Coronation Merchant Bank Limited last Friday announced its 2017 Full Year results to stakeholders at its Annual General Meeting (AGM) held in Lagos, disclosing that it recorded 66 per cent increase in gross earnings growth to N25.5billion and also posted a a Profit Before Tax (PBT) of N5.1billion. Speaking at the AGM, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Limited, said: “Despite the tough market conditions that characterized significant parts of the year, the underlying business fundamentals of the Bank remained strong as reflected in the Gross earnings growth of 66% to N25.5bn in 2017. As we progress in our journey to become Africa’s premier Investment Bank, we remain committed to providing our clients with superior financial services whilst generating attractive and sustainable returns for shareholders.
“The impressive results of the bank in the last three years demonstrate the effectiveness of our strategy, the quality of our past decisions and the commitment of our board & management to maximize shareholder value whilst actively expanding our franchise in select, high growth markets where we believe we have a competitive advantage.”
He pointed out that the lender recorded a notable improvement across key performance metrics in 2017, despite the tough and challenging operating environment, stating that the bank recorded interest income growth of 67 per cent y/y and non-interest income growth of 57 per cent in 2017.
Besides, he said: “Our deliberate focus on the efficiency of our business operations has continued to yield considerable returns for the Bank. Despite the high inflation rate, Cost-to-income ratio increased marginally by 90bps to 46.1% (Dec 2016: 45.2%), reaffirming the Bank’s commitment to rein in costs while improving operating efficiency.
“Aside from the strong earnings performance, the Group recorded a significant growth in its Balance Sheet in 2017. Total assets increased by 28% to N136.7bn from N106.6bn in December 2016, and shareholder’s funds increased to N29.5bn from N25.9bn – a valid testament to the resilience of the Group’s operations and its adaptability to current market realities and challenges.”
The Coronation Merchant Bank boss assured the stakeholders that the management and staff of the bank will continue to maintain a disciplined and prudent approach in asset creation in line with the lender’s overall risk management framework as seen in its growth in loan book of 42 per cent, which increased from N22.7billion to N32.3billion with zero Non Performing Loans (NPLs)..
“While general economic conditions and the regulatory environment remain tight, we believe that our new business and lending strategies, embedded risk management culture and continuous cost savings will enable us stand firm throughout this period. In the coming years, we will focus on the disciplined implementation of our growth strategy to drive efficiency in all segments of our business leveraging fintech and process re-engineering,” he stated.
HuCaPAN seeks laws to regulate employment agencies
Human Capital Providers Association of Nigeria (HuCaPAN),an umbrella organisation of registered/licensed recruiters, has called on the Federal Government to make effective regulatory laws to regulate the activities of recruitment agencies in the country.
The Association’s President and former Executive Secretary of the Association of Food, Beverage and Tobacco Employers, Mr. Aderemi Adegboyega made this call while speaking at the Association’s 7th Annual General Meeting (AGM) held recently in Lagos.
He said the association has made several efforts at ensuring that the Nigerian workforce was treated with respect and dignity, noting that the quest for labour flexibility led to the current manpower structure in most companies where over 60 per cent of the workforce has paled into informal and agency employment.
He cited the case of a Nigerian telecommunications giant that does not employ any staff directly. He pointed out that though agency work and outsourcing in Nigeria is a legal and approved business model, the Federal Ministry of Labour and Employment insists that such activities must follow laid down regulations to ensure and fair labour practice to the citizens.
He further said that as part of the Association’s efforts towards ensuring that Nigerian workers are engaged in decent work and properly treated in their workplace, it has collaborated with International Labour Organisation (ILO), Nigeria Employers Consultative Association (NECA) and the Federal Ministry of Labour and Employment to embark on a project which gave birth to the Code of Conduct for PEAs that has become the standard practice for Employment Agencies in the country.
Established as an employment providing professional organisation, HuCaPAN aims to develop and promote standards and ethical practices n recruitment, deployment and management of outsourced personnel among Service Providers in the country, among other numerous objectives.
U.S. stocks drop on tech sell-off
US stocks pared a weekly gain as a selloff in chipmakers entered a third day, with investors concerned there’s been a slowdown in smartphone demand. The dollar extended its weekly gain and treasury yields marched toward 2.95 per cent. Makers of computer chips and hardware tumbled, with Apple Inc., headed for its biggest rout since early February following a downgrade based on its deteriorating outlook in China.
The Nasdaq 100 Index was off more than 1.5 per cent. General Electric Co. rose on solid results. U.S. Treasury yields pushed to session highs as inflation worries persisted. American crude bounced back from a decline sparked by Donald Trump’s complaint that prices kept artificially very high by OPEC will not be accepted.
The rally in metals markets stuttered, pushing the Bloomberg Commodity Index down for a second day. According to Bloomberg, the late-week selloff in equities damped the mood among investors looking to earnings season to break stocks out of a two-month range. While companies that have beaten estimates pushed higher, those that missed were punished far more severely.
The chipmaker selloff also highlighted market risks, from a potential slowdown in global growth to the implications of the ongoing trade dust-up between the U.S. and major economies. While investors debate the cause of the decline in sovereign debt, bond market gauges showed an increase in expectations for U.S. inflation after the recent torrid gains in metals from aluminum to nickel.
Trade remains in focus with the US Treasury Department considering using an emergency law to curb Chinese investments in sensitive technologies. In Europe, a miss by Reckitt Benckiser Group Plc, the maker of Durex, dragged down personal and household-goods stocks in the Stoxx Europe 600 Index. Telecoms advanced as Ericsson AB surged after first-quarter earnings beat estimates. U.K. shares outperformed as the pound weakened after Bank of England Governor Mark Carney dampened expectations for a rate hike next month
Group hires pioneer executive secretary
Women in Successful Careers (WISCAR) have appointed Mrs. Fabia Ogunmekan as its pioneer executive secretary. WISCAR is a non-profit organisation focused on empowering and developing professional women to contribute to economic development and nation building in Nigeria and Africa. As the group’s executive secretary, Ogunmekanwouldoversee thedayto dayadministrationof WISCAR’sstrategyimplementationand programmes management. Prior to joining WISCAR, she served as alumni engagement manager at the Tony Elumelu Foundation.
Politics23 hours ago
North’s reducing support for Buhari
Lead Stories22 hours ago
Obasanjo destroyed political party system in Nigeria –Odinkalu
News23 hours ago
Bode George should go and beg Obasanjo –Oyinlola
News22 hours ago
Church anoints ministers with tots of whiskey
Politics12 hours ago
Bode George to Oyinlola: You couldn’t have been governor without me
Lead Stories22 hours ago
Gunmen kill 22 farmers in Ortom’s town
News22 hours ago
IMF to Nigeria: Unify exchange rate, raise revenue
Politics23 hours ago
Young turks eyeing Buhari’s seat