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Companies

Sterling Bank Plc forecasts N2.09 billion PAT in Q1 2021

Sterling Bank Plc has projected a rise in its Profit After Tax (PAT) to N2.09 billion for the first quarter of 2021.

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Sterling Bank

Sterling Bank Plc has projected a rise in its Profit After Tax (PAT) to N2.09 billion for the first quarter of 2021 (Q1 2021), indicating a marginal increase of 7.1%, from the figure recorded in Q3 2020.

This is according to the latest earnings forecast of the firm, sent to the Nigerian Stock Exchange market.

Key highlights of the earnings forecast for Q1 2021

  • Pre-tax profit is projected to decline to N2.28billion, -3% Q-o-Q.
  • Interest income is projected to decline to N28.03 billion, -4.1% Q-o-Q.
  • Interest expenses is projected to decline to N10.3 billion, -23.7% Q-o-Q.
  • Net operating income after credit impairment charges is projected to increase to N22.38 billion, +17.3% Q-o-Q.
  • Operating expenses is projected to increase to N20.1 billion, +20.1% Q-o-Q.

Others

  • Gross Earnings is projected at N34.94 billion.
  • Taxation is projected at N182 million.
  • Credit impairment charges are projected at N2.26 billion.
  • Net cash generated from operating activities is projected at N11.7 billion.
  • Net revenue from funds is projected at N17.7 billion.

Bottom line

The conservative outlook follows a series of not too impressive results posted by the firm, especially in the last nine (9) months as reported by Nairametrics.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Companies

Africa Prudential Plc declares N1 billion dividend for shareholders

The Board of Directors of Africa Prudential Plc has proposed the payment of N1 billion as dividend to qualifying shareholders.

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Obong Idiong, Africa Prudential Plc

The Board of Directors of Africa Prudential Plc, Nigeria’s leading registrar and a key player in the capital market, has proposed the payment of N1 billion as dividend to qualifying shareholders of the company.

This is in line with the resolution made at the Company’s Board meeting which held on Thursday, February 18, 2021, as the Board resolved to pay a dividend of 50 Kobo per ordinary share, amounting to N1,0000,000,000 (One billion Naira only).

It is essential to understand that the dividend recommended by AfriPrud’s Board is subject to appropriate Withholding Tax, and the approval of shareholders at the Company’s Annual General Meeting.

What you should know

  • The dividend recommended by the board of AfriPrud in 2020 is 28.57% lower when compared to the total dividend of 70 kobo per share paid to shareholders last year for 2019.
  • It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Company’s next Annual General Meeting.
  • However, with a share price of N7.3 per share at the close of trading activities on the floor of NSE for last week, the dividend yield of the company stands at 6.85%.

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Companies

United Capital earmarks total dividend of N4.2 billion for shareholders

United Capital Plc announced a payment of a total of N4.2 billion as dividend to shareholders for 2020.

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Commercial paper, United Capital Asset Management explains mutual funds’ positive performance

The Board of Directors of United Capital Plc, Nigeria’s financial and investment services powerhouse, has announced the payment of a total N4.2 billion as dividend to shareholders for 2020. The resolution was made at the Board meeting which held on Wednesday 17, 2021.

This information was contained in a notification dated 18 February 2021, which was signed by the Company’s Director Peter Ashade, and sent to the floor of the Nigerian Stock Exchange.

According to the notification, the dividend declared by United Capital on a per-share basis was pegged at 70 kobo per share, this put the total dividend to be paid to shareholders at N4,200,000,000.

READ: 6 Questions to consider when evaluating a job offer

What you should know

  • The dividend declared for 2020 is 40% higher when compared to the total dividend of 50 kobo per share paid by the company to its shareholders last year for 2019.
  • It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Company’s next Annual General Meeting.
  • The dividend will be paid to only shareholders whose names appear in the Register of Members as at the close of business on Friday, March 5, 2021.
  • However, with a share price of N5.98 per share at the close of trading activities yesterday on the floor of NSE, the dividend yield of the company stands at 11.7%.

READ: Why Nigerian stocks are getting pummeled

What to Expect: The Audited Accounts of United Capitals Plc will be published on or before Monday, February 22, 2021, on the website of the Nigerian Stock Exchange. This is in line with the option by the Company to submit its audited accounts within 60 days of the year-end.

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Nairametrics | Company Earnings