Connect with us

capital market

Forex turnover hits $147.81m

Published

on

Forex turnover on Tuesday rose by 460.52 percent/ to $147.81.

This is as the Nigerian naira advanced against the dollar on Tuesday, January 16th, 2024 in both the official and black markets depreciating to N878.57

The Naira depreciated 4.72 percent at the close of business, based on data from NAFEM where forex is officially traded.

This represents an N39.62 loss or a 4.72 percent decrease in the local currency compared to the N838.95 closed the previous day.

The intraday high recorded was N1299.50/$1, while the intraday low was N720.50/$1, representing a wide spread of N579/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $147.81 million, representing a 460.52 percent increase compared to the previous day.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1280/$1, representing a 1.17 percent decrease over what it closed the previous day, while peer-to-peer traders quoted around N1325.64/$1.

capital market

Zenith Bank posts remarkable triple digit topline, bottom line growth

Published

on

Zenith Bank Plc has announced its audited results for the year ended December 31, 2023, achieving a remarkable triple-digit growth of 125% in gross earnings from NGN945.6 billion reported in 2022 to NGN2.132 trillion in 2023. According to the audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), this impressive triple-digit growth in gross earnings resulted in a Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT) from NGN284.7 billion in 2022 to NGN796 billion in 2023. Profit After Tax (PAT) also recorded triple-digit growth of 202% from NGN223.9 billion to NGN676.9 billion in the period ended December 31, 2023.

The increase in gross earnings is primarily due to growth in interest and non-interest income. Interest income increased by 112% from NGN540 billion in 2022 to NGN1.1 trillion in 2023. Non-interest income grew by 141% from NGN381 billion to NGN918.9 billion in the same period. The increase in interest income is attributed to the growth in the size of risk assets and their effective repricing, alongside the rise in the yield of other interest-bearing instruments over the year. Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies.

The cost of funds grew from 1.9% in 2022 to 3.0% in 2023 due to the high interest rate environment while interest expense increased by 135% from NGN173.5 billion in 2022 to NGN408.5 billion in 2023. Notwithstanding the 32% growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4% in 2022 to 36.1% in 2023 due to improved top-line performance. Return on Average Equity (ROAE) increased by 118% from 16.8% in 2022 to 36.6% in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns. Return on Average Assets (ROAA) also grew by 95% from 2.1% to 4.1% in the same period.

The Group has continued to deepen its market leadership in key corporate and retail deposit segments as customer deposits increased by 69% from NGN9.0 trillion to NGN15.2 trillion in 2023. Its retail drive continues to yield dividends as retail deposits now constitute 46% of total deposits (compared to 44% in 2022) and grew by 77% from NGN3.97 trillion in 2022 to NGN7.04 trillion in 2023, also reinforcing increased customer confidence in the Zenith brand.

Continue Reading

capital market

eTranzact records N2.2bn profit in 2023

Published

on

eTranzact International Plc on Monday announced a Profit After Tax (PAT) of N2.2 billion for the year ended Dec. 31, 2023, as against N1.18 billion posted in 2022.

Company Secretary of eTranzact, Mr Isaiah Oreweme, said this in the company’s annual report and audited financial statements for the year 2023, sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

Oreweme said that the electronic payment technology and maintenance services company’s Profit Before Tax (PBT) for the year under review stood at N3.2 billion, compared to N1.61 billion recorded in the year 2022.

He stated that the company’s gross profit rose to N8.32 billion at the end of the 2023 financial year from N5.7 billion posted in the previous year.

According to him, the total liabilities of eTranzact leaped to N16.73 billion as at the close of the 2023 financial year, from N10.5 billion recorded in the year 2022.

The company secretary stated that the firm’s total assets also grew to N28.21 billion in 2023, compared to N19.78 billion posted in the year 2022.

Continue Reading

capital market

NGX: Investors lose N220bn

Published

on

Investors in the Nigerian equities market lost N220 billion at the close of trading on Monday.

This followed the dip in the share value of some entities, including Abbey Mortgage Bank, Champion, Regalins and Chams on the trading floor today.

After five hours of trading at the capital market, the capitalisation crashed to N58.2 trillion from N58.4 trillion recorded at the close of trading on Friday.

Similarly, the All-Share Index (ASI) decreased to 103,047.23 from 103,437.67 achieved by the bourse four days ago.

The market breadth was negative as 17 stocks advanced, 23 declined, while 80 others remained unchanged in 5,302 deals.

Morison Industries led other gainers with 9.91 percent growth in share price to close at N3.33 from its previous price of N2.12 per share.

Omatek Ventures, Computer Warehouse Group (CWG), and Linkage Assurance also raised their share prices by 7.61%, 5.93%, and 5.56 percent per share respectively.

Abbey Mortgage Bank led other price decliners as it shed 9.75 percent off its share price to close at N2.50 from its previous N2.77 per share.

Champion Breweries, Regency Assurance, and Chams Holding Plc completed the list of losers with 9.68 percent, 9.30 percent, and 7.21 percent cut in their share prices respectively.

On the volume index, Abbey Mortgage Bank traded 137.411 million shares valued at N343.03 million in 37 deals followed by Guaranty Trust Holding Company (GTCO) with 33.445 million shares worth N1.55 billion traded by shareholders in 575 deals.

Access Holding traded 32.261 million shares valued at N728.09 million in 147 deals.

On the value index, GTCO recorded the highest value for the day, trading equities worth N1.55 billion in 575 deals followed by MTN Nigeria which traded stocks worth N903 million in 391 deals.

Access Corp traded stocks worth N728 million in 147 deals.

Continue Reading

Trending