Business
Access Bank Records 31% Rise In Gross Earnings
Access bank Plc has recorded a 31 per cent rise in its gross earnings for the six months period ended 30th September, 2009.
The bank, according to its results released to investors through the Nigeria Stock Exchange, achieved gross earnings of N64 billion compared to N49.2 billion which it posted in the comparable period of 2008.
Access Bank’s operating profit went up by 34 per cent to N21.5 billion which it had posted at the end of September 2008. The bank’s deposits and other accounts also went up by 22 per cent during the six months period ending September 2009 to N381.3 billion in the corresponding period of 2008.
The bank however made a loss after tax of N11.8 billion during the period under review compared with a profit after tax of N9.2 billion which it recorded at the end of September 2008. This was as a result of exceptional provision for risk assets of N30.9 billion which the bank made in its results, an outcome of the recently concluded joint CBN/NDIC special examination.
A release posted by the bank noted that “we have since commenced the necessary recovery and remedial actions to regularise a significant portion of the classified loans. We are continuously optimistic that we will record performance improvement over the next quarter”.
With a liquidity ratio of 33.5 per cent, the bank’s operating cost/operation income ratio went down to 51 per cent compared to 53 per cent which it was in the comparable period of September 2008.
In the same vein, Skye Bank Plc posted gross earnings of N101.4 billion for fourth quarter ended September 30, 2009. This shows an increase of 36 per cent compared to N74.6 billion recorded during the corresponding period of 2008.
In the same vein, Skye Bank Plc posted gross earnings of N101.4 billion for fourth quarter ended September 30, 2009. This shows an increase of 36 per cent compared to N74.6 billion recorded during the corresponding period of 2008.
According to the bank’s unaudited result, its loan portfolio grew by 12 per cent from N244 billion in 2008, to N273 billion, while its capital adequacy ratio also steadied at 16 per cent, above the regulatory minimum of 10 per cent.
Its profit after tax, however, slumped to a loss of N11 billion due to a loan loss provision of N32 billion in line with the Central Bank of Nigeria’s directive that full provision be made for all non- performing loans.
Business
Minister Constitutes Tech Committee On Aviation Ties With Angola
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.
Business
NIWA Wants Deeper Private Investment In Blue Economy
The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.
Business
Discount Airfares: Qatar Airways, Access Bank Extend To Dec
The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.
Corlins Walter
-
News3 days ago
Palliatives: Ministers Get 1,200 Bags Of Rice Each For Distribution
-
News3 days ago
Tinubu congratulates Muslims on Eid Maulud
-
News3 days ago
FG begins nationwide distribution of CNG conversion kits
-
News3 days ago
Parents Threaten Boycott Over 200% Hike In Lagos Boarding School
-
News3 days ago
Eid-el-Maulud: IG Orders security Beef Up
-
News3 days ago
281 Inmates Missing From Custodial Centre After Borno Flood
-
News3 days ago
Anyaoku Tasks INEC On Credible Elections In Edo, Ondo
-
News3 days ago
Army Asks ICC, AI, Others To Take Action Against IPOB