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capital market

Credit Direct borrowing soar high by 15.9% as assets decrease to 2.5bn in 2021 financial results



By Philemon Adedeji

Credit Direct Limited, a member of FCMB Group PLC as reported 15.9 per cent increase in its borrowings to N17.264 billion achieved in 2021 from N14.893 billion achieved in 2020 in its statement of financial position ended 30th December 2021.

This is even as the company assets(property, plant and equipment) decreased to 2.6 per cent from N2.553 billion achieved in 2020 to N2.486  billion achieved in 2021, As other assets  declined to 10.2 per cent N509.8 million achieved in 2020 to N457.9 million achieved in 2021.

Also, net impairment credit for the financial assets of the company depreciated to 21.9 per cent, from N1.691 billion in corresponding period 2020 to N1. 320 billion recorded in the previous year ,2021.

The growth in borrowings drives dividend payable to shareholders to N1.560 billion  in 2021, from N1.300 billion dividend paid in 2020, reflecting an increase of 20 per cent.

Deferred tax liabilities reported by the company increased largely to a 46.4 per cent, from N95.4 million in corresponding period 2020 to N139.8 million in previous year 2021, as current income tax liabilities gained a 17.8 per cent to N1.18 billion in 2021 from N999.9 million generated in the corresponding year 2020.

But, employees benefits had a challenge during the period under review which depreciated to a 143 per cent to N7.091 million in previous 2021 from N8.276 million derived in 2020.

However, the company total liabilities stood at the sum of N21.3 billion in 2021 from N18.37 billion in 2020, representing an increase of 15.9 per cent.

The company reported loans and advances which given out in 2020 to N20.8 billion from N23.370 billion given out in the previous year, an increase of 12.5 per cent.

Similarly, total assets declared by the company stood at the sum of  N29.423 billion in 2021 from N26.051 billion recorded in 2020, representing a growth of 12.9 per cent

In addition, cash and equivalent of the company grew significantly to 41.9 per cent which moved  to N2.84 billion in 2021 from N2.001 billion in 2030.

From the profit and loss figures, the company net revenue reported rose a bit to a 3.6 per cent from N10.074 billion recorded in 2020 to N10.434 billion recorded in 2021,as interest income of the company appreciated by  4 per cent from N9.370 billion in 2020 to N9.747 billion achieved in 2021.

Profit After Tax for the period gained a 31.5 per cent which increased to N2.007 billion in previous year of 2021 from N1.527 billion in corresponding year 2020.

capital market

Naira closes at N881/$ in official trading window



The Nigerian Naira on Tuesday depreciated 7.63 percent to close at N881.88 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed./ /

Nigerian NewsDirect also gathered that the naira traded N1157 to a dollar at the close of market in the parallel market./ /

This represents an N67.28 loss or a 7.63 percent decline in the local currency compared to the N814.60 it closed on Monday.

The intraday high recorded was N1159/$1, while the intraday low was N701/$1, representing a wide spread of N458/$1./ /

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $118.06 million, representing a 17.99 percent increase compared to the previous day.

Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.17 percent, quoted at N1157/$1, while peer-to-peer traders quoted around N1160.18/$1. 

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capital market

FBNH, Access Corporation lead gainers on NGX



First Bank of Nigeria Holdings and Access Corporation led gainers on the Nigerian equities market on Monday.

This is as investors also lost N132.43billion on the Nigerian equities market yesterday.

The NGX All-Share Index advanced by 0.17 percent, closing at 71,353.81 basis points, compared to the previous day’s gain of 0.25 percent, which closed at 71,230.48 basis points.

YTD, the NGXASI stands at 39.22 percent. 

The total volume traded advanced by 28.12 percent to close at N746.67 million, valued at N5.95 billion and traded in 9,267 deals. UNIVINSURE was the most traded stock by volume with N161.10 million, while ACCESSCORP was the most traded stock by value with N1.47 billion units traded.

The Gate Index closed flat at 188.47, while the Toni index advanced by 1.39 percent to close at 371.15 basis points.

At the close of trading, the market recorded 32 gainers, 20 losers, and 69 unchanged. FBNH topped the gainers list, while ETRANZACT topped the list of losers.

Thus, market breadth closed positively as the Market Breadth Index (MBI) is 0.17x.

UNIVINSURE had the highest volume contribution with 21.58 percent, while ACCESSCORP and UNITYBNK followed closely behind.

According to the value chart, ACCESSCORP is at the top with a 24.68 percent contribution. UBA and ZENITHBANK followed closely behind.

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capital market

FG raises oil price, exchange rate projections



The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively.

This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister of budget and planning in October.

Bagudu had earlier stated that the FEC established a reference price of $73.96 per barrel for crude oil and an exchange rate of N700/$ as key assumptions for budgetary planning.

“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” he said.

Nigerian NewsDirect however gathered that the projected crude oil price benchmark by the Federal Government is below the $94.91 projection of the US Energy Information Administration (EIA) and the $100 a barrel forecast by Goldman Sachs for next year.

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