Jaiz Bank Declares 526 Per Cent Growth For 2015

Umar-Mutallab-Chairman-of-JAIZ-BankJaiz Bank Plc has declared a profit before tax of 794 million Naira in the 2015 financial year ending, a 526 per cent growth against the preceding year with 126.8 million Naira.

The bank also declared a total income of 4.4 billion Naira and financial assets growth of 18 per cent and deposits growth of 41 per cent with 25.3 billion Naira given as loans to customers for the financial year.

The Chairman of the Bank, Mr Umar Mutallab, told shareholders at the Annual General Meeting that the bank was set to surpass all targets in the coming financial year.

There was barely a space left unfilled as shareholders gathered for the Annual General Meeting of Jaiz Bank Plc to get an update on the bank’s financial standing for the 2015 financial year ending.

The Secretary of the bank, Rukayat Salaudeen, brought the first set of good news, as she declared a 10 billion Naira increase in the authorised share capital of the bank.

With 18 per cent increase in total assets closing at 52. 6 billion Naira, 47 per cent finance income at 23.8 billion and a customer deposit base of 38.7 billion Naira, shareholders look forward to the future of the bank.

The Chief Executive Officer of the bank, Mahe Abubakar, said it took over two years to break even before the success story which they plan to build upon.

It is a plan the chairman of the bank believes is achievable through close knitted collaboration.

The non-interest bank’s new slogan, ‘For A Better Life’, is set on its objective to add value to the generality of humanity by touching lives in a positive way.

With the right issue oversubscribed by shareholders, the future of non-interest banking in Nigeria, with Jaiz Bank taking the lead, is set for greater heights.

BVN Deadline: Anambra Citizens Call For Extension

BVNBarely 24 hours to the Central Bank of Nigeria (CBN) deadline for the registration for Bank Verification Number (BVN), citizens in Anambra State have called for an extension of the exercise.

The citizens are demanding for another one month, to enable those in the rural areas to participate.

While speaking in Awka, the Anambra State capital, some of the residents said that many people are yet to be verified, due to reasons ranging from time constraints to access to where banks are located, especially for those in the rural areas.

They, however, hailed the Central Bank initiative on the BVN exercise, as they agreed with the need to check trends in the banking system, in order to ensure sanity while clamping down on corruption and fraud.

According to the data released by the Central Bank of Nigeria (CBN) and the Nigerian Inter-Bank Settlement System (NIBSS) in September 2015, out of about 52 million active accounts owned by adults and children in various banks, the total enrollment for the BVN stood at about 20 million.

About 32 million of bank customers were yet to register and obtain their Bank Verification Numbers (BVN), less than five weeks to the October 31 deadline.

The BVN scheme was introduced by the Apex bank in collaboration with the bankers’ committee on February 14, 2014.

This is aimed at ensuring a unique identity for every bank customer and other users of financial services in the country, through the use of customers’ bio-metrics as a means of identification.

Recently, the CBN announced that prospective buyers of foreign currencies must show their BVN to banks and Bureau De Change operators before they would be allowed to do the transactions. This is to take effect from November 1.

BVN: 32 Million Bank Customers Yet To Register

BVNAbout 32 million of bank customers are yet to register and obtain their Bank Verification Numbers (BVN), less than five weeks to the October 31 deadline.

According to the latest data from the Central Bank of Nigeria (CBN) and the Nigerian Inter-Bank Settlement System (NIBSS) on Sunday, out of about 52 million active accounts owned by adults and children in various banks, the total enrollment for the BVN stood at about 20 million.

According to the statistics, out of the 20 million registered bank customers, only about 14 million accounts have been linked to the BVN as of September 2015.

The BVN scheme was introduced by the Apex bank in collaboration with the bankers’ committee on February 14, 2014.

This is aimed at ensuring a unique identity for every bank customer and other users of financial services in the country, through the use of customers’ bio-metrics as a means of identification.

Ecobank voted best bank in Africa

The Euromoney, an International Finance magazine, has named Ecobank Plc the Best Bank in Africa and Ecobank Ghana as the Best Bank in Ghana.

The Ecobank’s spokesperson, Nabi Ouedraogo disclosed this in a statement on Monday.

Clive Horwood, the Editor Euromoney, in another statement, said the bank bagged the award for its success story which had remained outstanding in the industry.

“The African continent’s original pan-African group is now the largest financial institution in Africa by geographical outreach, operating in 33 countries.

“The quality of the management, strategic outlook and growing profitability stand Ecobank in good stead.

“Moreover, it is close to holding assets of USD20 billion, thus reaching a level where economies of scale will kick in and boost efficiency and cross-selling of products and services,” Mr Horwood said.

On the Ghana group, it said: “The bank’s growth and success story has continued in 2011.

‘It is now the largest bank in the country following the merger with The Trust Bank Ghana (‘TTB’) with a network of 76 branches and a presence in eight of the country’s 10 regions.

“It is also the largest in terms of profitability, deposits and net worth, making it the worthy winner of best bank in Ghana this year.”

Arnold Ekpe, Ecobank’s Group Chief Executive Officer (CEO), hailed the awards saying:  “we are honoured to be recognised again in these prestigious international awards.

“The year 2011 was a transformational one for Ecobank, thanks to major acquisitions in Ghana and Nigeria and strong organic growth across our Middle African footprint.

“We are actively managing this growth, continuously enhancing our technology platform and risk management framework and Ecobank is now positioned to become the undisputed number one bank in Middle Africa.”

 

Seven Nigerian banks ranked amongst World’s top 1000

Seven Nigerian banks have been featured in a ranking of the Top 1000 banks in the world.

The list is compiled by The Banker magazine, a publication of the Financial Times of London.

The seven Nigerian banks are Zenith Bank, First Bank, GTbank, Access Bank, United Bank for Africa, Fidelity bank, First City Monument Bank and Skye Bank.

The banks are ranked according to their tier 1 capital. According to this metric, Zenith Bank is the no. 1 Nigerian bank on the list with a tier 1 capital of $ 2.398 billion (Zenith is no.7 in Africa and #322 Worldwide). Zenith is followed closely by First Bank’s tier 1 capital of $ 2.262 billion (#2 in Nigeria, #8 in Africa and #338 worlwide). GTBank is third with a tier 1 capital of $ 1.478 billion (#3 in Nigeria, #11 in Africa and # 455 worldwide).
Access Bank’s tier 1 capital or shareholders’ funds is $1.054 billion (#4 in Nigeria, #15 in Africa and #541 worldwide).

UBA is the fifth largest bank in Nigeria, #16 in Africa and #563 worldwide. Fidelity takes position as the sixth biggest bank in Nigeria, #17 in Africa and #618 in the world while First City Monument Bank becomes the seventh largest bank in Nigeria, #22 in Africa and #710 in the world.

Bank of America emerged #1 on the global list with a tier 1 capital of $159.232 billion, JP Morgan was #2 with $150 billion.  Four American and Four Chinese banks made the top ten list, with one British and Japanese Bank apiece also emerging.