in revenue for the first quarter of 2021

AFRICA – Ecobank Transnational Incorporated (ETI) has released its unaudited results for the first quarter (Q1) ended March 31, 2021, showing growth in key performance indicators. The pan-African bank posted revenue of N214.3 billion (US$563.43m), showing an increase of 10 per cent from N194.860 billion (US$512.32m) recorded in the corresponding period of 2020. Operating profit before impairment charges stood at N67 billion (US$176.15m) compared with N48.795 billion (US$128.29m) in 2020, which is 37 per cent higher. The bank increased its impairment charges by 48 per cent from N15.454 billion (US$40.63m)…

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NOVA Merchant Bank records US$9.16m profit after tax in 2020

NIGERIA – NOVA Merchant Bank Limited has released its audited results for the financial year ended December 31st, 2020, recording impressive growth across its major financial lines. The Bank declared a profit after tax of N3.49 billion (US$9.16m) in 2020 compared to N1.65 billion (US$4.33m) in 2019 which represents a 112% increase. All the key financial parameters recorded major improvement over the prior year performance; Gross Earnings showed a quantum leap of 130% growth over 2019 and Profit Before Tax at N3.52 billion (US$9.24m) recorded a 135% growth over the…

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Banque du Caire posts US$ net profit for the year 2020

EGYPT – Banque du Caire, a financial service provider, has revealed that it achieved EGP3.2 billion (US$204.11m) net profits in 2020, while its profits before taxes reached EGP4.8 billion (US$306.17m). According to the bank’s performance indicators for 2020, it achieved a 19% year-over-year growth in total revenues to EGP12 billion (US$765.41m) by the end of 2020. This compared to the EGP10 billion (US$637.84m) it reported at the end of 2019. The net interest margin (NIM) increased to 5.8% by the end of 2020, compared to 5.2% in 2019, bringing the net income…

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BUA Cement posts 19.4% growth in profit for financial year 2020

BUA to establish mega cement manufacturing complex in Nigeria

NIGERIA – BUA Cement Plc, a leading cement manufacturer in Africa, has declared in its audited financial statement, a 19.4% year-on-year growth in profit to N72.34 billion (US$176.51m) for the financial year of 2020, compared to last year’s figure of N60.34 billion (US$147.23m). The double-digit growth in profit was a testament to the cement maker’s focus on efficiency, excellent cost optimization strategies, newer technologically advanced plants, and lastly the strong growth in revenue which was driven by the rising demand for cement. BUA Cement’s revenue expanded by 19.33% in 2020,…

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Equity Group and FMO sign US$50m loan guaranty facility to support entrepreneurs

KENYA – Equity Bank has entered into a partnership with the Netherlands development bank FMO with the signing of a NASIRA loan portfolio guarantee facility to support Kenyan entrepreneurs. The US$50 million facility is the second NASIRA guarantee signed with Equity with the support of European Union funding. With the funding, Equity Bank Kenya will further support Kenyan entrepreneurs during these challenging times with a special focus on micro, small and medium enterprises (MSMEs), it said in a press statement. The FMO funding will provide a NASIRA loan portfolio guarantee…

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Financial services firm Investec estimates earnings to plunge by 29%, shares decline

SOUTH AFRICA – Anglo-South African international banking and wealth management group Investec group has flagged that its full-year earnings could decline by as much as 29 percent, an announcement that saw its share price fall by more than 6 percent on the Johannesburg Stock Exchange on March 19, 2021. The group said in a trading update that it expected its adjusted earnings per share from continuing operations for the year to end March between 20 and 29 percent weaker compared to the same period last year. The group also unbundled…

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Investment bank Societe Generale secures US$3.6m loan from Proparco to support SMEs in Mozambique

MOZAMBIQUE – Proparco, the private arm of the French Development Agency (AFD), has pledged a guaranteed loan of €3 million (US$3.6 million) to French multinational investment bank and financial services company Société Générale’s subsidiary in Mozambique to support small and medium-sized enterprises (SMEs). The guarantee will target companies operating in high-impact sectors, with a focus on agribusiness. The agreement will also support women-owned businesses. “Proparco is pleased to be able to count on a key partner like Société Générale to support SMEs in a country where financial inclusion remains a huge…

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GTB bank increases its gross earning by 4.6% in 2020 compared to 2019

NIGERIA -Guaranty Trust Bank Plc (GTB) has announced an increase in its gross earnings posting a N455.229 billion (US$1.11bn) in 2020, a 4.6 per cent from N435.307 billion (US$1.06bn) recorded in 2019. Net interest income grew by 9.6 per cent from N231.363 billion (US$0.56bn) to N253.668 billion (US$0.62bn), while net fee and commission income fell from N59.444 billion (US$0.14bn) to N46.935 billion (US$0.11bn). Loan impairment charges soared by 298 per cent to N19.573 billion (US$48m), from N4.912 billion (US$12m) in 2019. Personnel expenses witnessed a marginal increase from N37.284 billion…

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