Niger Insurance Plc has posted a loss of N311.43 million in Q2 2020, down by -1,173.2% Year-on-Year, from a profit of N29.02 million recorded in the corresponding period last year.

This is according to a notification sent by the firm to the Nigeria Stock Exchange and seen by Nairametrics.

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Some other key highlights of the Niger Insurance Plc Q2 2020 result are;

• Gross premium written declined to N189.41 million, -53.7% Y-o-Y.
• Gross Premium Income declined to N186.0 million,-46.6% Y-o-Y.
• Pre-tax operating profit declined to a loss of N358.19 million, -1,323% Y-o-Y.
• Fee and commission income declined to N3.44 million, -71.3% Y-o-Y.
• Net underwriting income declined to N177.89 million, -42.1% Y-o-Y
• Claims expenses increased to N265.6 million, +429.9% Y-o-Y.
• Total underwriting expenses increased to N266.23 million, +566.6% Y-o-Y.
• Basic Earnings per Share declined to a loss of N4.02.
• Tax paid declined to N15 million, -81.3% Y-o-Y.

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Bottom line

The mass decline in some income-earning components like gross premium, fee and commission income, etc. coupled with a drastic rise in expenditure items, like net claims, total underwriting expenses and others, contributed to the decline in the firm’s profit before and after-tax.

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Ecobank Transnational Inc. has recorded an 11% increase in its interest income to N139.6 billion for 2020 Q3, from N125.93 billion recorded in 2019 Q3.

This is according to the bank’s latest financials sent to the Nigerian Stock Exchange market today.

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Key highlights for Q3 2020:

• Net interest income increased to N93.62 billion, +45% Y-o-Y.
• Fee and commission income increased to N39.01 billion, +1% Y-o-Y.
• Net trading income increased to N46.65 billion, +38% Y-o-Y.
• Operating income increased to N170.85 billion, +20% Y-o-Y.
• Non-interest revenue declined to N77.23 billion, -1% Y-o-Y.
• Loss before Tax declined to N29.64 billion, -182% Y-o-Y.
• Loss After Tax declined to N38.25 billion, -298% Y-o-Y.
• Staff expenses increased to N44.12 billion, +7% Y-o-Y.
• Taxation declined to N8.76 billion, +48% Y-o-Y.
• Between December 2019 and September 2020, Loans and advances to customers decreased to N3.29 trillion, indicating a decline of -2.6%.
• Deposits from customers between December 2019 and September 2020 increased to N6.69 trillion, up by +12.8%.

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Bottom line

Despite recording an increase in some of the key income components, these gains were eroded by more than a corresponding increase in expenditure components, leading Ecobank to experience a fall in profit before and after tax.

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Nigerian Enamelware Plc, a Nigerian based manufacturing company, posted N56.6million profit in Q2 2020, up by +26.8% Y-o-Y.

This is according to its recent financials sent to the Nigerian Stock Exchange, and seen by Nairametrics.

Key highlights of its 2020 Q2 financials

• Revenue decreased to N93.3 million, -34.4% Y-o-Y.
• Pre-tax profit increased to N56.6 million, +26.8% Y-o-Y.
• Operating profit increased to N46.1 million, +20.2% Y-o-Y.
• Cost of sales declined to N129.8 million, -21.7% Y-o-Y.
• Administration expenses declined to N9.6 million, -35.2% Y-o-Y.
• Finance costs increased to N10.45 million, +67.03% Y-o-Y.
• Basic earnings per share increased to 74kobo.
• Property, plant and equipment marginally increased within the period under view to N892.9 million, +1.8% Y-o-Y.
• Total assets fell to N3.65 billion, -27.3% Y-o-Y. This is due to a massive decline in current assets within the period under view.

Bottom line

Despite recording lower revenue this year, when relatively compared with last year’s figures, the firm posted an increased profit before and after tax, due to its ability to efficiently manage costs.

This is reflected in the drastic reduction of cost items like cost of sales and administrative expenses, amongst others. All of these contributed in boosting the profit for the period under view.