Here is the summary of the major banking news during the week ended 25th of August 2017. some of which you may have missed.
1. Commercial bank reduced lending by N292 billion in 2nd Qtr, 2017 – NBSThe National Bureau of Statistics (NBS) in its report titled “Selected Banking Sector Data” disclosed that commercial banks in Nigerian reduced lending to the economy by N292 billion in Q2 of 2017. It mentioned in the report that commercial banks’ lending to 17 sectors of the economy fell by N292 billion in Q2 2017 from N16 trillion in first quarter (Q1) 2017, indicating a drop of 1.8 per cent. The 17 sectors include Oil and Gas, Agriculture, Manufacturing, Mining and Quarrying and Power and Energy, among others.
2. BOI to disburse N200billion facilities to farmers in some middle best states
Oxfam GB spurred by the success of its Village Savings and Loans Associations (VS&LAs) for farmers in Plateau, Benue and Nasarawa states is partnering the Bank of Industry (BoI), to disburse a N200million facility to boost farming activities of about 500 farmer groups in some communities in the three states.
The facility which is tagged “GEEP MarketMoni” and the first batch of the loans is born out of the need to target the most marginalised and hard to reach in the rural communities in line with the objectives of the Federal Government Social Intervention policy. BoI is executing the Federal Government’s microcredit initiative, the Government Enterprise and Empowerment Programme (GEEP).
3. GTBank to sponsor 40 youth footballers and 60 school coaches in “Camp GTBank”
Guaranty Trust Bank plc, is set to sponsor 40 outstanding young talents discovered at its football tournaments as well as 60 school coaches on an all-expense paid intensive player development and coach-training programme tagged “Camp GTBank.”
Camp GTBank is a football and educational development initiative designed to train and develop outstanding football talents discovered at various GTBank football tournaments which has helped kick start the careers of more than 120 footballers. The 8-day residential camp will be holding in Lagos from the 21st to the 28th of August, 2017 and will feature renowned couches and ex international footballers.
4. Access Bank releases half year report, grows PBT by 18%
Access Bank Plc recorded a profit before tax of N52 billion for the half year (H1) ended June 30, 2017, showing a growth of 18 per cent above the N43.9 billion in the corresponding period of 2016. According to the audited H1 results released to the Nigerian Stock Exchange (NSE) gross earnings stood at N246.6 billion, up 42 per cent from N174.1 billion in the corresponding period of 2016. The growth in gross earnings was driven by 66 per cent increase in interest income on the back of continued growth in the bank’s core business and 34 per cent non-interest income underlined by strong foreign exchange (FX) income on the bank’s trading portfolio.
5. UBA releases half year result, grows gross earnings by 34.5%
United Bank for Africa (UBA) Plc has announced its audited half year financial results ended June 30, 2017, showing remarkable performance across major metrics. The bank grew its gross earnings for the period by 34.5 percent to N222.7 billion, as against N165.6 billion reported in June 2016.
This impressive performance, which reflects the strong momentum of UBA’s business and its increasing share of customers’ wallet, was driven by the 44.3 per cent and 16.0 per cent growth in interest income and non-funded income respectively.
6. Access Bank partners NYSC to develop skill acquisition centers
Access Bank Plc. is developing integrated skill acquisition centers across North-Easter states in partnership with NYSC. The training centers are designed to empower thousands of young people with vocational skills that will aid poverty alleviation and drive long term sustainable economic growth in the entire region which has been affected by years of crisis.
These training centers, the first set of which is currently being constructed in Gombe State, will also see NYSC Corps members deployed as part of their compulsory 12 months national service. While NYSC has existing training centers across the country, these are the largest so far.
7. UBA restricts the use of its debit and prepaid cards for purchase of some items.
In an email sent to its customers recently, United Bank for Africa (UBA) mentioned the restriction of the use of its debit card for purchase of some items. The email which was sent from its official email address firstname.lastname@example.org in part reads “We want you to transact safely,” the items under restrictions include jewellery, p*rnography, dating and escort service. The bank also stops the use of its cards for all sorts of betting – including buying lottery tickets, casino gaming chips, off-track betting and wagers (bets.
The bank says the overall aim is to enable its customers transact business safely, and to also protects its own business integrity as regard cases of fraud involving its credit/prepaid cards, with the attendant litigation and damage to its reputation.