Category: Money

Ecobank Nigeria has unveiled Advantage Banking, a dedicated service for the mass affluent and upwardly mobile segment of society. Advantage Banking by Ecobank offers convenience and ease in carrying out banking transaction for customers within the category.

The Advantage Banking initiative which suggests the redefinition of banking service in Nigeria is characterised by the design of special products that suit the life style of people within the segment. This would make banking much simpler, friendlier, more engaging and more personalised.

Unveiling an Advantage Service Lounge in Lagos, its Deputy Managing Director,  Mr. Anthony Okpanachi said service is an extension of the bank’s strategy to offer its customer dedicated banking service across all customer type. According to Mr. Okpanachi, it is designed in such a way to “ensuring our customers get the quality of service they desire. We have a bouquet of lifestyle enriching products available to address their day-to-day banking needs. We provide them a dedicated relationship manager, who follows them, providing all their banking needs where ever they may be or in whatever they do”.

Its Executive Director,  Kingsley Umadia said the vision to create Advantage Banking Service by Ecobank follows continuous interaction with the average bank customer in Nigeria which reveal that there is a dare need to personalise engagement with the individual.

He emphasised that the customer would rather be treated as a separate entity having his/her individual and peculiar needs resolved in a tailor made fashion to get maximum satisfaction and endearment to the brand. Mr. Umadia emphasised that the initiative is about building a rewarding partnership with customers by meeting their financial, investment and lifestyle needs when it matters most.

He listed some of the special privileges of the Advantage customer to include a dedicated relationship manager, who follows the customer, providing all his/her banking needs; entitlement to a Zero COT on Salary Accounts; access to e-banking and remittance services; access to overdrafts on salary account that act as extra cash whenever the need arises.

Fidelity Bank Plc has released its unaudited results for the first quarter ended March 31, which showed a 12.5 per cent growth in gross earnings to N34.8 billion and a Profit before Tax (PBT) of N4.7 billion.

The result also showed that its fee income increased by 54 per cent to N9.2 billion from N6 billion in first quarter of 2014 while operating income increased by 14.4 per cent to N21.6 billion from N18.9 billion same period of last year.

However, total expenses increased by 12.9 per cent to N14.4 billion from N12.7 billion in first quarter of  2014 while profit before tax increased by 5.6 per cent to N4.7 billion from N4.4 billion during same period of last year. Profit after tax increased by 5.6 per cent to N4 billion from N3.8 billion in first quarter of last year.

On the results, its Managing Director, Nnamdi Okonkwo, said the lender built on the successes of the last financial year as it remains committed to delivering sustainable earnings and improved asset quality. “Notwithstanding the headwinds witnessed in our industry, we recorded a 5.6 per cent growth in Profit before Tax (PBT) to N4.7 billion putting us on the right path to achieving our 2015 financial year guidance,” he said.

The bank chief said deposits declined by 2.7 per cent in the quarter under review as the lender continued to replace more expensive wholesale funds with cheaper retail deposits.

“Our retail banking strategy continued to deliver impressive results as core retail liabilities increased by 7.7 per cent in first quarter of this year, while e-banking income from increased cross-selling of products to the expanding retail customer base also grew by 49.3 per cent. Risk assets grew marginally by one per cent with non-performing loans declining to 3.8 per cent and cost of risk at 0.8 per cent,” he said.

The bank chief said the lender continued with its balance sheet optimisation which saw average yields on earning assets improve by 100 basis points and net interest margin inched up to 6.2 per cent during the quarter.

President, Chartered Institute of Stockbrokers (CIS), Mr. Albert Okumagba has stepped down from his office to give way to ongoing investigation into the operations of BGL Group management under his leadership by the Securities and Exchange Commission (SEC).

Registrar and Chief Executive, CIS, Mr. Adedeji Ajadi, who confirmed the development, said Okumagba submitted the request to step aside to the Council which approved the disengagement. Ajadi also doubles as the secretary to the CIS Council.

The Council subsequently authorised the First Vice President, Mr. Oluwaseyi Abe to act in the capacity of president and chairman of Council.

SEC had recently sacked the board and management of BGL Group and appointed an interim management board to conduct comprehensive investigation into the operations of the investment banking group.

SEC’s Director-General, Mr. Mounir Gwarzo, explained that SEC took the enforcement actions because BGL failed to respond satisfactorily to previous investigations.

Meanwhile, stockbrokers yesterday commended the new Council of the CIS for the turnaround of the fortunes of the Institute. CIS posted a surplus of N64 million in the immediate past year as against losses for six consecutive years.

At its annual general meeting, stockbrokers commended the new administration for its outstanding performance within one year and the aggressive approach which has put the Institute on the national consciousness.

In his remarks,  Abe urged the stockbrokers to support on-going transformation by paying their membership and practising fees promptly.

He implored them to show more interest in the CIS’s activities.

The annual report of the institute indicated that from a financial perspective, it recorded a surplus of N64 million, a significant landmark as it represents reversal of the series of losses recorded in the last six years.