The addition of new strengths and retention of some key capabilities of the preceding year constitutes the operating advantage for the bank this year. It is maintaining the elevated revenue outlook seen in the first quarter, which is happening for the first time since 2017.
Both interest and non-interest incomes are contributing to revenue improvement but non-interest earnings keep leading the way. Against a drop of 11 percent in 2019, non-interest income grew by 13 percent year-on-year at half-year ended June 2020.
Interest income is still accelerating from 4 percent at the end of last year to 8 percent at half-year though slowing down from 15 percent growth in the first quarter. This remains the highest growth rate in interest income for the bank at any time since 2014.
The good behavior of interest expenses seen in the first quarter improved to better in the second quarter. From a moderated growth of 4 percent in the first quarter, interest expenses proceeded to a 3 percent decline year-on-year at half-year. Accelerating interest income and a decline in interest expenses enabled an increase of 17 percent in net interest income from less than 5 percent improvement at the end of 2019.
This marks the first reasonable improvement in revenue the bank is seeing since 2017. Last year ended with only a 2 percent increase in gross income to a little over N181 billion. Revenue growth at half-year represents the highest in four years.
The retained strength in revenue is keeping the bottom line on the upbeat at which the bank began the year in the first quarter. Profit improvement remains quite good at 29 percent year-on-year for FCMB at half-year – still one of the best growth records in the banking sector. This is an accelerating growth from the 16 percent profit improvement at the end of 2019.
The ability to convert revenue into profit improved both on a year-on-year basis and from the 2019 closing mark. At the end of half-year, the net profit margin stretched out from 8.4 percent in the same period last year and from 9.5 percent at the end of 2019 to 10 percent. This is a step back however from 11 percent in the first quarter but yet remains the highest net profit margin for the bank since 2015.
The bank’s operating strength for the 2020 financial year is anchored on growing revenue and improving profit margin. The strength to grow profit more than two and a half times as fast as revenue at half-year points to a reasonable cost saving achieved by management. This came from a decline in interest expenses and a moderated operating cost during the period.
The loss in the first quarter of a key strength of last year – which is a drop in net loan impairment expenses for the third straight year, remained in place at half-year. Loan loss expenses rose by close to 41 percent to N7.8 billion at the end of June 2020. The increase follows an increase of 13 percent in the loan portfolio last year and by another 10 percent over the first half of the current financial year to N795 billion.
Half-year operations ended with gross earnings of slightly over N98 billion for FCMB, an accelerated growth from 2.3 percent at the end of 2019 to 9 percent year-on-year. This marks the first reasonable improvement in revenue since 2017.
An improvement of 8 percent in interest income to over N76 billion is one of the new strengths for FCMB in 2020. This reflects the expansion of earning assets with loans and advances growing by N80 billion over the 2019 closing figure of N715 billion and investments rising by N60 billion to N300 billion over the same period. The second is a rebound in non-interest earnings that were a drag for the bank last year to N22 billion at the end of half-year.
At slightly N30.8 billion, interest expenses improved further its disciplined behavior – declining by 3 percent against an increase of 4 percent in the first quarter. The share of interest income devoted to interest expenses went down from 45 percent to 40 percent over the review period. The result is an increase of 17 percent in net interest income to over N45 billion at half-year.
FCMB closed the half-year operations in June 2020 with an after-tax profit of N9.7 billion, an increase of 29 percent year-on-year. The bank is maintaining the path of growing profit for the third consecutive year since it lost 40 percent of profit in 2017.
Earnings per share amounted to 49 kobo at the end of half-year operations, improving from 38 kobo per share in the same period last year.
The ability to maintain an elevated performance in earnings through the economic lockdown in the second quarter is a bullish point for FCMB going forward to the second half. The bank is expected to retain the key strengths of growing revenue, moderating interest expenses, and improving profit margin to stay the course of rebuilding profit for the third straight year in 2020.
Remitano launches Mission, a new online job market for crypto lovers
Remitano introduces Missions, a simple, short-term task platform that anyone can do and get paid for.
Remitano, global P2P crypto exchange, has just launched a new online job market – Mission, the platform’s latest element in its push to realize its full potential and open a new window of employment opportunities to crypto users.
Missions are simple, short-term tasks that anyone can do and get paid for. For example, “Share a Remitano post on Facebook.” The new online job market will provide a range of ‘easy and quick apply’ jobs (mission) for crypto lovers wishing to have additional earnings. This way, applicants can skate through the application process and land jobs fast.
As of the August 2020 announcement, Remitano already released a set of guidelines for users looking to take advantage of the offerings. The guide includes:
- Highlights of the missions
- Steps to apply
- Application requirements
Complete a Mission and Get Instant Crypto
While the internet has become the most vital channel for personal recruiting, and people consider different aspects of a job to be fulfilling, some common elements include work-life balance, growth, and a strong work community. Remitano’s newest mission is geared towards promoting similar values and keeping like–minds meaningfully engaged with the crypto community.
Furthermore, Remitano is thrilled to collaborate with greenhorns interested in building along with it. Hence, if you’re new to cryptocurrency trading and wish to maximize your earnings or want a legitimate way to get instant crypto without purchasing it, you can create a free Remitano account, and join the mission for the next job on hand.
Why You Might Want to Join Remitano’s Mission
- A side job: If you’re looking to expand your income or even monetize your free time, missions are ready for the taking. You will be poised to earn extra cash by helping to present Remitano’s ideas across the internet.
- More remote flexibility: with more people working from home, having a practical and comfortable working space is more important than ever. Remitano encourages this by providing digitized work environments for its employees’ remote adaptability.
- Unlimited geography: missions are for everyone, no matter where they are. Job seekers can access available online jobs from anywhere and apply for roles they fit into.
- Streamlined application: applicants only need to prep and submit requisites and certificates, allowing you to walkover face-to-face interviews
- Instant credit of cryptocurrency: once a mission is completed, successful candidates will receive instant crypto remuneration to their Remitano wallets.
Remitano is a product of Babylons Solutions Limited based in Seychelles. As a fast-moving marketplace, Remitano’s purpose is to offer a robust, quality trading experience to all users. With necessary safety standards in place, buyers and sellers can come together, store, trade, and retrieve assets, thus minimizing challenges common to crypto exchanges.
Launched in 2014, Remitano is a global cryptocurrency exchange serving international markets, such as Malaysia, China, Nigeria, Vietnam, Australia, Cambodia, and Indonesia.
Reach out to Remitano via:
Are SMEs the solution to Nigeria’s wailing economy?
MTN Nigeria commenced The Revv Program to mitigate the effects of the pandemic on SMEs across Nigeria.
The outbreak of the COVID-19 pandemic this year has been a major disaster to several sectors including the financial sector. The ensuing lockdown affected the global economy tremendously. SMEs in Nigeria were among the worst hit.
According to a survey published by the Fate Foundation and BudgIT on the ‘Impact of COVID-19 on Nigerian SMEs’, 94.3% of the total 1,943 respondents said the pandemic has negatively affected their business.
Back in 2017, the Small and Medium Enterprises (SME) sector comprising approximately 40 million SMEs contributed an estimated 48% to Nigeria’s Gross Domestic Product (GDP), and employed 84% of the country’s entire workforce, according to a National Bureau of Statistics (NBS) report released in 2018.
GDP is an important indicator of a country’s economic power. According to the NBS, Nigeria’s 2017 GDP was worth about N113.7 billion. Of that amount, the SME sector contributed 48%; that’s two percent short of half the total amount. This value provided by SMEs, which ensures the smooth running of the country, is why they are referred to as the bedrock of the economy.
But this was before the pandemic and the accompanying lockdown that resulted in an unprecedented economic tailspin affecting business operations, consumer spending, loss of jobs, and livelihoods. According to the Fate Foundation and BudgIT survey, off the businesses still managing to stay afloat, 72.1% cannot find the cash flow to continue running their business, and 59.2% are struggling to increase their revenue base.
When asked in what area they want to be supported, 72.1% answered with cash flow; 67.7% said they’ll need support to make sales; 89.4% want the federal government to provide them with funding; 33.8% need access to markets; 74% want the private sector to support with funding; and 62.9% want business support.
Recently, MTN Nigeria commenced an initiative tagged The Revv Program to mitigate the effects of the pandemic on small businesses across Nigeria. Working with relevant stakeholders, subject-matter experts, and the company’s executives, the program aims to support over 10,000 small businesses.
At the virtual launch, Chief Executive Officer, MTN Nigeria, Ferdi Moolman, called on large corporates to join MTN and “strongly position themselves to support SMEs as a foundation to the growth of a stronger economy going into 2021 and beyond”, saying “The Revv Programme is our way of standing with SMEs in their journey to rise through these challenging times.”
Adopting a four-pronged approach that includes masterclass sessions, support with productivity tools, access to market and advisory initiatives, the programme seeks to help SMEs relearn, readjust, and retool their businesses. The masterclasses which have been held weekly since August 18 focuses on core areas of business management as part of a broader strategy to uplift the SMEs.
This will be followed by the selection of The Y’ello 200 (two hundred top-performing SMEs from the sessions) that will enjoy exclusive access to a broad range of technology and productivity tools and services absolutely free, for a period of six months. They will also receive productivity support to enhance their business performance, in addition to access to MTN’s media assets for product marketing, which will open up new market opportunities for their business’ growth and expansion.
The majority of the small businesses affected by the pandemic are facing funding problems. The first masterclass, themed “Accessing the Right Funding for Your Business”, addressed this need. MTN Nigeria’s Chief Financial Officer (CFO), Modupe Kadri, together with other subject-matter experts threw light on ways SMEs can access funding from investors, and the role a properly managed cash flow system plays. “Anybody that wants to advance some securities to you will want to know the strength of your cash flow management; how you generate the income streams and how you’re going to keep the lead on that. The same thing also applies to your costs”, Kadri said.
In a subsequent masterclass themed, “Setting Up Your Business for Success: The Technology Advantage”, the Chief Enterprise Business Officer of MTN Nigeria, Lynda Saint-Nwafor shared that the concern for SMEs is at the core of The Revv programme. “We have the interest of SMEs at heart and whilst we do not provide all the services that are applicable, we are willing to partner with organisations that provide access to technology tools that are relevant to SMEs on a platform that makes it easy for them to access at the right price”, according to Lynda.
The Revv Programme will not be the first time MTN is supporting small businesses in the country. In 2018 the company launched the viral “Man In The Box” campaign with commendable outcomes for SMEs in the country. The idea was to support small businesses with technology solutions and create awareness for them by showcasing their businesses in the “Box” to the entire world.
For 24 hours and for free, selected businesses were showcased within the “Box” on LED screens, and across MTN’s social media platforms. Man In The Box was a huge success; it awakened Nigerians to the enormous untapped possibilities that litter the SME space. SMEs that were featured in the “Box” told amazing testimonies of how they witnessed growth and increased patronage of their businesses.
As we transit to a post-COVID environment, small businesses that had their business affected by the pandemic and are looking for new sources of income will have to pay attention to the programme. The good thing is, it does not matter how bad the pandemic may have affected their success, business will soon shape up for SMEs, especially the 10,000 small businesses to benefit from The Revv Programme. And with that, they will continue to provide the much-needed backbone for Nigeria’s economy.
How to open free Bitcoin wallet in Nigeria
Cardtonic is one of the platforms that provides a free bitcoin wallet address in Nigeria.
When it comes to cryptocurrencies such as Bitcoin, a bitcoin wallet address is very essential. A Bitcoin wallet address is made up of a string of 26-35 alphanumeric characters, that allows you to send and receive bitcoin.
Any bitcoin address can be used to transfer cryptocurrency to any other address on the network, provided the sender’s wallet software supports that address type. All addresses represent a destination on the Bitcoin network.
How To Open Free Bitcoin Wallet In Nigeria
Creating a bitcoin wallet in Nigeria is very easy. Wallets come on different platforms with different features in Nigeria. However, it’s advisable you always go for the best. This guide will help you to find the best Bitcoin wallet in Nigeria for you.
How Do I Get A Free Bitcoin Wallet Address In Nigeria?
There are various ways to get a free wallet address in Nigeria. Prominent among them is by signing up to a platform that offers a free bitcoin wallet address.
Cardtonic is one of the platforms that provides a free bitcoin wallet address in Nigeria. It is an online broker trading platform that facilitates the buying and selling of bitcoin, as well as gift cards. The bitcoin/gift card trading platform is designed to aid the buying and selling of bitcoin.
Get Free Bitcoin Wallet Address on Cardtonic
Cardtonic now offers Bitcoin Wallet Address for all users. The idea is that for each Bitcoin transaction, users will generate a unique, single-use address to provide to senders.
Why Cardtonic Offers The Best Bitcoin Wallet Address In Nigeria
Cardtonic has a nationwide reach, serving traders across Nigeria. Safe to say that it is also one of the largest gift card and Cryptocurrency exchange platforms in Nigeria.
Cardtonic deals in bitcoin and gift cards exchange, and at the same time provides a bitcoin wallet address that is of blockchain standard.
It is also one of the foremost bitcoin trading sites in Nigeria as it has greatly simplified the process for customers. The competitive advantage ranges from offering one of the fastest transaction times to having an extensive customer support system that is always on hand to provide assistance, not leaving behind the amazing bitcoin exchange rates. Thus, Cardtonic is raising the bar on bitcoin trading.
Therefore, with all the ease around bitcoin trading on Cardtonic, whether you are trading little or large, you’d like to get value and ease for them. And apart from the fact that there are a limited number of platforms that have such features in Nigeria, not every service can be trusted in terms of security, efficiency, and exchange rate. All these can be guaranteed with Cardtonic.
How To Create Bitcoin Wallet Address On Cardtonic
To create an address on Cardtonic, follow the steps below:
- Visit the website or download the mobile app on your android or iOS.
- As a user, proceed to the bitcoin trade page and generate your bitcoin address
- The address becomes permanently yours. You can receive bitcoin into your address at any time.
- Any amount of bitcoins sent to your address will be automatically added to your naira balance at the corresponding rates.
- Bitcoin trades on Cardtonic are completely automated and require no human or manual intervention.
Download Cardotnic Mobile App: https://play.google.com/store/apps/details?id=com.cardtonic.app