The Nation Newspaper

Tag: strengthens

  • German economy strengthens

    German economy strengthens

    The German economy showed continued strength at the end of the third quarter, with a gauge of private-sector activity hitting the highest in more than six years.

    The jump in the composite Purchasing Managers’ Index in September coincided with a similar improvement in the measure for France. With the euro area’s two biggest economies maintaining momentum, that’s keeping the region on track for its best year since at least 2010.

    Both national numbers beat economists’ expectations, suggesting that the eurozone gauge, forecast to dip slightly, could also surprise on the upside. That report is due 9 a.m. London time.

    For Germany, IHS Markit said the PMI rose to 57.8 from 55.8 in August, with both services and manufacturing strengthening. As with France, the index is far above the key 50 level that divides expansion from contraction.

    Phil Smith, an economist at Markit, said the German report shows the economy is in “rude health, highlighting strong broad-based growth in both business activity and employment.”

    The numbers come days after Bloomberg’s latest euro-area economic survey, which saw the currency region get another upgrade. Gross domestic product is now forecast to rise 2.1 percent this year, up 0.1 percentage point compared with August.

    The European Central Bank also raised its forecasts this month as its policy makers began a debate on how to slow the monthly asset purchases they’ve used to help support the economy in recent years.

  • ‘Fidelity Bank’s new identity strengthens its transformations’

    ‘Fidelity Bank’s new identity strengthens its transformations’

    The Chef Executive Officer of Fidelity Bank, Mr. Nnamdi Okonkwo has described the banks’s new identify as a reinforcement of its overall transformation.

    He spoke while receiving the eight awards won by the bank’s ‘Tough Job’ campaign at the 2016 Lagos Advertising and Ideas Festival (LAIF).

    ‘Tough Job’ won Silver for Radio, another Silver for Film, a Bronze for Best Use of Production Design & Art Illustration. The Bank’s logo  took home a Bronze in the Radio category.

    Fidelity Bank’s (Our Word) campaign won Bronze in Radio under the Investment & Other Financials products category.  ‘Tough Job’ picked bronze each for “Best Use of Film Editing” and Film prize, under the Bank & Investment category.

    Okonkwo, who dedicated the feat to the bank’s “esteemed customers” said: “To be recognised at LAIF validates the hard work that we have put into the development and execution of our new corporate identity”.

    He added: “The new identity reinforces its overall transformation and also strengthens its focus on the youth segment and overall service excellence. He pointed out that the lender has not only raised the bar in the  customer service delivery but also remains focused on attaining its renewed vision of becoming a vibrant and millennial brand.  We are highly delighted to share this success with our agency, even Interactive, who led the creative effort and worked with us throughout the rebranding process. “

    Produced in Nigeria, the campaign’s multi-dimensional application has been trending on the social media and other platforms. The ‘Tough Job’ campaign brings to the forefront the arduous responsibilities the Bank owes its teeming customers.

  • Safetrust Mortgage Bank strengthens performance

    Safetrust Mortgage Bank Limited braced macroeconomic challenges and industry odds to grow its total assets to N12.6 billion and shareholders’ funds to N2.78 billion in 2013, putting it ahead as one of the most capitalised mortgage banks.

    At the annual general meeting of the mortgage bank in Lagos yesterday, shareholders of the mortgage bank approved the audited report and accounts for the year ended December 31, 2013 including distribution of a gross dividend of about N101.21 million. The breakdown of the dividend indicates a dividend per share of 6.0 kobo.

    In his address at the meeting, chairman, Safetrust Mortgage Bank Limited, Mr. Akin Opeodu, said the mortgage bank surmounted environmental constraints to post a cheery positive performance that ranked among the best in the mortgage industry.

    According to him, the mortgage bank was able to surpass the new industry minimum capital base of N2.5 billion for state operating license by growing its shareholders’ funds to N2.78 billion, thus enabling the company to change its name from Safetrust Savings and Loans Limited to Safetrust Mortgage Bank Limited.

    He outlined that the mortgage bank recorded total deposits of N6.62 billion and grew its interest earnings by 15.2 per cent from N1.85 billion to N2.12 billion while total assets and shareholders’ funds rose from N11.9 billion and N2.02 billion to N12.6 billion and N2.78 billion respectively.

    “As a business, we will continue to focus on key growth sectors of the Nigerian economy and leverage on our enhanced capital position to enrich lives of our various stakeholders in a sustainable manner,” Opeodu said.

    Managing director, Safetrust Mortgage Bank Limited, Mr. Yinka Adeola, said in spite of challenges occasioned by the recapitalization of the mortgage industry in 2013 and adverse effects of many regulatory policies, the mortgage bank was focused on capacity building, competitive advantage over competitors and repositioning itself to leverage on emerging business opportunities.

    He said the bank has already initiated a roadmap to scale up its operations by obtaining a national operating license by increasing its capital base to N5 billion through new issues and inorganic opportunities.

    According to him, Safetrust’s resolve to continue to be a one-stop mortgage banking shop remains unfettered as evident in the substantial strides made by the bank towards human capital development, upgraded service standards and branch networking.

    He outlined that the bank is currently working on expanding its branch network with more branches expected in Lagos State while it will also adopt agent banking model to reach out to more customers.

    “As a dynamic financial institution, Safetrust will continue to anticipate and respond to changes in the industry environment. Safetrust is committed to staying the course, remaining focused, as we chart the path that lies ahead,” Adeola said.

    He said the mortgage bank has concluded on improvements of its service channels with customers now able to avail themselves of electronic banking services such as Automated Teller Machines (ATMs), telephone banking and internet banking while it is working on providing additional e-channel services to its customers.

    Audited report and accounts showed that the bank recorded gross earnings of N2.26 billion while profit after tax stood at N142.70 million.

  • Ogun strengthens co-operative societies

    Ogun strengthens co-operative societies

    Ogun State Commissioner for Community Development and Co-operatives, Chief Samuel Duro Aiyedogbon has described cooperative societies as agents of positive societal and national change, even as he said they should be given necessary support by the three tiers of government in order to contribute meaningfully to the country’s economic growth.

    Chief Aiyedogbon stated this while declaring open a one-day seminar organised by his ministry for cooperative societies and unions in the state. The theme of the seminar which held at the Cultural Centre, Abeokuta was “Cooperatives in Ogun State, Rebuilding Agenda.”

    In a statement by the head of media in the ministry, Mr. Ayokunle Ewuoso, the commissioner said that government should accord greater respect and priorities for regular and quality cooperative education of members in line with established global cooperative principles and practices.   He said: “Realising the importance of the societies, the present administration, in the history of the state, released a credit facility to the tune of N25m to cooperative societies at single digit interest rate. In collaboration with the Bank of Industry, the government had made accessible to cooperators and entrepreneurs within the state N1b credit facility. This was to encourage industrial development.

    “In addition, government has created 12 additional zonal offices for cooperative societies in all the 20 local government areas. This is aimed at ensuring adequate administration and effective supervision of cooperative societies at the grassroots for optimal performance and success,” he remarked.

    Speaking at the event, President, Ogun State Cooperative Federation Limited, Otunba Adetokunbo Osisanya, called on government to review the existing cooperative laws in line with economic operations. He added that areas such as punishments, rewards, among others, should be clearly stated.

    He said concerted efforts should be made towards total eradication of all forms of fraud, misappropriation and embezzlement in cooperative societies/unions, adding that staff of cooperative movement should be retrained in modern management techniques so as to assist in the area of record-keeping.