Zenith Bank earns over N80 billion as trading gains in 2018

Must Read

FIRS lists Slot, GIG Motors, Davido, Obasanjo, others among 19,901 tax defaulters, shuts accounts (Full List)

A number of prominent individuals and organizations have been included in a list of 19,901 tax defaulters released by...

How Blockchain might change the whole fashion industry – and safeguard the authenticity of your goods

So far you have probably only heard of blockchain in connection with financial transactions and Bitcoins.Well, that should change...

Most Financial Services Firms ‘Not Prepared’ For Digital Transformation, Research Suggests

Tens of thousands of financial services businesses are avoiding upgrading their digital systems because they don’t deem digital transformation...
- Advertisement -
- Advertisement -

Reliable sources close to Nairametrics indicate tier one lender Zenith Bank could earn close to N100 billion or more as gains from derivatives and treasury bills trading in the 2018 financial year.

The bank has consistently made trading gains in the last few years rising from N20 billion in 2016 to over N60 billion in the 2017 financial year.

Who heads the trading desk?

The trading desk of the bank is headed by Michael Anyimah. He is a 1997 graduate of Actuarial Science from the University of Lagos. He also obtained an MBA from the same institution in 2003. In addition, he is a CFA charter holder.

Read:  Burkina Faso, Senegal and Togo look hard at e-commerce opportunities

From July 2005 to March 2008, he was an FX trader with Citigroup Nigeria. While there, he was responsible for developing foreign exchange risk hedges for clients. He was also responsible for the active foreign currency balance sheet management.

He joined Zenith Bank in March 2008, as the Head of Foreign Exchange trading and Derivatives Sales and Trading. At Zenith, he manages the FX Trading Unit which trades the G7 currencies and the Naira against the G7 currencies. G7 currencies comprise currencies of the 7 industrialized countries namely the United States, Germany, France, Canada, Italy, Japan, and the United Kingdom.

Read:  Seplat Petroleum Development Company announces Resignation of a Non-Executive Director

He also heads the unit in charge of Derivative sales and trading, taking proprietary positions and providing hedging solutions to clients foreign exchange and interest rate risks

Read:  ICAN partners MRS, others for growth

Zenith Bank is currently trading at N24.20 in today’s trading session on the Nigerian Stock Exchange, up  1.25%.

Note

This story was published before the bank’s release of its full-year 2018 results which showed it made N80 billion as net trading income.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Skye Bank & Fortis Microfinance Bank Removed From Nigerian Stock Exchange Listing

The Nigerian Stock Exchange (NSE) on Wednesday delisted Skye Bank Plc and Fortis Microfinance Bank Plc following permission from...

WHO calls for more research into microplastics and a crackdown on plastic pollution

The World Health Organization (WHO) today calls for a further assessment of microplastics in the environment and their potential impacts on human health, following...

NIPC Takes Innovative Approach to Market Investment Opportunities in the Country

The Nigerian Investment Promotion Commission (NIPC) has said that it is profiling investment opportunities across sectors in Nigeria.The Director, Investment Promotion of the Commission,...

African Energy Chamber Welcomes Appointment of New Nigerian Petroleum Minister

As a former Governor of the Bayelsa State, in the core Niger Delta region, H.E. Timipre Silva understands the core issues affecting Nigeria’s oil...

More Articles Like This