The new board and management of Skye Bank Plc have been saddled with a huge task of turning the bank around following Central Bank’s revelation that the bank had failed to meet requirements of its regulatory prudential ratios.
The task is daunting considering how difficult it has been for the bank to raise money in the past two years. Things are however about to get even harder.
Ratings Agency, Standards & Poors has released its first rating report on Skye Bank since the CBN midwifed a board and management change at the bank. S&P downgraded the bank to ‘CCC-‘ from ‘CCC+’ citing an inherent risk of a default. Here is an excerpt of the report;
Continue reading From Bad To Worse: S&P Says Skye Bank Could “Default” In 6 Months
The Committee’s Decisions
The Committee, in its assessment of the relevant risk profiles, came to the conclusion that although, the balance of risks remains tilted against growth; previous decisions need time to crystalize. Consequently, in a period of
stagflation, the policy options are very limited. To avoid complicating the conditions, the Committee decided on the least risky option to hold. The foreign exchange market framework, now ready, the MPC voted unanimously to adopt greater flexibility in exchange rate policy to restore the automatic adjustment properties of the exchange rate.
Continue reading Central Bank of Nigeria Communique No 107 of the Monetary Policy Committee Meeting of Monday and Tuesday 23rd and 24th May 2016
United Capital Plc, one of Nigeria’s leading
investment banking and financial services Groups,
has announced 2015 full year earnings of N6.15
billion, up from N4.68 billion in 2014,
representing a 32% increase from the previous
Profit before tax (PBT) grew to N3.26 billion in
2015 from N2.31 billion in FYE 2014, representing
a 41% increase. Profit after tax (PAT) also grew by
39% in 2015, closing at N2.57 billion, up from
N1.85 billion in 2014.
Continue reading United Capital Plc Reports
N3.26bn PBT Up 41% From
Lafarge Africa Plc released its financial results for the year ended 31 December 2015. The result showed that revenue increased by 2.46% from N260 billion in 2014 to N267 billion in 2015, while gross
profit declined by 0.60% from N83 billion to N82 billion.
The cement manufacturer also increased its operating expenses by 20.51% from N30 billion in 2014 to N36 billion in 2015.
Continue reading Lafarge Africa Reports 27%
Drop In Pre-tax Profits To
N29 billion In 2015
Access Bank Plc released its financial result for the full year ended 31 December,
2015. The result showed that the Net interest income increased by 5.36% from N100 billion in 2014 to N105 billion in 2015. The bank also increased its net fee and commission income by 78.60% from N18.6 billion to N33 billion in 2015.
Pre-tax profits rose by 87.99% from N39.9 billion in 2014 to N75 billion in 2015, while Profit after tax increased by 113% from N30.8 billion in 2014 to N65 billion in 2015.
Access Bank proposed a final dividend of N0.30 kobo per share, with the closure date scheduled for April 13, 2016 while the date of payment is May 27, 2016.
Access Bank was trading at N4.15, down 7.89% as at press time.
Nestle Nigeria, the country’s No. 1
company responsible for the
manufacturing, marketing, and distribution of food products including purified water
throughout the country released its
financial results for the full year ended December 2015.
The result showed that revenues increased by 5.54% from N143 billion in 2014 to N151 billion in 2015, while the company
increased its operating expenses by 4.90% from N32 billion in 2014 to N33billion in 2015.
Continue reading Nestle Nigeria Declares Pre-Tax Profits of N29bn proposes N19 as dividend.
CLICK ON THE LINK BELOW TO DOWNLOAD THE CBN 2015 HALF YEAR FINANCIAL MARKET REPORT.
2015 HALF YEAR ACTIVITY REPORT