Connect with us
nairametrics
UBA ads

Paid Content

Ecobank Group records 32% growth in PAT of N146.5 billion for 2019

Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year.

Published

on

Ecobank Nigeria

Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year. This was up from the N110.8 billion recorded in 2018.

The bank, which released its figures to the Nigeria Stock Exchange yesterday, reported gross earning of NGN 842.5 billion, up by 9% against the figures for the previous year.

UBA ADS

Profit after tax stood at NGN 99.5 billion and total asset went up by 5% to close at NGN 8.6 trillion.

READ MORE: Reps set to probe CBN, FIRS, others over alleged fraudulent forex dealings

Summary of Result

Ecobank Group reports audited full year 2019 results

GTBank 728 x 90
  • Gross earnings up 9% to NGN 842.5 billion
  • Revenue up 3% to NGN 586.9 billion
  • Profit before tax up 32% to NGN146.5 billion
  • Profit after tax up 28% to NGN 99.5 billion
  • Total assets up 5% to NGN 8,621.9 billion
  • Loans and advances to customers up 2% to NGN 3,383.2 billion
  • Deposits from customers up 2% to NGN 5,925.0 billion
  • Total equity up 9% to NGN 688 billion

Patricia

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Paid Content

Introducing pcl. Micro Courses – Bite-sized learning for the busy individual

Our micro courses include a bouquet of high-demand skills.

Published

on

The new normal is here and has brought with it a style of work that requires more agility with how we do things. To support individuals, teams, and organisations in adapting to these changes, Phillips Consulting has introduced the pcl. Micro Courses.

We understand that it is tough to take out a whole day to learn, so our micro courses, which are all delivered virtually via Microsoft Teams or Zoom offer quick learning bursts (90 minutes to 2 hours and in some cases 4 hours) on topics within our areas of expertise.

UBA ADS

We inspire learning in achievable ways and help expand your knowledge base and improve your skills to get you ready for the future of work.

Our micro courses include a bouquet of high-demand skills such as Microsoft Office, Risk Management, Accounting Fundamentals, Branding, Digital Marketing and many more.

Look out for our August Special where we are offering all of our Micro Courses at a discounted price.

GTBank 728 x 90

www.microcourses.phillipsconsulting.net

For registration and enquiries, please send a mail to [email protected] or visit our website and check out all our micro courses for yourself at www.microcourses.phillipsconsulting.net

Patricia
Continue Reading

Paid Content

President Buhari greets BUA Chief, Abdul Samad Rabiu on 60th Birthday

The President describes Abdul Samad’s 60 years as a milestone heralded by years of hard work.

Published

on

Dangote, other Nigerians hold form as Forbes releases richest African billionaires list, BUA Group makes major acquisition

President Muhammadu Buhari has extended his warm greetings to the Founder/Chairman of one of Africa’s leading conglomerates BUA Group, Abdul Samad Rabiu (CON), on his 60th birthday.

Buhari who conveyed his greetings in a statement issued by Garba Shehu, the Senior Special Assistant to the President (Media & Publicity) extolled Abdul Samad for his large-heartedness for always investing in people and institutions.

UBA ADS

The President while describing Abdul Samad’s 60 years as a milestone heralded by years of hard work, dedication and commitment to building the Nigerian economy, commended him Samad for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.

READ MORE: BUA Cement set to establish ultramodern 3million cement plant, 50mw power plant in Adamawa

According to the statement, “President Muhammadu Buhari sends warm greetings, joining family and friends to celebrate the milestone, heralded by years of hard work, dedication and commitment to building the Nigerian economy.

GTBank 728 x 90

“The President congratulates the business magnate for his foresight in investing extensively in agriculture, infrastructure, manufacturing and real estate, which has translated into strengthening the pillars of the economy, bolstering the government’s diversification efforts and creating chains of subsidiary industries and business outfits.

“As the Chairman of BUA Group turns 60, President Buhari extols his large-heartedness in always investing in people and institutions, commending him for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.

“The President affirms that Rabiu’s diligence and business acumen continues to inspire many, and his propensity for creating opportunities for others to prosper is legendary, urging him to remain focused on his vision of a greater and better Nigeria.

“President Buhari prays that the Almighty God will reward him with longer life, good health and more wisdom”. The statement added.

READ MORE: BUA and Wartsila Oy of Finland sign 48MW Power project for Sokoto Line 3

Also, Former Nigeria’s Vice President, Alhaji Atiku Abubakar in his tribute to Abdul Samad described him as an astute businessman who has created jobs and opportunities and whose philanthropic and charitable gestures speaks to the dept of his humanity.

app

Atiku in a tweet said, “Founder/Chairman of @BUAgroup, Abdul Samad Rabiu (CON), has distinguished himself as an astute businessman who continues to create jobs and opportunities.

“His philanthropy and charitable causes speak eloquently to the depth of his humanity. My family rejoices with him and his family on the occasion of his 60th birthday. May the Almighty Allah grant him many more years in good health and service to humanity. Ameen”.

READ MORE: Forbes 2020 world’s richest rankings: Only 4 Nigerians make exclusive billionaires list

Coronation ads

On his part, the Governor of Kwara State, Abdulrahman Abdulrazaq thanked for Abdul Samad Rabiu for his investment and his commitment made to end the COVID-19 pandemic in the state.

He said “On behalf of my family, the people and government of Kwara State, I congratulate the founder and chairman of the BUA Group, Alhaji Abdul Samad Rabiu (CON), on his 60th birthday anniversary.

thegreenafricaproject 300x250

“I commend him for his huge investments in Kwara State and the donations he made towards the state’s campaign against COVID-19 pandemic. I pray the Almighty Allah to continue to bless Alhaji Rabiu and his family, and may He grant him more fruitful years and good health”.

Patricia
Continue Reading

Paid Content

United Bank for Africa provides $200 million for Nigeria’s Petroleum Industry – Timely financing for Post COVID economic growth

*Acts as Lead Arranger for $1.5 billion Facility to Boost Nigerian Oil Production and Government Revenue.

Published

on

Lagos, 4th of August, 2020; The United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

UBA is providing $200 million (Naira equivalent) to support investment growth and liquidity requirements.  The facility will provide much-needed capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings.  UBA’s position as Lead Arranger recognises the Group’s strength in structuring and deploying financing to the oil and gas sector, and the depth and liquidity of the Group’s balance sheet.

UBA ADS

The $1.5 billion facility is structured in two tranches.  The first tranche of $1 billion, to be repaid over a period of five years, will be provided in dollars, with UBA acting as the Facility Agent Bank. The second tranche of $500 million, will be provided in local currency, over seven years, with UBA acting as Lead Bank, providing $200 million in Naira equivalent. 

Both facilities will be repaid from an allocation of 30,000 barrels per day of NPDC’s crude oil.  UBA has a strong track record in the resources sector across Africa, having facilitated oil prepayment deals with the NNPC, including its 2013 $100 million participation in the PXF Funding Limited transaction, and a further $60 million in the 2015 Phoenix Export Funding Limited transaction.  In Senegal, UBA was responsible for the EUR 240m revolving crude oil financing facility for the Société Africaine de Raffinage and in Congo Brazzaville co-funded the $250m crude oil prepayment facility for Orion Oil Limited.

Other participants in the NNPC deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.

GTBank 728 x 90

Speaking on this most recent support for the Nigeria’s petroleum industry, UBA Group Chairman, Tony O. Elumelu stated ‘This has been one of the most economically challenging years that Nigeria has witnessed.  With the sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic, the private sector must come together and contribute meaningfully to the economy.  This facility is clear evidence of this – UBA is providing investment that will significantly improve Nigeria’s production capacity and in doing so also demonstrating the strength, depth, and sophistication of our commercial banking capability.  I believe that together, working with governments, we can create more jobs and more wealth for people, not only in Nigeria, but across Africa’.

The United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees and serving over 20 million customers.  UBA operates in 20 African countries and globally in the United Kingdom, the United States of America and France, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Patricia
Continue Reading
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
first bank
Advertisement
Heritage bank
Advertisement
devland
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement