Category: Equities

• We’re on course to Africa’s top 5, says Wigwe

Shareholders of Access Holdings Plc unanimously approved the distribution of a total of N53.32 billion as cash dividends for the 2022 business year.

At the annual general meeting of the holding company in Lagos, approved a final dividend of N1.30 per share in addition to an interim dividend of 20 kobo, representing a total dividend per share of N1.50 for the 2022 business year. The final dividend was automatically credited through e-dividend payment to the bank accounts of all shareholders on the register of the company as at the close of business on May 09, 2023, shortly after the approval.

Shareholders also approved the financial statements of the holding group. Key extracts of the audited report and accounts for the year ended December 31, 2022 showed that group gross earnings rose by 43 per cent and crossed the trillion naira mark to N1.39 trillion in 2022 as against N971.9 billion in 2021. Pre and post tax profits stood at N167.68 billion and N152.20 billion respectively.

The balance sheet of the group expanded with total assets rising by 28 per cent from N11.73 trillion in 2021 to N15 trillion in 2022. Customers deposit also rose by 33 per cent to N9.25 trillion as against N6.95 trillion. Loans to customers grew by 25 per cent from N4.45 trillion to N5.56 trillion. Shareholders’ funds increased by 17 per cent from N1.05 trillion to N1.23 trillion.    

National Coordinator, Pragmatic Shareholders Association, Mrs Bisi Bakare,  said the group’s performance was commendable given the challenges in the operating environments.

According to her, the improvements in profit and loss accounts as well as balance sheet showed that the group was resilient and its performance was driven by good operational results.

Addressing the shareholders, Group Chief Executive Officer, Access Holdings Plc, Mr. Herbert Wigwe said Access Holdings was on course to becoming one of Africa’s largest and best financial institutions within the next five years.

He said the group has a track record and the capability to attain the top five target pointing out that from its humble beginning, the group had worked its way to become Nigeria’s leading tier 1 bank.

“We will be one of the top five banks in Africa by 2027. Many people will laugh and ask how that is possible. Many of you have seen it happened again and again, this will not be any different. It requires a lot of more hard work because going beyond Nigeria and competing with largest Africa banks require great efforts. We’ll do it and do it successfully.

“It’s the same way people looked at us in 2002 and said how could a small bank said it would become one of top 10 in 2020. It happened and happened right on time. We became top 10, we became top five, we became top three and the biggest bank in Nigeria as of today. There’s no way we cannot become one of the best in Africa,” Wigwe told shareholders.

He assured shareholders that the group would combine its growth aspirations with increased returns to shareholders, urging them to continue to support the group.

“You’ve paid your dues for 20 years, it is time to reap the rewards. We will do what is necessary to make sure that in terms of performance, there will be increased performance in the bank as well as the other subsidiaries,” Wigwe said.

Group Chairman, Access Holdings Plc, Mr. Bababode Osunkoya, said the group’s five-year strategic plan would lead to building a large, diversified company by consolidating its wholesale franchise and embedding itself firmly in the retail market.

“This strategy will be digitally led, customer-focused and supported by various collaborations with reputable fintech companies to deliver a deeply entrenched retail footprint and payment business. This will all be supported with strong technological infrastructure and robust risk management framework,” Osunkoya said.

According to him, the holding group would play a central role in optimizing and orchestrating all the activities of its subsidiaries to ensure they deliver optimal performance and are protected from risks.

Speaking earlier shareholder commended the efforts of the board and management of the Access Holdings for their tirelessly endeavors to position the financial institution as the best in the country.

• Berger Paints pays N203m dividends 

Managing Director, Berger Paints (Nigeria) Plc, Mrs Alaba Fagun, has called on the government to address several challenges mitigating against the manufacturing sector. 

Addressing shareholders at the company’s annual general meeting,  Fagun said the industry space was still common with challenges such as foreign exchange scarcity, inflation , security and high cost of operations.

According to her, high importation of foreign products and inadequate standardization causing influx of substandard products are still hindering manufacturing business. 

“We expect these challenges to be addressed in the long term. 

Notwithstanding  these challenges, Berger Paint is not relenting in delivering value to its shareholders, quality to customers and rewarding its employees and partners . With a historical growth in year on year revenue figures, we are committed to the trend and guaranty that’s our investments in people and technology would ensure  sustainable value optimization and satisfaction of all stakeholders,” Fagun said.

She noted that the  challenges of business environment had prompted a dynamic strategic approach of re-engineering the company’s goals to achieve more with less.

Shareholders commended its board and management over the company’s impressive  performance despite the tough operating environment.

Shareholders endorsed the company’s dividend policy, which has been consistent for the past 10 years. The firm recorded a profit of N208.6 million in 2022, as against N135.6 million, an increase of 53 per cent.

Shareholders approved the payment of N202.9 million as dividend at the rate of 70 kobo per share  as against 40 kobo paid in the preceding year while  the appointment of Mrs  Alaba Fagun as the managing director was unanimously approved at the meeting .

A shareholder, Olowolafe Kehinde, who  appreciated the performance of Berger Paints despite the business environment.

said:  “Despite the economic issue that is affecting us in this nation and also many companies’ operations, our revenue grew from N4.9 billion  to N6. 9 billion, representing 28 per cent increase. Profit after tax also grew from N135.6 million to N208.6 million, also an increase of 53 per cent. Going forward, our earnings per share grew from 47 kobo to 72 kobo. Also, our net assets grew. When we look at all these indices, it shows the resilience, unwavering ability of the able board and management.”

Kehinde stated that the company’s dividend policy had been consistent for the past 10 years, thanking the board and the management for their roles in growing the business .

Chairman, Berger Paints Plc, Abi Ayida said the paint manufacturer would not rest on its oars.

“I think our performance speaks for itself. We accept the commendations but we are not satisfied. We are driving the company to do better. Last year was a very difficult year, the rise in input cost would have sunk most companies but we are well positioned to meet whatever challenges come our way because we think about how to move the company forward,” Ayoda said.

Speaking about the setting up of a new subsidiary called Swift Painting, Ayida  said that it  would be a valued added service, designed to be faster and more consistent than the manual painting process.

Shareholders of Ecobank Transnational Incorporated (ETI), the holding group for the Ecobank Group, have approved a new capital raising for the group.

At the 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting in Lomé, Togo, shareholders approved the resolution authorising to raise senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate.

Shareholders also approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.

Group Chairman, Ecobank Transnational Incorporated, Alain Nkontchou, said Ecobank was a powerhouse in the African banking landscape and has positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area.

According to Nkontchou, Ecobank is the solution for SMEs and corporates as strength of its borderless payment, collection, working capital and financing solutions exemplifies this.

Chief Executive Officer, Ecobank Group, Jeremy Awori, said Ecobank in 2022 demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring.

“This success can be attributed to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency. These strengths allowed the bank to navigate the adverse economic environment, absorb the impact of the debt restructuring, and continue to thrive,” Awori said.

ETI’s profit for the year was $222 million compared with $295 million in 2021. The Group’s profit before tax, net revenue and total assets increased by 13 per cent, 6 per cent and 5 per cent, to $540 million, $1,862 million and $29,004 million, respectively. In addition, the return on tangible equity of 21.1% in 2022 is the highest Ecobank has achieved in the last decade. For the first quarter of 2023, our Group performance results are showing momentum as we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.

The Nigerian Exchange Limited (NGX) has lamented the disproportionate relationship between the Nigerian economy and the capital market.

Chief Executive Officer, Nigerian Exchange (NGX), Mr. Temi Popoola said that despite a total of N360 trillion that moved within the Nigerian economy in 2022, only N1 trillion made its way into the capital market.

He said the Exchange intends to partner with the incoming administration to develop the right policies that will promote and attract listings in the capital market.

Popoola made this known at a closing gong ceremony held in honour of the CEO of StoneX Group for Europe, the Middle East and Africa (EMEA), Philip Smith in Lagos.

Whilst stating that the market can thrive with an enabling policy from the government, Popoola said the exchange is looking to collaborate with the new administration to develop the right policies that will promote listings in the market.

He said, “The age-old question for the capital market has always been how to get more corporates to list on the Exchange. Federal Government policies have influenced listings in the market. For instance, in the ’70s, as a result of the indigenization policy introduced by the then administration, listings grew from 6 to 81.

We are looking to collaborate with the new administration to develop the right policies that promote listings in our market with the support of stakeholders like the Chartered Institute of Stockbrokers (CIS), Association of Securities Dealing Houses of Nigeria (ASHON), Association of Issuing Houses of Nigeria (AIHN) and other.”

Highlighting the importance of retail participation in the Nigerian capital market, Popoola noted that with a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made it into the capital market.

According to the NGX CEO, the Exchange is keen on growing Nigeria’s retail participation and boosting investors’ confidence in our market.  He thereafter said the Exchange will continue to seek ways of supporting the new administration.

Also speaking, Chief Executive Officer, StoneX Group for Europe, the Middle East and Africa (EMEA), Philip Smith noted that there is a need for the government to be conscious of the market by putting up structures that attract listings on the exchange.

Smith also added that plans were underway to deepen retail participation in the Nigerian capital market. He said, “In the last 3 years, we have been able to operate new products, especially with our fixed-income product which I consider to be truly global.

For his part, Chairman, StoneX Nigeria, Femi Fowora, said that as part of its commitment to the Nigerian capital market, StoneX Nigeria is ready to work with NGX in developing structures for retail investors.

“StoneX has been able to service major Nigerian corporates. We have been committed to this market for a very long time. We want to see what we can do with regards to retail investors and other areas working with NGX” Fowora said.

Despite a growth in revenue, Airtel Africa has reported a five per cent dip in profit for the first quarter (Q1) of the year.

It blamed the challenging operating environment and worries about currency devaluation for the profit dip, according to a financial statement published on the Nigerian Exchange Group (NGX).

Airtel’s profit after tax (PAT) for the period under review dropped by 0.6per cent to $750million, compared to $755million during the same period last year. Conversely, the telco’s revenue grew by 11.5% to $5.25m in Q1 2023, compared to $4.71m in the same period in 2022.

Commenting on the financial performance, Airtel Africa’s Chief Executive Officer (CEO), Olusegun Ogunsanya, said the operating environment of the company has been challenging in many ways and expressed hopes of improvement over the numerous challenges.

“The resilience of our underlying EBITDA margins has shown the effectiveness of our operating model, despite significant inflationary and foreign exchange pressures. Strong customer and ARPU growth over the year demonstrates that demand for our services remains very strong and gives us the confidence to continue investing to support our future growth potential,” Ogunsanya said.

Ogunsanya also noted that the local currencies of its operating countries have been under pressure. He admitted that currency devaluation is beyond the telco’s control, but plans have been put in place to mitigate its impact by ensuring its revenues outpaced devaluation.

Airtel Africa also revealed that its revenue growth for the quarter was impacted by clampdown on Nigerian subscribers who had not submitted their National Identification Number (NIN). It said as of March 2023, 6.4 million customers had submitted their NINs while 3.5 million customers had been fully verified and unbarred. According to the financial statement, the clampdown caused a revenue loss of $110million in the reviewed period, leading to a lag in revenue growth of almost 2.4per cent at Group level, and six per cent in Nigeria.

The telco’s financial statement also reported that its mobile services revenue grew by 16.2per cent across its regions. Mobile services revenue was up by 20.3per cent in Nigeria, in east Africa by 13.4per cent and in francophone Africa by 11.9per cent.

“Mobile services revenue growth was driven by both voice and data services, voice revenue grew by 11.8per cent and data revenue by 23.8per cent. Mobile money revenue grew by 29.6per cent, driven by 32.6per cent growth in east Africa and 20.3per cent in Francophone Africa,” the report stated.

Nigerian equities continued their rally yesterday as bargain-hunting for value stocks drove the market to a net capital gain of N103 billion.

The All Share Index (ASI)- the value-based common index that tracks all share prices, rose by 0.36 per cent from its opening index of 52,231.29 points to close at 52,419.33 points.

Aggregate market value of all quoted equities increased simultaneously from its opening value of N28.440 trillion to close at N28.543 trillion.

With more gainers than losers, the overall market position was driven by gains by several value stocks especially in the banking and manufacturing sectors.

There were 26 gainers to 19 losers. Nigerian Breweries recorded the highest gain of 9.97 per cent to close at N35.30 per share. FTN Cocoa Processors followed with a gain of 9.68 per cent each to close at 34 kobo. Sovereign Trust Insurance rose by 9.52 per cent to close at 46 kobo per share. Cornerstone Insurance went up by 8.82 per cent to close at 74 kobo while Transnational Corporations (Transcorp) appreciated by 7.75 per cent to close at N3.06 per share.

On the negative side, CWG led the losers’ chart by 9.63 per cent to close at N1.69 per share. Courteville Business Solutions followed with a decline of 6.52 per cent to close at 43 kobo. Ardova declined by 6.06 per cent to close at N24.80 per share. Glaxosmithkline Consumer Nigeria depreciated by 4.41 per cent to close at N6.50 while Royal Exchange declined by 4.00 per cent to close at 48 kobo.

Total turnover dropped by 7.91 per cent to 576.851 million shares valued at N6.790 billion in 6,143 deals. United Bank for Africa (UBA) topped the activity chart with 94.308 million shares valued at N795.905 million. Transcorp followed with 86.421 million shares worth N261.680 million. Access Holdings traded 62.423 million shares valued at N635.674 million. Zenith Bank traded 57.386 million shares valued at N1.404 billion while FBN Holdings (FBNH) sold 47.435 million shares worth N571.491 million.

The Nigerian Exchange (NGX) has warned investors against hiding major shareholdings and changes in their shareholdings, as such practice may lead to distortions in the market place.

The NGX stated that it remains committed to enforcing regulations that enhances transparency in the capital market, urging investors to comply with rules on disclosure of substantial holdings in listed companies.

The warning came on the heels of recent acquisition of significant shareholdings by some high networth investors in what appeared hostile takeover tactics.

 Divisional Head, Capital Markets, Nigerian Exchange (NGX), Mr Jude Chiemeka said NGX was fully committed to maintaining the integrity and transparency of the Nigerian capital market.

“We urge all investors to comply with our rules and regulations regarding the disclosure of substantial interests in listed companies. He added that refusing to comply with these guidelines creates information asymmetry, distorts public information and market data, and undermines the confidence of investors in our market. The Exchange will continue to take necessary actions to ensure compliance and promote a level playing field for all market participants,” Chiemeka said.

In a recent circular, the NGX had noted that lack of appropriate disclosures by investors was a breach of its rules and other extant market regulations.

According to NGX, the act also impacted market transparency and fairness as it creates information asymmetry. This, according to experts, could hamper price discovery, regulatory oversight and the accuracy of public disclosures.

The circular reminded investors of Rule 17.13 of the Rulebook of the Exchange, Issuers’ Rules, 2015, titled “Disclosure of Changes in Beneficial Ownership of Shares” which requires every Issuer to notify NGX immediately; about any transaction that takes the beneficial ownership of its shares to five per cent (5%) or more not later than ten (10) business days after such transaction.

The circular also quoted the Rulebook’s section on free float requirements, Rule 2.2 which states, “Each Issuer shall incorporate in its half-year financial statement filed with NGX its shareholding pattern, and also indicate whether or not its free float is in compliance with NGX’s free float requirements for the Board on which it is listed.”

“Investors and all stakeholders are reminded to be guided by the provisions of the above NGX rules and circular,” NGX stated.

SunTrust Bank Nigeria Limited, one of Nigeria’s fastest growing commercial banks has declared a Profit Before Tax of N1.5bn for the year ended December 31st 2022. This is contained in the Bank’s 2022 Audited Financial Result published on the Bank’s website. This represents a 195.6% growth in the bank’s profit before tax compared to FY 2021 results.

While the Bank’s total assets grew by 94.7% from N67.9bn in 2021 to N132.3bn in 2022, total deposit liabilities grew by 61.8% from N50.8bn in 2021 to N82.2bn exit 2022. In same vein, the Bank’s net interest income grew from N461.5m in 2021 to N2.8bn in 2022, representing a 514% growth.

Speaking to journalists recently at the Bank’s Victoria Island Head Office, the Bank’s Managing Director and Chief Executive Officer, Hajiya Halima Buba, pointed out that the Bank’s success in the past year can be attributed to paying attention to customer needs in an ever-dynamic operational landscape and deploying solutions that are driven by technology and innovation to meet customers aspirations. She also expressed gratitude to the Board of Directors, Management and the customers who have kept faith with the Bank in the past years.

Read Also: SunTrust Bank boosts SMEs with N24b loans

She further reiterated the Bank’s commitment to further deepen mutually beneficial relationships with customers, in view of delivering excellent banking services and living up to the Bank’s ambition of becoming the retail bank of choice within the shortest possible time.
SunTrust Bank started commercial banking operations in 2016, after securing the Central Bank of Nigeria (CBN) banking license in 2016 to operate as a regional commercial Bank. Ever since, the Bank has consistently provided banking support to a well-diversified spectrum of customers in the last 7 years.

The Bank currently has 5 branches spread across Lagos, FCT, Rivers and Akwa Ibom, and supported by a growing Agency Banking Network. The Bank is reputed for supporting Micro, Small and Medium Enterprises (MSMEs) with low interest funding to grow their businesses while also innovating products to cater for the needs of the wider banking population, including medium to large corporations and governments. SunTrust Bank also offers Sharia compliant banking products through its dedicated Non-Interest Banking Window.

• Dividends rise by 251%

The board of Nigerian Aviation Handling Company (NAHCO) Plc has recommended a 251 per cent increase in dividend payouts to shareholders after the aviation handling group recorded impressive growths in 2022.

In a regulatory filing at the Nigerian Exchange (NGX), the board said it has recommended increase in dividend payouts from N665.93 million paid for the 2021 business year to N2.339 billion for the 2022 business year, an increase of 251 per cent.

Shareholders on the register of the company as at close of business on May 12, 2023 will receive a dividend per share of N1.20 for the 2022 business year. The dividend will become payable on May 26, 2023.

Key extracts of the audited report and accounts of NAHCO for the year ended December 31, 2022 showed that group turnover rose by 63.3 per cent from N10.233 billion in 2021 to N16.708 billion in 2022. Gross profit doubled by 125.81 per cent from N3.344 billion to N7.551 billion. Operating profit rose by 274.2 per cent from N1.053 billion to N3.940 billion.

Despite the inflationary trend that affected administrative expenses, profit before tax jumped by 315.14 per cent to N3.842 billion in 2022 as against N924.86 million in 2021.

Net profit increased by 246.4 per cent from N771.62 million to N2.674 billion. Earnings per share also rose by 257.89 per cent from 38 kobo to N1.36. Group balance sheet also expanded with total assets rising by 13.9 per cent from N16.44 billion to N18.73 billion. Total equity funds improved by 28.6 per cent from N7.02 billion to N9.03 billion.

The group performance was underlined by significant improvements across the businesses, driven mainly by the group’s flagship handling business. On a standalone basis, the parent company reported 66.4 per cent growth in turnover from N9.66 billion in 2021 to N16.07 billion in 2022. Gross profit grew by 140.3 per cent from N2.96 billion to N7.12 billion. Operating profit rose by 330.5 per cent from N860.61 million to N3.71 billion. Profit before tax jumped by 387.08 per cent from N742.8 million to N3.62 billion. Profit after tax followed the trend with an increase of 339.3 per cent from N579.73 million in 2021 to N2.548 billion in 2022. Expectedly, earnings per share jumped from 30 kobo in 2021 to N1.31 in 2022.

The parent company’s balance sheet also emerged stronger. Total assets grew by 10.7 per cent from N16.28 billion to N18.03 billion. Total equity rose by 27 per cent from N6.98 billion in 2021 to N8.858 billion in 2022.

Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr. Indranil Gupta, said the 2022 results showed the gains of recent investments and continuous improvements in the operations of the aviation handling group.

He pointed out that the 63 per cent growth in revenue underlined the group’s leadership in the aviation handling business as customers continue to show preference for the group.

He assured that as the Nigerian aviation industry expands, NAHCO has been well-positioned to harness emerging opportunities with its extensive nationwide coverage.

According to him, the group subsidiaries have also shown resilience and have started making notable contributions to the group performance, providing additional support base for future growth.

“We are excited with our performance in 2022, which on one hand showed the recovery in global and national aviation business, and on the other hand reflected the investments we have made in our businesses and customers collaboration.”

“We are optimistic that we will continue on this growth trajectory. We will continue to look for opportunities to optimize our assets and deliver better returns to our shareholders,” Gupta said. 

•To pay N15.7b dividends

Fidelity Bank Plc yesterday released its latest audited financial statement and accounts to the investing public.

 A major highlight of the report is a recommendation of a 42.9 per cent increase in dividend payout by the board of directors of the bank. In one of the highest return growths in the stock market, Fidelity Bank, which set a personal record with its first interim dividend in 2022, is increasing cash dividends payable to shareholders for the 2022 business year from N10.137 billion in 2021 to N15.7 billion in 2022.

According to regulatory filing at the Nigerian Exchange (NGX), shareholders, who received interim dividend of 10 kobo per share earlier in 2022, will receive a final dividend per share of 40 kobo, totaling a payout of 50 kobo for the 2022 business year as against 35 kobo paid for the 2021 business year.

Key extracts of the audited financial statement and accounts for the year ended December 31, 2022 showed a double in profitability, driven by strong growths in the top-line and the structural balance of the bank’s operations.

Gross earnings rose by 34.4 per cent in 2022 to N337.05 billion as against N250.78 billion in 2021. Segmental topline analysis showed that the bank’s performance was driven largely by its core commercial banking operations. Gross interest income rose by 45.2 per cent from N203.57 billion to N295.58 billion, representing 87.7 per cent and 81.2 per cent of gross earnings in 2022 and 2021 respectively. After interest expenses, net interest income stood at N152.70 billion in 2022 compared with N94.88 billion in 2021, an increase of 60.94 per cent.

Total operating expenses stood at N120.78 billion in 2022 as against N96.31 billion in 2021, an increase of 25.4 per cent; lagging behind top-line growth. Expenses were driven by more than a quarter growth in other non-personnel operating expenses, reflecting the impact of spiraling hyperinflation that characterised the 2022 business year.

After taxes, net profit rose from N23.10 billion to N46.72 billion, an increase of 102.2 per cent. With these, earnings per share rose correspondingly from 80 kobo in 2021 to N1.61 in 2022.

Balance sheet

Total assets touched the N4 trillion mark at N3.99 trillion in 2022 as against N3.28 trillion in 2021, an increase of 21.65 per cent. Customer deposits, which underlines public acceptance and market status, grew by 27.7 per cent from N2.02 trillion to N2.58 trillion.

Ratios and values  

In the latest financial statement, key ratios underlining corporate efficiency, profitability, asset management, sustainability and shareholders’ value creation, among others, all trended upward. Net Interest Income, which measures the profitability of the core banking operations, improved from N94.88 billion in 2021 to N152.70 billion in 2022.

Pre-tax profit margin- which indicates the institutional profitability as a corporate entity, increased by about six percentage points from 10.05 per cent in 2021 to 15.93 per cent in 2022. Net profit margin also improved from 9.21 per cent to 13.86 per cent. Return on total equity- which denotes value creation as a business owned by shareholders, grew from 8.1 per cent in 2021 to 14.86 per cent in 2022. Return on total assets almost doubled in 2022 at 1.35 per cent as against 0.77 per cent in 2021. Dividend cover- which measures return sustainability and dividend outlook, stood at 3.22 times in 2022 as against 2.29 times in 2021. This implies that in spite of about 43 per cent increase in dividend payout in 2022, the bank has a stronger prospect of sustaining such increased dividend payout, on the back of its enhanced earnings.

Managing Director, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe said the 2022 performance reflected the bank’s continuing focus on its execution strategy, despite global and national macroeconomic headwinds.

She pointed out that improvements in the profitability of the bank was driven by a business-wide understanding of the key goals and strategies as the bank continued to prioritise investments in human capital and technology as enablers for growth.