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FIRSTBANK EMERGES AS THE BEST PRIVATE BANK IN NIGERIA AND THE BEST PRIVATE BANK FOR SUSTAINABLE INVESTMENT IN AFRICA AT GLOBAL FINANCE AWARDS

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FIRSTBANK EMERGES AS THE BEST PRIVATE BANK IN NIGERIA AND THE BEST PRIVATE BANK FOR SUSTAINABLE INVESTMENT IN AFRICA AT GLOBAL FINANCE AWARDS

FIRSTBANK EMERGES AS THE BEST PRIVATE BANK IN NIGERIA AND THE BEST PRIVATE
BANK FOR SUSTAINABLE INVESTMENT IN AFRICA AT GLOBAL FINANCE AWARDS

 

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Sahara Weekly Reports That First Bank of Nigeria Limited, West Africa’s premier financial institution
and leading financial inclusion services provider announced its recognition as the Best Private
Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa at the Global
Finance’s ninth annual World’s Best Private Banks Awards for 2024 was held at the Harvard Club of
New York on March 21, 2024.

 

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FIRSTBANK EMERGES AS THE BEST PRIVATE BANK IN NIGERIA AND THE BEST PRIVATEBANK FOR SUSTAINABLE INVESTMENT IN AFRICA AT GLOBAL FINANCE AWARDS

Dulce Chicon, Vice President of Global Finance in the Americas; Idowu Thompson, Group Executive, Private Banking and Wealth Management, FirstBank; and Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications Department, FirstBank during a networking session at the dinner and award ceremony of the Global Finance ninth annual World’s Best Private Banks Awards for 2024 held recently in New York, USA.

 

 

 

 

According to Global Finance, its Private Bank Awards honor banks that best serve the
specialized needs of high-net-worth individuals as they seek to enhance, preserve, and pass on
their wealth.

 

 

 

 

 

 

 

FirstBank’s Private Banking business model was revamped in January 2023 on the back of a
stellar performance in 2022, to consolidate its position and maintain its pride of place as the
leading Private Bank in Nigeria with distinct product offerings covering investment advisory,
wealth management, asset management, and lifestyle solutions.

 

 

 

 

 

 

 

The Bank has remained consistent in reinventing itself, enabling success through the years of
its existence for the last 130 years, responding to the changes in the private wealth space and
the opportunities presented by certain factors like borderless technology renewed interest in
mineral wealth, migration opportunities, and concerns for wealth preservation amongst many others.

 

 

 

 

 

 

 

Receiving the awards, Idowu Thompson, the Group Executive, Private Banking and Wealth
Management, FirstBank said; We are greatly honored to be recipients of the awards Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa, both
testaments to our enduring commitment to continuously creating value by strengthening
financial awareness and driving inclusiveness in our customers’ journeys from wealth creation,
growth, preservation, and its orderly transfer.”

 

 

 

 

FIRSTBANK EMERGES AS THE BEST PRIVATE BANK IN NIGERIA AND THE BEST PRIVATE BANK FOR SUSTAINABLE INVESTMENT IN AFRICA AT GLOBAL FINANCE AWARDS

 

 

“We are delighted with the impact we have made in putting our customers first as this has
played a very vital role in enabling their successes and contributing to national development.
These awards are dedicated to our esteemed customers. We reaffirm our continued dedication
to continuing to improve and delivering excellence in banking”.

 

 

 

 

 

 

 

 

Joseph Giarraputo, Founder and Editorial Director of Global Finance said: “Private banking is an
art as well as a science in which knowledge of economic and financial trends are paired with a
deep understanding of client needs. Global Finance’s Private Bank Awards highlight institutions
that deliver both.”

 

 

 

 

 

 

 

 

Amongst other awards, FirstBank recently added to its awards kitty are Best Private Bank in
Nigeria 2024 by Global Banking and Finance; Best CSR Bank in Nigeria 2024 by Global
Banking and Finance; Most Innovative Digital Bank, 2024- Nigeria by Digital Banker Africa; the
Most Innovative Banking Brand in Nigeria 2023 by Global Brands Awards; Financial Institution
of the Year 2023 by Afrexim Bank; and Best Corporate Bank in Nigeria 2023 by Euromoney
Awards for Excellence.

 

 

 

 

 

 

 

 

 

Amidst a rapidly evolving global landscape, First Bank of Nigeria Limited has demonstrated
exceptional leadership in integrating sustainable practices into its banking operations. Through
strategic investments, innovative solutions, and a steadfast dedication to environmental, social,
and governance (ESG) principles, FirstBank has remained a trailblazer in sustainable finance
for its customers, irrespective of where they may be across the globe.

 

 

 

 

 

 

 

About FirstBank

 

 

 

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West
Africa, one of the leading financial inclusion service providers in Africa, and a digital banking
giant.

 

 

 

 

FirstBank’s international footprints cut across three continents- Africa, Europe and Asia, with
FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, The
Gambia, Guinea, and Sierra Leone; FBNBank in Ghana and Senegal; and a FirstBank
Representative Office in Beijing, China. All the subsidiary banks are fully registered by their
respective Central Banks to provide full banking services.

 

 

 

Besides providing domestic banking services, the subsidiaries also engage in international
cross-border transactions with FirstBank’s Non-Nigerian Subsidiaries and the representative
offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other
African countries.

 

 

 

 

For 130 years, FirstBank has built an outstanding reputation for solid relationships, good
corporate governance, and a strong liquidity position, and has been at the forefront of promoting
digital payment in the country with over 13 million cards issued to customers (the first bank to
achieve such a milestone in Nigeria). FirstBank has continued to make significant investments
in technology, innovation, and transformation, and its cashless transaction drive has been
steadily accentuated with almost 23 million active FirstBank customers signed up on digital
channels including the USSD Quick Banking service through the nationally renowned *894#
Banking code.

 

 

 

 

 

With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK and
sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial
services through more than 800 business offices and over 233,500 agent locations spread
across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services
in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated
services through First Nominees Nigeria Limited.

 

 

 

 

 

 

 

 

FirstBank’s commitment to Diversity is shown in its policies, partnerships, and initiatives such as
its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as
well as the FirstBank Women Network, an initiative that seeks to address the gender gap and
increase the participation of women at all levels within the organization. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with the UN
Women’s Women Empowerment’s Principles (WEPs) – Equal Opportunity, Inclusion, and
Nondiscrimination.

 

 

 

 

 

 

 

For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in
Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and
“Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker
International Excellence in Retail Financial Services Awards.

 

 

 

 

 

 

 

Notably, in 2022, the Bank took a long stride on its growth trajectory with the Bank’s Viability
and Long-Term Issuer Default Ratings upgraded to ' B' from ' B-' (with Outlooks Stable) by Fitch, a leading global rating agency. This is an indication of the Bank’s strong internal capital
generation and the corresponding recession of its risks to capitalization. Fitch also upgraded the
Bank’s National Long-Term Ratings to ' A (nga)' from ' BBB (nga)' to reflect its improved creditworthiness relative to that of other issuers in Nigeria. Furthermore, the Top 100 African
Bank rankings 2022 released by The Banker Magazine revealed FirstBank’s ranking as
number one in Nigeria in terms of Overall Performance, Profitability, Efficiency, and Return on
Risk.

 

 

 

 

 

 

 

Other laudable feats in 2022 include FirstBank’s international recognition on major indices by
Euromoney Market Leaders, an independent global assessment of the leading financial service
providers where FirstBank was crowned:

1. Market Leader: (tier-1 recognition) in Corporate and Social Responsibility (CSR),
2. Market Leader: (tier -1 recognition) Environmental, Social and Governance (ESG),
3. Highly Regarded: in Corporate Banking and Digital Solutions,
4. Notable: in SME Banking.

 

Also, in 2022 International Finance Magazine named the Bank “Most Innovative Banking
Product in Nigeria” and “Best Retail Bank in Nigeria”. FirstBank was also awarded “Best
Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by
Global Banking and Finance Magazine. Other notable awards in FirstBank coffers include:
“Best Bank in Nigeria” by Global Finance magazine – fifteen times in a row; “Best Private Bank
in Nigeria-2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria” and
‘’Best CSR Bank Africa’’ by International Business Magazine.

 

 

 

 

 

 

In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable
Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by
International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by
International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by
Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine; ’’Best
Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative Banking Brand
– Nigeria 2023’’ by Global Brands Award.

 

 

 

 

Other laudable feats in 2023 include FirstBank’s international recognition on major indices by
Euromoney Market Leaders, an independent global assessment of the leading financial service
providers where FirstBank was crowned:

 

 

 Market Leader: (tier-1 recognition) in Corporate Banking,
 Market Leader: (tier -1 recognition) in Digital Solutions,
 Highly Regarded: Corporate and Social Responsibility (CSR),
 Highly Regarded: Environmental, Social and Governance (ESG),
 Notable: in SME Banking.

 

 

 

 

 

 

 

 

Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by
Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks
as of September 2023. FirstBank maintained the same level of international credit ratings with
the sovereign; a milestone that was achieved in 2022 for the first time since 2015.

 

 

 

 

 

 

Our vision is ‘To be Africa’s Bank of first choice’ and our mission is ‘To remain true to our name
by providing the best financial services possible. This commitment is anchored on our core
values of EPIC – Entrepreneurship, Professionalism, Innovation, and Customer-Centricity. Our
strategic ambition is ‘To deliver accelerated growth in profitability through customer-led
innovation and disciplined execution and our brand promise is always to deliver the ultimate
“gold standard” of value and excellence to position You First in every respect.

 

 

 

 

 

 

Folake Ani-Mumuney
Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limited

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ACCESS BANK (SL) LTD STRENGTHENS LEADERSHIP TEAM WITH KEY BOARD APPOINTMENTS, NAMES NEW CHAIRMAN

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ACCESS BANK (SL) LTD STRENGTHENS LEADERSHIP TEAM WITH KEY BOARD APPOINTMENTS, NAMES NEW CHAIRMAN

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Access Bank Sierra Leone Ltd (‘Access Bank (SL) Ltd’) has announced the appointment of new executives to its Board of Directors (‘the Board’), further strengthening its leadership team and advancing the implementation of its growth and transformation strategy. These appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.

 

 

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Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.

The appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance. Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.

Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.

“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.”

Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter. The Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

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About Access Bank PLC
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

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Analysts place “buy” on Fidelity Bank

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Analysts place “buy” on Fidelity Bank

 

 

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Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors.

Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the bank.

The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.

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The investment advisory reports included those of Afrinvest Group, FSDH Capital and CardinalStone among others.

Analysts were unanimous that Fidelity Bank’s share price could double in the period ahead given professional assessment of top traditional performance parameters including the company’s operational reports, investors’ preference and projections.

CardinalStone stated that Fidelity Bank’s share price could double citing the bank’s “robust earnings growth” and the increasing profitability of its core banking operations.

After an extensive review of the global and domestic stock markets, FSDH Capital selected Fidelity Bank as one of the “FSDH Top Picks”, a group of stocks that the investment advisory firm considered to be most attractive for discerning investors. FSDH Capital’s stock selection considered a stock’s pricing history, dividend history, fundamental values and peer ratios among others.

Providing background on analysts’ exhaustive research for stock selection, Afrinvest explained that the company’s fair value estimate “takes into account a weighted average of price estimates derived from a blend of valuation methodologies including the Discounted Cash Flow (DCF) and its variants as well as other relative and comparable trading multiples valuation models”.

“However, we attach the most weight to DCF valuation methodology, particularly the Dividend Discount Model (DDM), Free Cash Flow (FCF) model and Residual Income Valuation/Model (RIV/RIM). The utilization of comparable trading multiples is guided by the analysts’ understanding of the banks’ fundamentals, as well as key price drivers from the firm, industry and macroeconomic perspectives,” Afrinvest stated.

The “buy” rating, according to analysts, implies that “the expected total return over the next 12 months is 25 per cent or more. Investors are advised to take positions at the prevailing market price as at the report date”.

Afrinvest projected that Fidelity Bank, with a dividend yield of 9.3 per cent, has price upside potential of more than 35 per cent. This effectively makes the stock an inflation-hedging stock, implying that investors in the bank’s shares can retain money value despite the current inflationary environment.

Futureview Group said Fidelity Bank’s recent operational reports highlighted the bank’s “excellent operational performance and the breadth of its income sources”.

The audited report and accounts of Fidelity Bank for the year ended December 31, 2023 had shown that gross earnings rose by 65 per cent to N555.83 billion. The top-line performance was driven by significant growths across income lines including 55 per cent growth in interest income, 562 per cent increase in other operating income and 44 per cent growth in fee and commission income.

The bottom-line fared better with net profit after tax rising by 99 per cent to N99.46 billion in 2023. Earnings per share (EPS) thus jumped by 93 per cent to N3.11, providing a strong buffer for the bank to increase dividend payout without undermining its sustainability.

Interim report and account of the bank for the first quarter ended March 31, 2024 also showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.

The three-month report, released at the Nigerian Exchange (NGX), showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.

Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023. The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.

Managing Director, Fidelity Bank Plc, Nneka Onyeali-Ikpe said the bank’s performance was due to its strategic focus on customer-centricity, digital innovation and operational excellence.

“Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.

 

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” Onyeali-Ikpe said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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GTCO Plc Releases 2024 Q1 Unaudited Results …….. Reports Profit Before Tax of ₦509.3billion

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GTCO Plc Releases 2024 Q1 Unaudited Results …….. Reports Profit Before Tax of ₦509.3billion

GTCO Plc Releases 2024 Q1 Unaudited Results …….. Reports Profit Before Tax of ₦509.3billion

 

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Sahara Weekly Reports That Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

 

 

 

 

 

GTCO Plc Releases 2024 Q1 Unaudited Results …….. Reports Profit Before Tax of ₦509.3billion

 

 

 

 

 

The Group reported profit before tax of ₦509.3billion, representing an increase of 587.5% over ₦74.1billion recorded in the corresponding period ended March 2023. The Group’s loan book (net) increased by 21.9% from ₦2.48trillion recorded as at December 2023 to ₦3.02trillion in March 2024, while deposit liabilities increased by 26.0% from ₦7.55trillion in December 2023 to ₦9.51trillion in March 2024.

 

 

 

 

 

 

 

 

 

 

The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦13.0trillion and ₦2.0trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.9%, while asset quality was sustained as IFRS 9 stage 3 loans improved to 3.1% in March 2024 from 4.2% December 2023 and cost of risk (COR) closed at 0.4% from 4.5% in December 2023.

 

 

 

 

 

 

 

 

 

 

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure – from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meeting our full year guidance.”

 

 

 

 

 

 

 

 

 

 

Mr. Agbaje further said: “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our well-attested free business platforms as well as innovative products and services. We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”

 

 

 

 

 

 

 

 

 

 

Overall, the Group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios i.e., pre-tax return on equity (ROAE) of 117.0%, pre-tax return on assets (ROAA) of 18.0%, full impact capital adequacy ratio (CAR) of 24.9% and cost-to-income ratio (CIR) of 16.3%.

 

 

 

 

 

 

 

 

 

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

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