Monday, 3 August 2015
Commerzbank 2nd Quarter profit increases
Germany's second biggest banking group Commerzbank says its second quarter earnings has increase majorly by a push-up of higher revenue and a lower tax bill.
From April to June the bank made a net profit of 280 million euros against 100 million euros in the first quarter.
Frankfurt-based Commerzbank said its gross profits more than doubled to 646 million euros, with a 15.5 per cent rise in turnover to 5.2 billion euros.
"The substantial improvement in our operating income in the first quarter is a clear sign of the turnaround success of Commerzbank," as states the bank's chairman Martin Blessing
Greek bank shares crashes 30% on reopening
Following the news on Greece debt defaults and the melt down which has caused major part of the economy to seize up.
There was a bail out by the International Monetary Fund(IMF), the European Central Bank(ECB) and the European Commission
Greece suspended all trading at the end of June when the country fell into default on its debt. Capital controls were introduced, including the closure of banks and financial markets, to prevent billions of euros from flooding out of the country. ATM withdrawals were limited to 60 euros per day.
Greek's financial market staged a come-back but barely some hours after trading resumes Monday, Bank shares crashed 30% on Athens Stock market,Stocks in other sectors recovered slightly during the morning but the index was still down by more than 16% by early afternoon.
PTDF called on Federal Government to compel IOC's to employ Nigerian
The Petroleum Trust Development Fund has called on the Federal government of Nigeria to compel local and international oil companies operating in the country to employ professional Nigerians
Speaking at a Seminar of Annual Oil and Gas research Grant competition in Abuja, Executive Secretary of the Fund, Mr. Femi Ajayi, lamented the fact that after excelling in their studies and having undergone rigorous and world class training in both local and international institutions, majority of the professionals ended up without jobs.
According to him, the Federal Government should put in measures that will ensure that both local and international oil companies engage indigenous professionals, especially scholars of the PTDF scholarship scheme. He said, “The issue is not just competence and capability, there is also the need for political will among the IOCs and the government. We cannot rely on the goodwill of the IOCs when it comes to the issue of employing of our people; they have to be compelled to do it.”
Speaking at a Seminar of Annual Oil and Gas research Grant competition in Abuja, Executive Secretary of the Fund, Mr. Femi Ajayi, lamented the fact that after excelling in their studies and having undergone rigorous and world class training in both local and international institutions, majority of the professionals ended up without jobs.
According to him, the Federal Government should put in measures that will ensure that both local and international oil companies engage indigenous professionals, especially scholars of the PTDF scholarship scheme. He said, “The issue is not just competence and capability, there is also the need for political will among the IOCs and the government. We cannot rely on the goodwill of the IOCs when it comes to the issue of employing of our people; they have to be compelled to do it.”
The Nation's externel reserves depleted by $4.88bn in effort to stabilise the Naira
The efforts by the nations apex bank to stabilize the naira at the interbank market depleted foreign reserves by $4.9bn in the first quarter of 2015.
According to the CBN, the reserves fell by 14.3 per cent, down from $34.24bn at the end of December 2014 to $29.36bn at the end of March 2015.
The bank, in its latest External Sector Development Report for quarter one 2015, stated that the reserves for March 2015 dropped by $8bn when compared to what it was at the end of March 2014.
It attributed the decline in the external reserves to its intervention at the inter bank market, funding of the retail Dutch Auction system and the bank’s drive to stabilize the local currency.
It said, “The stock of external reserves at end-March 2015 stood at $29.36bn as against $34.24bn and $37.4bn recorded at end-December 2014 and end-March 2014, indicating respective depletion of $4.88bn and $8bn
A breakdown of external reserves by holdings, according to the report, revealed that the share of the CBN portion maintained the lead at $24.99bn (85.1 per cent) of the total, while the portion of the federation reserves and the Federal Government reserves stood at $2.26bn (7.7 per cent) and $2.10bn (7.2 per cent), respectively.
It noted that the aggregate demand for foreign exchange by the authorized dealers consisting of rDAS(Retail dutch auction system) and Bureau De Change operators in Q1 2015 amounted to $9.51bn as against $14.47bn and $16.2bn demanded in the preceding and corresponding quarters in 2014, representing declines of 34.3 and 41.3 per cent, respectively.
According to the CBN, the reserves fell by 14.3 per cent, down from $34.24bn at the end of December 2014 to $29.36bn at the end of March 2015.
The bank, in its latest External Sector Development Report for quarter one 2015, stated that the reserves for March 2015 dropped by $8bn when compared to what it was at the end of March 2014.
It attributed the decline in the external reserves to its intervention at the inter bank market, funding of the retail Dutch Auction system and the bank’s drive to stabilize the local currency.
It said, “The stock of external reserves at end-March 2015 stood at $29.36bn as against $34.24bn and $37.4bn recorded at end-December 2014 and end-March 2014, indicating respective depletion of $4.88bn and $8bn
A breakdown of external reserves by holdings, according to the report, revealed that the share of the CBN portion maintained the lead at $24.99bn (85.1 per cent) of the total, while the portion of the federation reserves and the Federal Government reserves stood at $2.26bn (7.7 per cent) and $2.10bn (7.2 per cent), respectively.
It noted that the aggregate demand for foreign exchange by the authorized dealers consisting of rDAS(Retail dutch auction system) and Bureau De Change operators in Q1 2015 amounted to $9.51bn as against $14.47bn and $16.2bn demanded in the preceding and corresponding quarters in 2014, representing declines of 34.3 and 41.3 per cent, respectively.
Skye Bank increases half year earnings by 33%
Skye Bank Plc on Thursday announced gross earnings of N85.2bn for the half year ended June 30, 2015. The result shows an increase of 33 per cent over the N63.9bn recorded during the corresponding period in 2014.
According to the highlights of the results submitted to the Nigeria Stock Exchange by the bank, the bank's shareholders' funds grew from N131bn in 2014 to N141bn during the period under review, representing a growth of seven per cent.
As an indication to increased business momentum, the bank's net interest income also grew to N30.2bn as against N25.5bn in 2014, a growth of 18 per cent.
Similarly, net fee and commission income witnessed a big leap from N10.6bn in 2014 to N14.1bn, showing an increase of 33 per cent.
The Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, said the bank was beginning to harness the business potentials, synergies, and opportunities from its recent acquisition of the defunct Mainstreet Bank Limited.
He assured customers and other stakeholders of the bank of good returns as well as adequate protection of their investments.
He added that the bank would continue to work towards improving its business performance on a sustainable basis for the benefit of its stakeholders, while maintaining transparent disclosures, professionalism and good governance.
According to the highlights of the results submitted to the Nigeria Stock Exchange by the bank, the bank's shareholders' funds grew from N131bn in 2014 to N141bn during the period under review, representing a growth of seven per cent.
As an indication to increased business momentum, the bank's net interest income also grew to N30.2bn as against N25.5bn in 2014, a growth of 18 per cent.
Similarly, net fee and commission income witnessed a big leap from N10.6bn in 2014 to N14.1bn, showing an increase of 33 per cent.
The Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, said the bank was beginning to harness the business potentials, synergies, and opportunities from its recent acquisition of the defunct Mainstreet Bank Limited.
He assured customers and other stakeholders of the bank of good returns as well as adequate protection of their investments.
He added that the bank would continue to work towards improving its business performance on a sustainable basis for the benefit of its stakeholders, while maintaining transparent disclosures, professionalism and good governance.
Walmart in Lagos
Governor of Lagos State, Mr. Akinwunmi Ambode, has assured a delegation of Walmart Incorporated that the state is ready to give necessary support to assist the firm in establishing its presence in the state.
The multinational retail Corporation retail corporation team was led the President and Chief Executive Officer of Walmart Europe, Middle East, Africa and Canada, Shelley Broade.
The Governor of Nigeria's commercial capital ,Mr Ambode said the presence of the Walmart brand in Lagos would go a long way not only to create jobs for the teeming youths, but also boost the economy of the state.
He said the success story of the brand, which currently operates in 28 countries with over 2.2 million employees, would be beneficial to the growth of the state as well as his vision to make life comfortable for residents.
The governor said, "That summaries the reason why Walmart has to berth in Lagos. We are committed to expanding the business scope for Walmart and like I said, I am interested in having your brand signature in Lagos.
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