Connect with us

Bank

FIRSTBANK DECEMBERISSAVYBE: IF YOUR DECEMBER IS NOT VYBING, YOU AREN’T IN DECEMBER

Published

on

FIRSTBANK DECEMBERISSAVYBE: IF YOUR DECEMBER IS NOT VYBING, YOU AREN'T IN DECEMBER

FIRSTBANK DECEMBERISSAVYBE: IF YOUR DECEMBER IS NOT VYBING, YOU AREN’T IN DECEMBER-Bolaji Israel.

In Nigeria, the first day of December ushers in the advent of the festive season which runs through the month progressively till early January when businesses and official duties resume fully again. December, in the world’s most populous black nation, is characterised, with fascinating scenery, by shops, streets, offices and homes getting decorated with twinkling lights and dazzling ornaments.

 

FIRSTBANK DECEMBERISSAVYBE: IF YOUR DECEMBER IS NOT VYBING, YOU AREN'T IN DECEMBER

 

 

 

The month also welcomes religious festivities of Christmas, the biggest celebration for christians globally which takes place just a week before the New Year rolls in amidst celebration unmatched by any other from the rest of the year. The season is generally enveloped by festive concerts, feasts, celebrations, carnivals, musical shows, colourful decorations and family reunions.

For almost everyone, it’s a time to merry with friends and family, attend celebratory events, give and accept gifts, enjoy entertainment and feast together. December is such a big deal in Nigeria and the people know just how to savour the moments well. Interestingly, the celebration is not limited as it cuts across all classes and shades irrespective of social status, religion, personality or age – the rich, poor, young, old, cool and radicals. It’s usually a time everyone earnestly awaits for fun, merrymaking and relaxation, mentally and physically. In fact, to get ample time for merry making, employees in Nigeria push hard in offices to get annual leave approvals for the period.

Another key, exciting hallmark of the festive season is the homecoming visits of Nigerians who have travelled abroad for greener pastures, a trend popularly called ‘Japa’ in local parlance. It’s a common belief that the Nigerian spirit is a hustling one, and no distance is too large to scare a Nigerian from a potential source of income, be it the journey from the remotest village to Lagos, or from there to the farthest corners of the world. The December period thus presents an opportunity to reunite families.

The returnees constitute an essential ‘life of the party’ as they hit the country ready to visit places, mingle and bond, to the admiration and embrace of peers and family members. It’s always a great period for the returnees and their loved ones to create great memories, spending time, going round town for great entertainment and having fun together.

Their presence also commands attention and adds colour to village and town hall meetings, community projects and social gatherings, especially wedding parties, as well as other family functions deliberately fixed around the season to court the beloved presence of the “I just got backs” who bask endlessly in the euphoria.

First Bank of Nigeria Limited as a company with the mantra of being woven into the fabrics of society has continued to demonstrate its understanding of the uniqueness and essence of the festive season with its consistent support for same through the ‘December Is a vybe’ campaign.

Unfortunately, the Nigerian economy has struggled sluggishly for some time with attendant harsh impact on individual and household finances and sliding purchasing power. This gets worsened by the galloping inflation, increasing cost of living and the sky rocketing price of premium motor spirits (PMS) locally called petrol.

Yet, the average Nigerian craves for great fun and quality entertainment during the Yuletide season. So, the December festivities come as added weight with tickets as high as N70K for A-list musical acts like Asake, Kizz Daniel, Burna Boy, Davido, Wizkid and others.

To throw off the weight, the December Is a vybe campaign offers free VIP tickets from FirstBank to Nigerians for access to coveted A-list musical concerts, opera, comedy shows, stage plays, dance and other genres of entertainment throughout the festive season to assure maximum pleasure.

Folake Ani-Mumuney, FirstBank Global Head, Marketing and Corporate Communications said, the premier financial institution which has operated in Nigeria for over 125 years deliberately orchestrated the campaign to create platforms for Nigerians at home and those returning from abroad to enjoy entertainment, bond well and enjoy the best of the festive season together after a period of separation in pursuit of excellence and success.

“Through ‘December Is a vybe’, FirstBank has always brought Nigerians the best exciting, fun-filled, memorable experience in December with the sponsorship of concerts, creative arts; food Fiesta; fashion etc and it’s set again with a bang in 2022 ready to enable people relive the experience and live their dreams, ” she stated.

She noted that the 2022 edition offers fresh opportunities and platforms for yet another memorable Homecoming experience this December for Nigerians visiting from abroad; wedding celebrants; friends and family reunions. FirstBank ‘December Is a vybe’ offers the returnees a good opportunity to reunite and enjoy premium entertainment with family and friends.

She explained: “The programme has not slowed down since it kicked off. We supported Waka the Musical in 2017 which was also taken to Abuja in 2018. We gave Nigerians premium access to Davido show amongst others in 2017, Burna Boy in 2018, Future in 2019, Davido and Burna in 2021 and for 2022, we will start with VIP access to Kizz Daniel’s show, followed by many more.

The foremost banking giant has in recent years made December quite memorable. From the exciting Alternative Sound 4.0, held at Terra Culture on 5 December, 2019 to the memorable Cardi B live in Lagos by Livespot Concert on 7 December 2019 and the unforgettable “An Evening with FBNHoldings” held on 13 December, 2019 to the pleasure overload of Island Block Party at Oniru Lagos on 14 December, lucky customers and followers of the Bank’s social media handles were given free tickets to have loads of fun!

Also, in the bouquet of fun extravaganza was Teni – The Billionaire Experience musical concert held at Eko Hotel on Monday, 16 December 2019 which had many thrilled to the finest of tunes by the Billionaire crooner and other guest artistes present.

The annual Nativeland music festival at Muri Okunola Park was another fun spot which has since its inauguration in 2016, featured breathtaking performances by A-list artistes.

Youth and teenage fashionistas were not left out; as with Street Souk, they had a feel of current trends and creativity in the fashion industry. The event held on 18 December 2019. For those keen on getting the best and latest designs, wears and fabrics in fashion, the African Fashion Week Nigeria was another port of call. The event which held 20 – 21 December, 2019 attracted leading players in the fashion industry and deepened the fashion appetite and interest of participants.

Building into Christmas was Flytime Rhythm Unplugged, which started on 20 December at the Eko Hotel and Suites. The 5-day music festival had performances from leading artistes in the country. Olamide, Burna Boy, Tiwa Savage, MI, Ycee, Patoranking, Mayorkun, Teni, Zlatan, Joeboy, Fireboy, B Red, Tolani, Jeff Akoh, Oluwadamilola thrilled fun lovers to the best of charts topping tunes not just in Nigeria but the continent. On the wheels of steel was DJ Neptune, DJ Consequence, DJ Obi, and DJ Cuppy.

Kizz Daniel’s Toro concert on 26 December 2019 and Tu Face’s musical show on 28 December built up to the wrap-up of the list of December events with Future, the American rap music sensational performance live in Lagos.

The Future Live in Concert held on 29 December 2019 at the Eko hotel. The 80s boy band, New Edition performance at the FlyTime Music Festival in Lagos was also electrifying with Burna Boy Live, Davido Live and many more in action!

For plays, the December Issavybe train featured sponsorships of Moremi and Oba Eshugbayi plays which focused on highlighted history of Lagos: the struggle over water tax imposed by the British on the people of Lagos and the expulsion of Oba Esugbayi, who stood against tax, to Abeokuta. The play was from the stable of Joseph Edgar of the iconic Duke of Shomolu Production.

Two lucky fans, Tina Ediale and Timilehin Anibaba, amongst others got to see their favourite star Davido Live in Concert; another winner, Azeez Animashaun couldn’t believe his luck when he got a VIP Rhythm Unplugged ticket while some got special treat watching ace actress Omotola Jalade Ekeinde as Esumirin in Moremi The Musical. Social media followers also scored invitation to parties including Island Block Party, All Black Everything; conferences Golas Grit Grind 2.0; festivals: Native Land, Palmwine Festival; and pop-up sales: Mente de Moda.”

For the 2022 campaign, FirstBank says it will start the festive season with VIP access to rave of the moment, Kizz Daniel’s show. Kizz is so loved right now and many Nigerians especially women can’t seem to get enough of his monster hit, Cough (Odoyewu). He also has many songs that will make his show a delight any day, including Buga, Lie, No Wahala, Oshe, Yeba, One Ticket, Woju, Laye, Jaho, Sofa and many others. With First Bank, December promises to be an awesome experience!

To participate, all that is required is to just follow FirstBank’s social media pages and updates on – Facebook: First Bank of Nigeria Limited, Instagram: @firstbanknigeria and from there get the tickets.

Bank

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

Published

on

Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

Continue Reading

Bank

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth* 

Published

on

*Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth* 

 

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

 

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

 

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

 

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

 

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth* 

Continue Reading

Bank

FirstBank Joins Partnership for Carbon Accounting Financials, Reinforces its Commitment to Climate Action

Published

on

FirstBank Joins Partnership for Carbon Accounting Financials, Reinforces its Commitment to Climate Action

 

As part of its commitment to sustainable finance and taking active steps towards reducing its carbon footprint, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF) to promote sustainable finance, combat climate change and advance sustainable socioeconomic development for the just transition.

 

PCAF is a collaboration between financial institutions worldwide to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments. With more than 530 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.

 

Joining PCAF aligns with FirstBank’s broader climate agenda, reinforcing its efforts to contribute meaningfully to global climate goals. By adopting PCAF’s globally recognised standards, FirstBank aims to enhance transparency in carbon accounting and reporting, integrate climate risk into its lending and investment decision-making, and support Nigeria’s transition to a low-carbon economy. This initiative complements FirstBank’s ongoing work on environmental, social, and governance (ESG) issues, underscoring its dedication to responsible banking practices.

 

PCAF will provide FirstBank with a standardised methodology and framework to measure and report the Bank’s GHG emissions and climate-related risks. By joining PCAF, the Bank’s capability in understanding and managing its exposure to climate risks and liabilities (physical and transition risks) will be enhanced. This will enable the Bank to make informed decisions and take proactive measures to mitigate these risks while leveraging on the opportunities for growth.

 

Dylan Hauser, regional lead For PCAF Africa said “We congratulate FirstBank on becoming a signatory of PCAF. We are absolutely delighted to have FirstBank on board sharing our commitment to driving positive change and reducing carbon footprints in the region through transparent and accountable practices.”

 

According to Patrick Akhidenor, Chief Risk Officer, FirstBank, “Joining PCAF is a significant milestone in our sustainability journey. It is not only a demonstration of our commitment to combatting climate change but also a step towards ensuring that we, as a financial institution, are accountable for the carbon emissions our activities finance. We are excited to collaborate with other global institutions in driving meaningful climate action”.

 

By joining forces with PCAF, FirstBank is poised to champion transparency and accountability in impact of the financial sector’s activities on climate change.

 

Continue Reading

Cover Of The Week

Trending