Access Bank reports 15.7% rise in Profit After Tax to ₦102.3Bn in Q3 2020

Esan Bolaji
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Access Bank reports 15.7% rise in Profit After Tax to ₦102.3Bn in Q3 2020

 

Access Bank Plc released its Q3 2020 Unaudited results for the period ended September 30th, 2020. Access Bank’s Gross Earnings rose 15% y/y to ₦592.8bn in 9M 2020, (9M 2019: ₦513.7bn), with interest and non–interest income contributing 63% and 37% respectively. Interest Income declined by 7% y/y to ₦375.3bn in 9M 2020 (9M 2019; ₦405.0bn), largely driven by the falling yield environment which saw income on investment securities drop by 15% y/y to ₦118.8bn.

Non-Interest Income increased by 100% y/y to ₦217.5bn (9M’19: ₦108.6bn), largely led by the year- on-year growth in trading income. Transaction fees, Commissions and Other operating income accounted for 55% and Net trading income the balance of 45%. Included in Other operating income are recoveries of ₦24.8bn. We also had strong showing in our Channels and other E-business of

₦38.8bn(+105% y/y). These gains buttress the resilience of the Bank even in these uncertain period.

Profit Before Tax (PBT) for the period rose by 16% y/y to ₦116.6bn (9M 2019: ₦100.8bn), and Profit After Tax (PAT) also grew by 16% y/y to ₦102.3bn from ₦88.4bn in 9M 2019, on the back of a 29% y/y growth in Operating income despite the rise in Impairment Charges and Operating Expenses. Accordingly, Return on Average Equity (ROAE) stood at 21.2% with a Return on Asset (ROAA) of 1.8% in the period.

The assets base of the Bank remained strong and resilient with Total Assets of ₦7.93trn in September 2020, a growth of 11% YTD from ₦7.14trn in December 2019. Net Loans and Advances totaled ₦3.53trn as at September 2020 (December 2019: ₦3.06trn).

Customer Deposits increased by 24% YTD to ₦5.26trn in September 2020 from ₦4.26trn in December 2019. Low cost deposits (Current Accounts and Savings Accounts) accounted for 62.4% of the deposit base. Savings accounts deposits closed at ₦1.23trn as at September 2020.

Capital Adequacy Ratio (CAR) remained well above regulatory minimum at 20.3%, reflecting the adjusted impact of the IFRS 9 implementation. Similarly, Liquidity ratio of 48.0% (December 2019: 47.0%) remained well above regulatory requirements.

Non-Performing loans (NPL) ratio stood at 4.2% as at September 2020 (December 2019: 5.8%), on the back of a ₦70.1bn write-off and cautious restructuring in the period.

Net Interest Margin (NIM) of 5.1% in 9M 2020 from 6.8% in 9M 2019, while Average Cost of Funds (CoF) decreased 160bps y/y to 3.6% from 5.2% in 9M 2019 (Actual CoF in the period was 3.5%). Yield on Assets of 9.7%, down by 336bps y/y from 13.0% in 9M 2019. These are on the back of the declining yield environment.

Cost-to-Income Ratio (CIR) declined by 176bps y/y to 62.1% in 9M 2020 (9M 2019: 63.8%), despite the high cost of operation of the enlarged business scale. We continue to drive our cost transformation initiatives to minimize cost, which will result in improved efficiency ratios.

Herbert Wigwe, GMD/CEO comments

Access Bank delivered strong top- line figures despite a challenging and fast-changing macro and banking landscape, occasioned by the COVID-19 Pandemic and the consequent decline in oil price. This is an attestation to the effective execution of our strategies and strong risk management culture.

herbert-wigwe Brandspurng Access Bank reports 15.7% rise in Profit After Tax to ₦102.3Bn in Q3 2020
Herbert Wigwe, GMD/CEO

The Group recorded gross earnings of ₦592.8bn (+15% y/y), on the back of a 100% y/y growth in non-interest income to ₦217.5bn, butressing the effectiveness of our strategy and capacity to generate sustainable revenue. We contined to grow our transaction banking income through the optimisation of our channels and electronic banking platforms (+105% y/y), notwithstanding the reduction in transaction charges following the revised guide to bank charges in December 2019. Despite the high cost of operating the enlarged franchise and increase in net impairment charge, Profit Before Tax stood at ₦116.6bn.

Customer deposits also grew by 24% YTD to ₦5.26trn in Sep’ 2020 with a strong savings account deposits of ₦1.23trn. Similarly, net loans and advances grew by 15% to ₦3.53trn.We maintained a robust capital and liquidity positions of 21.1% and 48.0% respectively, well above regulatory levels. We recorded consistent growth in our retail banking business, as evidenced by the growth in customer sign-on by 3.2mn customers YTD via our financial inclusion strides. Transaction volume and value also grew based on our deliberate investments in digital banking .

Asset quality continued to improve as guided to 4.2%, on the back of impairment charges, strong recoveries and a robust risk management approach. This is expected to trend downwards as we strive to surpass the standard we had built in the industry prior to the merger with Diamond Bank.

We have continued to grow our African footprint in a capital-efficient and profitable manner, in furtherance of our vision to be the World’s most respected African Bank and Africa’s payment gateway. Our African expansion strategy is two-pronged; consolidating in markets we already exist (Mozambique and Zambia) to become major players, and entering into new key African markets and trade corridors (Guinea, Kenya and South Africa).

In addition, we have received the Central Bank of Nigeria’s Approval-In-Principle for a holding company (“HoldCo”) structure which will enable us further accelerate our objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.

The year has been challenging for all and I would like to appreciate our customers for their unwavering loyalty in these uncertain times. Recognizing the adverse effects of the recent events on our customers, we remain committed to delivering superior value to our customers and providing innovative solutions for the markets and communities we serve.

Going into the last quarter of the year, our focus remains on consolidating our retail momentum and expanding our African footprint.The next two years will see updates with regards the realization of synergies and actualization of the Bank’s strategic intent. Finally, I would like to thank our people and shareholders as we could not have achieved these feats without their dedication, commitment and support.

 

Consumers Laud Mouka for Quality Products, Worthy Initiatives for Improved Wellbeing

Esan Bolaji
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Consumers Laud Mouka for Quality Products, Worthy Initiatives for Improved Wellbeing

Consumers have commended Mouka for its delivery of quality products that improve wellness and other worthy initiatives in line with its mantra of adding comfort to life.

Consumers Laud Mouka for Quality Products, Worthy Initiatives for Improved Wellbeing
Consumers Laud Mouka for Quality Products, Worthy Initiatives for Improved Wellbeing – www.brandspurng.com

They also applauded the frontline company for its leading role in the manufacturing of mattresses and other bedding products which cater to the needs of the different segments of the society, to make quality sleep possible.

The commendation came on the heels of the advocacy by the Nigeria Society of Physiotherapy (NSP) that quality sleep helps in boosting the immune system to help fight against infections like the coronavirus (COVID-19).

A consumer, Mrs Funmi Ayodele, who resides in the Ikeja area of Lagos State, eulogised the company for its innovative sleep solutions which have helped in improving her sleep pattern and health. She declared that Mouka has continually engaged consumers as part of its stakeholders for a more robust understanding of their needs and preferences. This is proof of the company’s determination in promoting consumer wellbeing and in the delivering of quality products.

Another consumer, Kemi Funso, a business tycoon, praised the socially responsible company for listening to the yearnings of consumers through its portfolio of products that are quite affordable and good value for money. “I have been using Mouka brands for a long time, and the quality has remained the same. Its products are unique and equal to none in the mattresses and beddings industry,” she affirmed.

Attesting to Mouka’s matchless brands, a medical practitioner, Dr Ngozi Chinedu, said Mouka, being a consumer-centric company, has embarked on laudable initiatives during the pandemic, thus demonstrating that the wellbeing of Nigerians is at the core of its mission. She stated that the company is genuinely committed to its corporate social responsibility (CSR) initiatives, especially during a crisis. This was demonstrated by the donations to the Lagos, Ogun and Oyo States isolation centres. Likewise its assistance of victims of Abule Ado gas pipeline explosion with donations of Mouka mattresses.

An accountant with one of the multinationals, Henry Akintunde, thanked the leading company for its collaboration with the NSP in promoting healthy sleep culture among Nigerians. This initiative has created awareness of how it enhanced the human immune system against infections.

On the issue of healthy sleep, the President of the NSP, Dr Nnenna Nina Chigbo, said documented evidence shows that certain cells that help fight infections in the body increase significantly during sleep. This results in the proper functioning of the body, including the immune system, tissue healing, pain modulation, cardiovascular health, cognitive function, learning and memory.

To attain these benefits, the NSP endorses Mouka sleep solutions which include Wellbeing orthopaedic mattress, Regina semi-orthopaedic mattress and Mondeo Spring mattress.

The Chief Executive Officer of Mouka, Raymond Murphy, stated that the foremost company would continue to engage the consumer and other stakeholders such as its employees, business partners, agencies and media, in promoting wellbeing through quality sleep. He said Mouka in its giant stride, will keep on innovating and renovating its product portfolio to keep it exciting. This, he affirmed, would be through intensive research and development, to adequately cater to their needs and preferences.

Biggest Nigeria’s E-commerce Tech, Hicolumn, Comes to Your Neighbourhood November 26

Esan Bolaji
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Biggest Nigeria’s E-commerce Tech, Hicolumn, Comes to Your Neighbourhood November 26

Hicolumn, the biggest ground-breaking e-commerce Tech that gives merchants (big or small), especially small and medium enterprises (SMEs) the opportunity of leveraging the internet to serve or sell to their existing and prospective customers anywhere and anytime, without the customers physically visiting the shops opens in grand style on November 26, 2020.

Biggest Nigeria’s E-commerce Tech, Hicolumn, Comes to Your Neighbourhood November 26
Biggest Nigeria’s E-commerce Tech, Hicolumn, Comes to Your Neighbourhood November 26 – www.brandspurng.com

It promises to enable consumers to buy from shops that they would ordinarily prefer to buy from physically.

The hi-tech company being a platform designed for consumers to buy from and within their immediate community of residence is set to create over 100,000 jobs before the end of 2021, and will bring about large-scale youth empowerment as well as increase significantly the patronage of locally made goods.

Hicolumn is a mobile app designed to give visibility to neighbourhood stores, showcase stores and connect the stores directly to their customers anywhere, anytime.

It offers stores, merchants, SMEs that have existing and verifiable businesses, with physical structure the opportunity to become active participants in the e-commerce ecosystem within 30 minutes after download, and absolutely free of any registration charge.

The App is poised to revolutionise the e-commerce space as stores and merchants do not need to have a website to leverage e-commerce and most importantly do not need to worry about delivery, as goods ordered by customers will be delivered to them by Hicolumn’s delivery partners without any delivery charge to the stores or merchants.

With matchless qualities, the e-commerce Tech takes advantage of the non-adoption of the traditional commerce in the Africa online market by ensuring that customers’ usual places of shopping are made available to them, by making it possible for consumers to view and choose to buy from stores they already know, without physically going to the stores and still have their goods delivered within 20 minutes, with the same quality, same price and faster than it would have been if they were to visit the stores physically.

The cutting-edge e-commerce marketplace is designed to take advantage of the weaknesses of the existing online market in Africa and the world at large, thus redefining its scope and operations with unparalleled services aimed at reducing the threat that the current e-commerce system poses to SME’s survival, due to loss of sales and which has seen a high number of stores run out of business.

The Founder, Hicolumn, Uche Elekwachi, said the platform combines the power of three Apps into one unique e-commerce ecosystem comprising the Hicolumn Customer App, Hicolumn Merchant App and Hicolumn Delivery App. The three Apps are connected together and work as one Enterprise Resources Programme for real comfort and quality convenience.

Established by Hicolumn Technologies Limited, the biggest e-commerce Tech provides the complete sense of security and assurance which has been lacking in online trade for so long.

Benefits accrued to merchants and stores partnering with Hicolumn on the e-commerce Tech include increased profitable sales; reduced cost of operation with less than five employees; proper inventory management; and elimination of threat posed by the current e-commerce system.

Others include empowering merchants with the same capacity of an e-commerce global giant; customers’ retention on full scale; reduction of operational cost; business enhancement through effective online promotion; increased merchants’ focus on core operations; and opportunity for massive promotion and customer acceptability.

Moreover, Hicolumn allows only merchants and stores that have traceable physical structures or locations; with verifiable business registration and corporate bank accounts or business bank accounts; and with quality goods.

With over 126 million internet users, there exist opportunities for the growth of the nation’s e-commerce sector which was estimated at $13 billion in 2018, and in this period of the coronavirus (COVID-19) pandemic, more Nigerians have resorted to online shopping, thus making it lucrative.

5000 BPD Modular Refinery Set for Commissioning in Imo

Esan Bolaji
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5000 BPD Modular Refinery Set for Commissioning in Imo

The Minister of Petroleum Resources, Chief Timipre Sylva will commission a 5,000 barrels per day (BPD) modular refinery located in Ibigwe, Imo State on 24 November 2020.

5000 BPD Modular Refinery Set for Commissioning in Imo
5000 BPD Modular Refinery Set for Commissioning in Imo – www.brandspurng.com

In a letter to Nigerian Investment Promotion Commission (NIPC), Chairman, Waltersmith Refining and Petrochemical Co Limited, Mr Abdulrasaq Isa, acknowledged the Commission’s support in the journey to setting up the project. NIPC is happy to note that the company will now commence operations to refine crude oil, a significant boost to Nigeria’s local refining capabilities.

This 5,000 BPD project which will be commissioned under the chairmanship of the Governor of Imo State, Chief Hope Uzodinma, is the first of a three-phase project. In the second phase, a 25,000 BPD capacity will be added and another 20,000 BPD, to bring the capacity to 50,000 BPD in the third and final phase.

Waltersmith Refining and Petrochemical Company is a Joint venture (JV) between Waltersmith Petroman Oil Limited and the Nigerian Content Development and Monitoring Board (NCDMB); Waltersmith with 70 per cent equity and NCDMB with 30 per cent equity.

NIPC is the agency of the Federal Government of Nigeria mandated to encourage, promote and coordinate investments in the country.

The new BMW S 1000 R

Esan Bolaji
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The new BMW S 1000 R

Emotional roadster look combined with supersports riding dynamics – that’s what the new BMW S 1000 R is all about. The Dynamic Roadster based on the S 1000 RR enters a new dimension.

The new BMW S 1000 R
The new BMW S 1000 R – www.brandspurng.com

“With our new S 1000 R, we have tried to preserve the strengths of its predecessor and to take into account the potentials known to us from press and customer feedback in the new S 1000 R. The team also made perfect use of the benefits provided by the new architecture”

Ralf Mölleken, Project Manager Complete Vehicle

The new BMW S 1000 R

The new BMW S 1000 R

Emotional roadster look combined with Supersports riding dynamics – that’s what the new BMW S 1000 R is all about. Derived directly from the Supersports S 1000 RR in the key areas engine and chassis, the dynamic roadster offers the same innovative technology. The close kinship to the “RR” can be seen from every angle. With its reduction to the essentials, the new S 1000 R offers an unprecedented dynamic response. Thanks to its acceleration-optimised 121 kW (165 hp) peak output combined with the unrivalled low weight of 199 kg (DIN) as well as ABS Pro, Dynamic Traction Control (DTC), full-scale LED lighting and much more as standard, the new S 1000 R once again sets the benchmark in the dynamic roadster segment.

Newly developed, 5 kg lighter drive based on the S 1000 RR with adapted gear ratios, optimised mid-range power and engine drag torque control (MSR) as optional extras.

The new BMW S 1000 R

The new BMW S 1000 R

The in-line four-cylinder is based on the engine of the S 1000 RR and generates 121 kW (165 hp) at 11 000 rpm. The maximum torque of 114 Nm is available at 9 250 rpm. The engine speed range was made even wider, fuller and more harmonious in terms of achieving even more improved rideability thanks to a particularly linear torque curve.

In order to reduce the noise and fuel consumption levels as well as the engine speed level, especially at cruising speeds on country roads, the 4th, 5th and 6th gears now have longer gear ratios. In addition to a smoother, self-reinforcing anti-hopping clutch, the new S 1000 R is equipped with engine drag torque control (MSR) for the first time as an optional extra. The engine drag torque control prevents the rear wheel from slipping as a result of abrupt throttling or downshifting thanks to being electronically controlled.

Completely new, lighter chassis based on the S 1000 RR with Flex Frame, Full Floater Pro kinematics, underslung swingarm and optimised ergonomics.

The new BMW S 1000 R

The new BMW S 1000 R

 

The chassis was also subjected to significant weight reduction, just like the entire motorcycle. The frame and swingarm are based on the S 1000 RR and have been made considerably lighter in than their predecessor. At the same time, the engine in the so-called Flex Frame takes on a much greater supporting function than before. The new frame offers further benefits due to its very narrow design.

This considerably reduces the motorcycle’s width in the area of the knee contact area, thereby offering a more relaxed riding position with even more freedom of movement. An adjustable handlebar clamp enables the rider to make ergonomic adaptations. Two positions are already available as standard: 0 mm / +10 mm towards the front. In addition, 10 mm handlebar riser mounts are offered as an option, which can also be turned in the direction of travel by 0 mm / +10 mm.

The underslung swingarm has been taken over from the S 1000 RR and the spring strut with Full Floater Pro kinematics is now located significantly further away from the swing axis and the engine. This prevents the engine from heating up due to waste heat and ensures even more stable temperature behaviour and even more constant damping response. In combination with the swingarm, which has its roots in motorsports, this results in more tyre grip and lower tyre wear.

Three riding modes, Dynamic Traction Control (DTC) and ABS Pro as standard. Optional equipment “Riding Modes Pro” with riding mode “Dynamic Pro”, Dynamic Brake Control (DBC), engine drag torque control (MSR, “Engine Brake” and “Power Wheelie”.

The new BMW S 1000 R

The new BMW S 1000 R

The new BMW S 1000 R is equipped as standard with Dynamic Traction Control DTC, ABS Pro with banking angle optimisation and the three riding modes “Rain”, “Road” and “Dynamic”. The fully configurable “Dynamic Pro” mode is also available with a particularly wide range of setting options as part of the “Riding Modes Pro” option. With “Riding Modes Pro”, the new BMW S 1000 R also features the “Engine Brake” function in conjunction with the engine drag torque control (MSR) and the “Power Wheelie” function. As part of the “Riding Modes Pro” option, Dynamic Brake Control (DBC) additionally supports the rider during emergency braking manoeuvres.

Multifunctional instrument cluster with 6.5-inch TFT screen for excellent readability and maximum range of information.

The new BMW S 1000 R’s instrument cluster was also taken over from the BMW S 1000 RR. Special emphasis was placed on the best possible readability in addition to an extended range of functions and information. The screen was therefore designed to be large for good readability and optimum information display even under difficult lighting conditions. The rider can choose between customised screen displays for various purposes.

The Pure Ride screen, for example, provides all the necessary information for normal road riding, while a further Core Screen shows displays for banking angle, deceleration and traction control. A Bluetooth smartphone interface which allows app-based arrow navigation is already included as standard. The TFT display is operated comfortably from the handlebars using the multi-controller. The optional M package provides a third Core Screen with bar display and lap timer.

New LED headlamp and powerful LED light units as standard. Headlight Pro with adaptive turning light and iconic light guides with daytime running light function as an optional extra ex works.

The lighting units of the new BMW S 1000 R are based on state-of-the-art LED technology. These include the new, striking LED main headlamp with optimised low beam and high beam light. The newly designed turn indicator and rear lights also make use of LED technology. The rear turn indicators have been adopted from the BMW S 1000 RR and feature an integrated tail/brake light function. The front turn indicators are “hidden” in the fork area. Enhanced safety when riding at night is ensured by the adaptive turning light which is a component of Headlight Pro as an ex works option. In this case, further LED modules are added. The rider benefits from improved road illumination when cornering to make riding at night even safer.

New, even more dynamic design in an attractive basic colour and two exclusive style variants.

The new BMW S 1000 R

In its latest edition, the BMW S 1000 R also clearly borrows from its supersports counterpart, the BMW S 1000 RR, but placing the emphasis on its character as a dynamic roadster. To a greater extent than previously, the “tail up – nose down” look gives the BMW S 1000 R an eye-catchingly dynamic visual impact with its new body elements. The colour concept also highlights the sporty, dynamic appearance of the new BMW S 1000 R. In addition to the basic colour Racingred non-metallic, the options Style Sport and the M package with additional product content are available.

The highlights of the new BMW S 1000 R:

The new BMW S 1000 R

The new BMW S 1000 R

• 5 kg lighter, newly developed 4-cylinder in-line engine based on the BMW S 1000 RR with further optimised mid-range power and rideability as well as new gear ratios in 4th – 6th gear.

• Lightest dynamic roadster in its class: Weight reduction by 6.5 kg to 199 kg DIN empty weight or 202 kg including comfort and dynamics package. The M package reduces the vehicle weight by another 4.8 kg (2 kg with forged wheels / 3.7 kg with carbon fibre wheels).

• Superior output and torque: 121 kW (165 hp) at 11 000 rpm and 114 Nm at 9 250 rpm.

• At least 90 Nm of torque available from 5 500 to 12 000 rpm. More than 80 Nm already available from 3 000 rpm.

• Effort-saving, linear torque curve: Even better rideability across the entire engine speed range.

The new BMW S 1000 R

• Newly developed suspension featuring the “Flex Frame”, with the engine taking on more of a load-bearing function.

• Significantly improved ergonomics thanks to the “Flex Frame” allowing the rider to have his knees closer to the motorcycle body.

• Underslung swingarm with Full Floater Pro kinematics and new suspension strut for even more sensitive response and optimised rear wheel grip.

• New, lighter exhaust system, EU5 compliant.

• New 6-axis sensor box for precisely determining the pitch rate and anti-wheelie function.

• ABS Pro for even more safety when braking, also in banking position, as standard. Dedicated rain brake mode with flatter brake pressure gradient. ABS Pro as standard for even safer braking when cornering.

• WSBK proven DynamicTraction Control (DTC) as standard ensures even greater stability when accelerating.

• Three riding modes “Rain”, “Road” and “Dynamic” as standard.

• DTC wheelie function as standard.

• Riding Modes Pro with additional “Dynamic Pro” mode including adjustable wheelie control, engine brake and engine drag torque control (MSR) as well as Launch Control, Pitlane Limiter and Hillstart Control Pro as ex works options.

• Hillstart Control as standard.

• Shift Assistant Pro for quick up and downshifting without using the clutch available ex works.

• New instrument cluster with 6.5 inches, easy-to-read TFT display including additional sports screens, arrow navigation and connectivity.

• New LED headlamp and LED light units as standard.

• Adaptive Turning Light and daytime running light in Headlight Pro package available as an option ex works.

• Completely newly designed body elements for even more dynamic styling.

• Attractive basic colour and two style variants available from start of production.

• Expansion of the Original BMW Motorrad Accessories and optional extra range, including M package, Carbon package and Milled Parts package ex works.

GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion

Esan Bolaji
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GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion
Guaranty Trust Bank (GTBank) plc has released its unaudited financial results for the period ended September 30, 2020, to the Nigerian and London Stock Exchanges.

The 3rd Quarter result shows improved performance across key financial metrics, reaffirming the Bank’s capability to navigate the current economic challenges occasioned by the impact of COVID 19 on World economies.

The performance reflects its position as one of the leading and best managed financial institutions in Africa.

The Group reported a Profit before tax of ₦167.4billion, representing a decrease of 1.9% over ₦170.7billion recorded in the corresponding period of September 2019 and an improvement on the 5.2% dip posted in H1-2020 relative to H1-2019.

GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion

Loan and Deposit book however grew by 4.5% and 25.1% from ₦1.502trillion and ₦2.640trillion recorded as of December 2019 to ₦1.569trillion and ₦3.303trillion in September 2020 respectively.

GTBank’s Balance sheet remained well structured, diversified, and resilient with Total assets and Shareholders’ Funds closing at ₦4.574trillion and ₦755.5billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.5% and 0.6% in September 2020 from 6.5% and 0.3% in December 2019 respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said;

“Our 3rd Quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also a testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”

GTBank Obtains CBN approval to restructure into holding company
CEO, Guaranty Trust Bank, Segun Agbaje

He further stated that;

“As an organization, we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”

Overall, Guaranty Trust Bank plc continues to be the best in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROAE) of 26.3%, Post-Tax Return on Assets (ROAA) of 4.6%, and Cost to Income ratio of 40.2%.

Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa.

GTBank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

Six strategies to increase young women’s access to digital jobs

Esan Bolaji
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Six strategies to increase young women’s access to digital jobs

The digital economy can create new job opportunities for young women and help address the persistent gender disparity in the labour market.

Jobs involving remote, online, flexible work can help young women overcome mobility constraints, challenge restrictive gender norms, and reduce longstanding occupational segregation in traditionally male-dominated industries. However, practitioners would need to be intentional about using better-targeted strategies in program design to help young women succeed in high-quality digital jobs , and also move up to higher skilled and higher paying digital jobs over time.

Six strategies to increase young women’s access to digital jobs
Students of Senegal’s Gaston Berger University, home to the Africa Center of Excellence in Mathematics and Information & Communications Technology. Photo: Sarah Farhat/The World Bank – www.brandspurng.com

S4YE’s recent Jobs Solutions Note, “Jobs Interventions For Young Women In The Digital Economy,” identifies practical strategies for development practitioners to design gender-inclusive digital jobs programs.

1. Assess the demand drivers for digital jobs, and then equip young women with skills to perform those jobs

Programs must first identify where new digital jobs are likely to be created. In the Digital Jobs for Youth: Young Women in the Digital Economy report, S4YE identified four key drivers of demand for digital jobs: (a) Public Sector, (b) Private Sector, (c) Online Outsourcing, and (d) Digital Platforms for on-demand services (e.g., Uber) or e-Commerce (e.g., Etsy, Alibaba). Mapping local drivers of digital jobs can help better target jobs programs. For example, a program to support job creation for rural women with limited digital skills may focus on digital microwork opportunities. In contrast, another program for unemployed, college-educated young women could invest more in digital entrepreneurship jobs.

2. Be creative and use multiple recruitment strategies  

Young women face severe time constraints due to household responsibilities. Enrolment strategies need to be creative and use multiple channels like community mobilization techniques, door-to-door outreach, strategically located information kiosks, and social media advertisements. Plan International’s  Saksham project in India used announcements on cars to spread awareness.

Accenture,  S4YE’s private sector partner, found that educating family members on the benefits of young girls receiving digital skills training increased the likelihood that these girls would later pursue tech-related education or employment opportunities.  Establishing training centers in safe and accessible locations can also help reduce mobility constraints and increase enrollment. In South Africa, the Harambee Youth Employment Accelerator adopted a “one-taxi-ride-away-from-the-job” rule—beneficiaries were assigned to jobs within a reasonable distance of their home addresses.

3. Address high dropout rates

Young women often withdraw from training programs because they do not perceive a clear connection for how their new skills will improve employment prospects. On-the-job training can provide financial motivation. The World Bank’s Gaza Emergency Cash for Work and Self-Employment project, for example, provided two months of digital skills training and six months of on-the-job support to young women. This allowed women to earn an immediate income in e-work opportunities while receiving training on complex “e-lancing” contracts and software development.

Meanwhile, S4YE’s partner Laboratoria, a Latin America based social enterprise working with young women, takes an upfront approach to dropouts. After many young women withdrew from the program because it was too demanding, Laboratoria staff adjusted their intake screening interviews to identify traits, such as creative problem solving and determination, that ensure that young women meet program demands.

4. Focus on building self-confidence

Program teams need to dedicate class time for beneficiaries to speak in front of peers, including expressing difficulties with courses, which can also help prevent dropouts.  Some programs find that designing women-only cohorts helps create comfortable spaces for young women to learn and freely share their thoughts and ideas.

Speaking and connecting with female role models in digital jobs and learning about their experiences is an important strategy to build the confidence young women need to navigate traditionally male-dominated ICT careers.

5. Train, mentor, and support female digital entrepreneurs

While digital technology is creating new entrepreneurship opportunities, young women face several barriers. The World Bank’s 2019 Profiting from Parity report is a helpful resource for practitioners designing programs to support female digital entrepreneurship. In addition to training, mentoring, and supporting women’s financial inclusion, digital job programs should enhance the professional networks of young female digital entrepreneurs.

S4YE’s partner, the German Federal Ministry for Economic Cooperation and Development (BMZ), launched the #eSkills4Girls initiative, which brought together female tech leaders at the #eskills4girls Africa Meetup to help young female entrepreneurs and industry experts network, discuss challenges, and develop strategies to scale initiatives.

6. Leverage infrastructure projects for scaling up job creation

COVID-19 has highlighted the increasing urgency with which the digital divide needs to be addressed. As governments increase investments in internet connectivity, digital infrastructure, and rural broadband, it is essential to embed an explicit jobs agenda in those large public infrastructure projects.

For example, the World Bank’s Kosovo Digital Economy Project (KODE), which aims to expand high-speed broadband coverage in remote areas has ensured that one of its project components is exclusively designed to support the training of young people, especially women, to access new online work opportunities. Integrating a jobs lens in digital infrastructure projects will maximize the economic impact on local livelihoods.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

Nigerian Born British Tinuke’s Orbit breaks two new records for Guinness World Record Day 2020

Professional roller-skater Nigerian born British Tinuke’s Orbit (aka Tinuke Oyediran), age 27 years has broken the record for most cartwheels on roller skates in one minute with 30 and the most spins on e-skates in one minute with 70 in celebration of Guinness World Records Day 2020.

Gucci Lives at Polo Avenue

Polo Avenue, Nigeria’s foremost luxury fashion destination, has received exclusive rights to retail Gucci Ready-to-Wear clothing in Nigeria. Polo Avenue has so far successfully established itself as the gatekeeper for luxury brands in West Africa.

Seen Star Radler’s Citrus New Look And New Red Fruit Variant? Here’s Why You Should Try It!

Star Radler premium tasting beer has just unleashed the next best antidote for thirst with its double refreshment offering. The flavoured alcoholic beer unveiled its new look and new red fruit variant this October.

How to access the 1 billion tourism fund

The Ministry of Tourism, Arts and Culture has designed an eligibility form for the 1 billion seed capital released by the Lagos State government in order for interested practitioners to have access to the fund.

Online trading becoming more attractive in Africa

While the International Monetary Fund acknowledges the damaging recession effects of Covid-19 in Africa the economic outlook for the continent remains optimistic, as the introduction of technologies brings with it accessibility and exposure to economic and personal finance possibilities.

Here are the world’s top 10 most expensive cities after Covid-19 shuffles ranking

The Economist Intelligence Unit’s Worldwide Cost of Living (WCOL) index, which this year reports the prices of 138 goods and services in about 130 major cities as at September 2020, has risen by just 0.3 points on average over the past year.

1000 Ogijo Women Graduate From Coca-Cola Empowerment Programme

As part of continued efforts to upskill and empower women across underserved communities in Nigeria, Coca-Cola’s women empowerment programme tagged “Catalyst for Change” has seen the graduation of another set of 1000 women from the third tranche of the programme organized in the Ogijo, Ikorodu area of Lagos State.

How Coca-Cola Empowered 1000 Women in Ogijo

Coca-Cola Nigeria Limited in partnership with Karis and Eleos Foundation is on a journey to empowering 5,000 women in Nigeria. With over 2,600 women trained and empowered so far, the Ogijo community in Ikorodu was not left out of the success story of the Catalyst for Change programme.

GTBank advanced Earnings by 26.29%

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GTBank advanced Earnings by 26.29%

Guaranty Trust Bank PLC (GTBank) posted an impressive topline as gross revenues advanced by 26.29% in Q3-2020. This was majorly driven by improved interest income and lower interest expenses despite the surge in impairment charges and drop in net fees and commission income.

Notably, net interest income advanced by 9.71% from N172.94bn to N189.74bn buoyed by a 1.80% increase in interest income and a 24.90% reduction in interest expenses.

The surge in impairment charges dragged net interest income

An unsurprising 267.40% surge in loan impairment charges motivated by CBN push on loan to deposit ratios and COVID-19 impacts on the credit quality of businesses reduced Net interest income to 5.53%. Specifically, impairment charges increased from N2.76bn to N10.14bn amid growth in private sector credit among major banks in Nigeria.

In a similar fashion, Net fees and commission income waned by 170.38% to N32.725bn from the N46.50bn recorded in Q3-2019 with major drag coming from lower credit-related fees and commissions, corporate finance fees and e-business income even with the slight increase recorded in account maintenance charges.

Declined cost management effectiveness and tax burden pressured bottom-line

Following the drag on fees and commission income, GTBank’s total operating income only advanced by 3.52% tolled by a 12.85% increase in operating expenses, this leads to a 1.93% drop in profit before tax.

GTBank advanced Earnings by 26.29% Brandspurng
SOURCE: NSE, PFI Capital

Notably, Operating income moved from N270.25bn to N279.75bn while profit before tax (PBT) declined from N170.65bn to N167.35bn in the current period.

However, tax expenses advanced by 5.95% despite a fall in PBT leading to a 3.2% fall in Profit After Tax. In summary, GTBank made N142.28bn PAT compared to the N146.99bn generated in Q3-2020 with earnings per share (EPS) dropping from N5.19 to N5.02 in the current period

WHO urges greater COVID-19 vigilance in Africa as holidays near

Esan Bolaji
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WHO urges greater COVID-19 vigilance in Africa as holidays near

19 November 2020 – With the end of year approaching and many African families planning get-togethers, the World Health Organization (WHO) is urging countries to be on high alert for a possible surge in COVID-19 cases. This comes as nearly 20 countries in the region experience an uptick in cases.

After reporting a downward trend then a plateau, Africa has been experiencing a rise in cases since early October. Unlike the first wave of cases which was triggered by hotspots in Southern Africa, the latest increase is driven by the North African region, where temperatures are beginning to fall.

WHO urges greater COVID-19 vigilance in Africa as holidays near

In the 47 countries in the WHO African Region, 19 countries have reported over a 20% increase in new cases in the past 28 days compared with the previous four weeks.  However, 17 countries are also reporting a more than 20% drop in the number of new cases over the past 28 days, compared with the previous four weeks. There have also been increased reports of health worker infections and deaths, particularly among more experienced health workers.

Large group gatherings and mobility have been identified as risk factors for increasing the spread of COVID-19 and the approaching holiday season can promote these risks, leading to super spreader events.

“As we near the time of year when people get on the move to spend their holidays together, there is a bigger risk of COVID-19 transmission,” said Dr Matshidiso Moeti, WHO Regional Director for Africa. “New clusters of cases can emerge in places that have so far been unaffected as people travel or gather for festivities. But we can lower the risks by wearing masks, limiting the numbers of people who come together, observing physical distancing and practising good hand hygiene. We can celebrate yet do so safely.”

WHO is urging the Member States to conduct risk assessments at the subnational level and identify areas of high risk. Based on this analysis local governments can adjust their public health measures accordingly and be agile in their decision-making. WHO is helping prepare for a potential rise in hospital admission by training additional contact tracers and clinicians to better handle cases, ensuring crucial supplies are on hand and boosting screening at border crossing points.

WHO has identified a worrying trend of disregarding safety measures among populations.  As part of an effort to re-energize key public health measures, WHO is launching the “Mask Up, Not Down” campaign today. The campaign aims to reach over 40 million young people in Africa with positive messages on the correct use of masks through social media and to combat complacency, fatigue and misunderstanding around COVID-19 prevention measures.

“In the face of COVID-19, complacency can be dangerous,” said Dr Moeti. “At this critical moment as Africa begins to see an uptick in cases, we need to re-energize and recommit to wearing masks. I know many are finding the public health measures cumbersome, but without action from everyone, Africa risks a new surge in COVID-19 cases.”

WHO urges governments to invest in engaging communities and winning their buy-in and support for life-saving public health measures. Only by ensuring people in cities, districts and villages in Africa are committed to fighting COVID-19 will we overcome the pandemic.

Dr Moeti spoke during a virtual press conference today facilitated by APO Group. She was joined by Mr Prosper Zo’o Minto’o, Regional Director for Western and Central Africa, International Civil Aviation Organization (ICAO); Professor Salim S. Abdool Karim, Director Centre for the AIDS Programme of Research in South Africa and Co-Chair of the Ministerial Advisory Committee on COVID-19 and Professor of Global Health, Department of Epidemiology, Mailman School of Public Health, Columbia University.

Hymnodia: Team of Reality TV Show Concludes Season 2 Media Tour, Ensures Delightful Moments Ahead

Esan Bolaji
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Hymnodia: Team of Reality TV Show Concludes Season 2 Media Tour, Ensures Delightful Moments Ahead

The media tour for HYMNODIA season 2 has come to a conclusive end; this draws a curtain on the first Triple-E (Entertainment, Education and Edification) reality TV show on Hymns for the year 2020. 

Hymnodia: Team of Reality TV Show Concludes Season 2 Media Tour, Ensures Delightful Moments Ahead
Hymnodia: Team of Reality TV Show Concludes Season 2 Media Tour, Ensures Delightful Moments Ahead – www.brandspurng.com

The Hymnodia Media Team comprising of Ezinne Kufre-Ekanem, (Producer), John Senaya (Voice of Hymnodia), Benneth Ogbeiwi (Dean of the Hymstitute), Akpan Ediomo (Season 2 winner), Asuquo Duke (first runner-up) and Yinka Odunayo (second runner-up), visited Broadcast stations of Silver Bird TV, Lagos TV, Inspiration FM, Beat FM, Boom Radio and Top Radio: to further create awareness for the show ahead of Season 3 even as the excitement of Seasons 1 and 2 lingers in the hearts of Nigerians.

The Producer of Hymnodia, Ezinne-Kufre-Ekanem, reiterated the tour’s import to create further awareness for the brand, to widen the show’s reach as well as the impact of reality TV show on young Nigerians in the almost forgotten culture on hymn rendition and writing.

This is to further sample the popularity of the Spiritual and Academic Education it brings, and consequently, engages the minds of gifted individuals in hymn writing and renditions, both locally and internationally.

Of what informed the birthing of Hymnodia, Ezinne Kufre-Ekanem pointed out that it was the realization of a 10-year dream that came to fruition in 2018.

The Brain Child of the Executive Producer, Mr Kufre Ekanem, who is also the Managing Director of Philosoville Limited, Ezinne explained, “we had thought over the idea of the show for 10 years.

“This had to do with the concept itself and the rigours of how it would work, what would be the processes, the protocol of developing the content and sustaining its essence over a 14-week period and beyond: When we finally flagged-off at the Ikeja City Mall on 30 December, 2018, we were blessed with a group of fantastic people who put their efforts into Hymnodia as if they had the dream themselves. They were dream enablers and I appreciate their great works and sacrifices.”

14 hymntestants were admitted to stay at the Hymnstitute (Show’s Residence), for the 14 weeks contest in each season.

Season 1 saw Kenneth Ekhuemelo go home with the grand prize of the Asaph (a specially designed award named after David’s chief musician), a brand new car and five million naira cash. While season 2 produced Ediomo Akpan as winner on same terms.

The inaugural season culminated in a grand finale (The Hymncert) on Wednesday, April 24, 2019, while Season 2 ended on September 13, 2020.

With successful performances in both Seasons’ 1 and 2, we have witnessed talented hymn writers and singers display exceptional skills to the admiration of viewers all over the world.

For Season 3, there will be more delightful performances, as new initiatives will be included to add more colour to what already exists.

The media tour was also intended at creating the much-needed awareness for the brand: as the show needs Sponsorship, we used the opportunity to introduce and sensitize sponsors to get ready to participate in Hymnodia Season 3; which will kick-start in 2021.

Auditions will continue to be as transparent as always, whilst training at the Hymnstitute will be very thorough for effective performance.

Hymnodia is a one-hour programme aired on Lagos Television (Channel 256 on DSTV, Channel 90 on GoTV and Channel 113 on Startimes) on Sundays: with a magazine show on the same channel on Wednesday evenings. It is streamed live via the LTV App available on the app store and on a dedicated YouTube channel, @Hymnodiahq.

It is also aired on GITV, Kaduna; Anambra Broadcasting Service, Onitsha; Ondo State Radio/TV Akure; ITV Abuja; Cross River TV, Calabar; Akwa Ibom Broadcasting Corporation (AKBC); Kwara TV, Ilorin and Plateau Radio TV, Jos.

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