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First Bank reiterates commitment to continue lead on digital banking

Adesola Adeduntan, the CEO of First Bank of Nigeria Limited, has disclosed the bank’s commitment to keep up with its objective of driving digital banking.

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First Bank of Nigeria Limited

Adesola Adeduntan, the Chief Executive Officer of First Bank of Nigeria Limited, has disclosed the bank’s commitment to keep up with its objective of driving digital banking, in order to improve its customers’ experience and promote seamless banking across its branches worldwide.

The CEO made this disclosure during the ‘Future of CX/UX in West Africa’s banking sector  -Whatsapp banking’, an event that was recently organised in Lagos by Greater Minds.

First Bank is focused on the needs of its customers and user experience: According to Mr Adeduntan who was represented by the Group Head of Financial Institutions, Timi George, the bank is focused on the needs of its customers and their user experience.

He added that Digital Banking would lead to a shift from the old mindset to an experienced mindset.

Speaking further, Timi George said that the future of customer and user experience in the banking sector would be driven by specific trends that would lead to the unlocking of greater potential in the financial services sector.

He also noted that the banking behaviour had changed and that customers would seek real-time interactions and effective personalised engagements.

Mobile and digital banking are the future: According to the First Bank Chief Executive Officer;

“Mobile and digital banking leverages native and responsive digital innovations to deliver aesthetically consistent physical and digital experiences to customers.

“Thus we deliver real time event- driven information and offer to proactively serve the immediate and long term financial needs of customers.

“We have adopted a disciplined approach to deliver unique customer experiences through best in class value and customer service; enabling customers to initiate, pause and restart transactions across various channels at any time. Also, we use advanced analytics to evaluate customer behaviour, determine preferences and deliver personalised customer services.

“The bank is focusing on the feelings and behaviour with the aim to provide real value for the customers so as to have a positive impact with the product and the services provided to its customers.”

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Companies

COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.

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Heineken scoops more Nigerian Breweries shares in insider disclosure

The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.

This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.

He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.

READ: Alcoholic beverage makers on NSE lose a total N27.7 billion in a single day

The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.

He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.

To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.

READ: Brewery sector: A quarter to forget

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The company’s profitability in question?

An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.

Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.

There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.

READ: Nigeria’s triangular beer war on the rise with the arrival of Budweiser

What you should know

  • Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
  • From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
  • While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.

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Highest paid Nigerian bank MD/CEOs of 2020

Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.

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The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.

Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.

Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.

READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.

The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.

 

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