Fidelity Bank increases profits by 30.6% to N25.1 billion

Fidelity Bank increases profits by 30.6% to N25.1 billion To pay 11k dividend per share Fidelity Bank has announced an impressive financial result for the year-ended December 31, 2018.The performance, which capped a remarkable year, showed strong growth in gross earnings, profits and other key financial indicators. The top Nigerian lender, which reportedly leads tier two banks, posted a 4.8 per cent growth in gross earnings from N180.2 billion to N188.9 billion, while profit before tax soared by 30.6 per cent to N25.1 billion, when compared with the N19.2 billion…

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Sterling Bank : grows net profit by 14.9% to N9.2b

Sterling Bank Plc grew its bottom-line by 14.9 per cent to N9.2 billion in 2018, sustaining its upward growth trajectory. Key extracts of the audited report and accounts of the bank for the year ended December 31, 2018 showed that profit after tax rose to N9.2 billion in 2018 as against N8 billion in 2017. Gross earnings had increased by 14 per cent from N133.4 billion to N152.2 billion. The report showed that in line with the bank’s commitment to sectors that will create jobs, improve living standards and bring…

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Sterling Bank gross earnings up by 35%

STERLING Bank Plc has reported a 35.9 percent growth in gross earnings to N77.6 billion in the first half ended June 30, 2018 from N57.1 billion recorded in the corresponding period of 2017. The bank also recorded a Profit After Tax (PAT) of N6.2 billion on gross earnings of N77.6 billion as against PAT of N3.8 billion on gross earnings of N57.1 billion during the corresponding period of 2017. •Yemi Adeola, Sterling Bank MD Commenting on the result, Mr. Abubakar Suleiman, Chief Executive Officer, Sterling Bank Plc, said “We sustained…

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Ecobank, Sterling Bank discontinue merger talks

The proposed merger between Ecobank Nigeria Plc and Sterling Bank Nigeria Limited may have been discontinued as the two institutions did not foreclose re-opening of talks in future, on business combination agenda. According to a release issued by both institutions, and made available to newsmen yesterday \”we have agreed not to proceed with the merger, having duly considered the current business climate and the ever-changing dynamics in the market.\” Both banks, however, admitted that given the inevitability of mergers and acquisition in Nigeria \’s business environment, especially amongst banks, they…

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Nigerian Stock Exchange opens for July with 0.87 percent loss

Nigerian Stock Exchange opens for July with 0.87 percent loss Nigeria Stock Exchange The Nigerian Stock Exchange opened trading for the month of July with a loss of 0.87 per cent, amid loses by some highly capitalised stocks. The News Agency of Nigeria reports that the All-Share Index on Monday dipped 331.63 points or 0.87 per cent to close at 37,946.92 against 38,278.55 achieved on Friday. In the same vein, the market capitalisation shed N120 billion or 0.87 per cent to close at N13.746 trillion, compared to N13.866 trillion recorded…

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NSE market capitalisation returns to N12 trillion mark By News Agency of Nigeria

Activities resumed for the week at the Nigerian Stock Exchange (NSE) on a positive trend, with market capitalisation returning to N12 trillion amid improved third quarter results. The News Agency of Nigeria (NAN) reports that market capitalisation on Monday rose by N44 billion or 0.37 per cent to close at N12. 033 trillion against N11. 989 trillion on Friday. Also, the All-Share Index grew by 121.13 points or 0.37 per cent to close at 32,962.82 compared with 32,841.69 achieved on Friday. Market analysts attributed the sustained growth to bargain hunting…

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Google acquires Fossil smartwatch tech for $40mi

Google agreed to pay $40 million for the smartwatch technology of the fashion and accessory group Fossil, the companies said on Thursday, enabling the California tech giant to expand in the growing wearable tech market. As part of the deal, Texas-based Fossil Group’s research and development team working on the smartwatch will join Google, which will acquire the intellectual property for Fossil smartwatches, the firms said. The move would give Google the potential to create its own branded smartwatches to compete against Apple, Fitbit and others in the wearable tech…

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Mark Zuckerberg Loses $16.8billion In 2hrs, More Than Aliko Dangote

Facebook CEO Mark Zuckerberg’s net worth has fallen more than $16 billion after the company was reported weaker-than-expected second-quarter results and issued guidance that its financial future isn’t as rosy as some investors thought it might be. However, set against this backdrop, one activist investor wants Zuckerberg out as the firm’s chairman. You could imagine what the could do to the company. Zuckerberg recently sparked outrage when he described Facebook’s handling of content from Holocaust deniers on the social network. He subsequently backtracked on his comments. Fake news remains an…

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Good News: Nigeria’s External Reserves Hits $47.93 Billion

Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele on Sunday disclosed that the nation’s foreign reserves has hit US$47.93 billion. He also reiterated Nigeria’s positive growth outlook, noting that a growth of 2.5 per cent had been projected by the IMF and World Bank for Nigeria. “There is need to save for the raining day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks,” he explained at a joint press briefing at the end of the 2018…

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Nigeria’s Foreign Reserves Hit $46 Billion

Data from the Central Bank of Nigeria, CBN, has shown that Nigeria’s foreign exchange reserves gained 8.8 per cent as of March 28, to $46.2 billion compared to same period in February 2018. The reserve is, however, still quite a distance from the peak of $64 billion recorded in August 2008. According to a foreign media report, debt sales such as Eurobond offering by Federal Government helped Nigeria to grow billions of dollars in foreign reserves. The federal government which raised $2.5 billion in Eurobonds in February, is hoping to…

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