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Daily Business News Brief – August 24th, 2022

24
Aug

Amidst CBN Directive to DMBs, Credit to Private Sector Up N4.69trn to N39.87trn – Thisday
Following the Central Bank of Nigeria (CBN) mandate to Deposit Money Banks (DMBs) to improve lending to the real sector of the nation’s economy, credit to private sector has so far in 2022 added N4.69trillion to reach N39.87 trillion in July.  According to the latest money and credit statistics released by central bank, credit to private sector reached a record N39.87 trillion in July 2022, a significantly 3.6 per cent month-on-month (MoM) increase from N38.46trillion reported in June………..Read More
Zenith Bank’s H1 gross earnings rise to N405bn – Punch
Zenith Bank Plc grew its gross earnings by 17 per cent from N346bn in the first half of 2021 financial period to N405bn in the corresponding period of 2022.  The bank disclosed this in a statement on its audited results for the half-year ended 30 June 2022.  According financial results presented to the Nigerian Exchange on Tuesday, the growth was moved by a 19 per cent YoY growth in interest income from N204bn to N242bn and an 18 per cent YoY growth in non-interest income from N127bn to N149bn………….Read More
2 Tier-1 Banks Reports NPL Ratio Above 5% CBN Threshold – Thisday
Two leading financial institutions, Ecobank Nigeria and FBN Holdings Plc have reported Non-Performing Loan (NPL) above the Central Bank of Nigeria (CBN)’s 5 per cent threshold for commercial bank operating in the country.  Analysis of the banks’ results for the half year (H1) ended June 30, 2022, showed that while they reported a significant decline in NPL ratio, their Non-Performing Loan remain above the CBN threshold………..Read More
Oil firms owe banks N5.93tn amid losses, theft – Punch
The combined bank borrowing to oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry was N5.93tn as of June 2022, according to data from the Central Bank of Nigeria.  While operators in the downstream, natural gas and crude oil refining subsector owed banks N4.28tn, operators in the upstream and services subsectors were indebted to banks to the tune of N1.65tn.  This shows an increase of N250bn from the total debt of N5.68tn in December 2021………….Read More
Nigeria recovers N86.2bn stolen oil in one month  – Daily Independent
Different government security outfits operating across the country have recovered stolen oil worth N86.2bn in August, according to The Punch’s findings.  A total of 16, 000 litres of diesel valued at N800/litre (N12.8m) were on Monday reported to have been recovered by members of the Nigeria Security and Civil Defence Corps in Cross River.  Speaking with the media, Rivers State NSCDC Commandant, Samuel Fadeyi, said the stolen products, which were mainly Automotive Gas Oil also known as diesel, were recovered within the last two weeks……..…..Read More
Stanbic IBTC Holdings Reports 36% Increase in Profit, Declares N1.50 Interim Dividend – Thisday
Stanbic IBTC Holdings Plc, yesterday announced N30.67billion profit after in its audited half year ended June 30, 2022, representing an increase of 36per cent from N22.54billion reported in half year ended June 30, 2021.  The group on the floor of the Nigerian Exchange Limited (NGX) reported N39.98billion profit before tax in H1 2022 from N24.71billion reported in H1 2021……..…..Read More
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