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Daily Business News Brief – May 15th, 2023

15
May

Banking contributes 85% to turnover as investors stake N36b in equities – Guardian
Three bank stocks – Fidelity Bank Plc, Access Holdings Plc, and FBN Holdings Plc – drove activities in the financial service sector of the Nigerian Exchange Limited (NGX) last week.
With the development, the financial sector maintained its dominance in volume terms with 3.15 billion shares valued at N27.5 billion traded in 14,987 deals thus contributing 87.5 per cent to the total equities turnover.
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Rethinking Monetary Policy in Uncertain Times – Thisday
The level of uncertainty in the world economy that was aggravated by the outbreak of the COVID-19, was recently heightened by the outbreak Russia’s war in Ukraine. Clearly, these have remained a strain on the global economy, as it has led to upsurge in energy and food prices, which are currently driving galloping inflation rate and weighing on economic growth.
Owing to this, many countries that included The United Kingdom, United States of America, South Africa, Ghana, India, among several others have all raised interest rates in their bid to fight rising inflation……… ………. …………. . ….. . … …………….……..Read More

Mortgage bank posts N847m profit – Punch
Infinity Trust Mortgage Bank has recorded N847.1m profit before tax in 2022, representing a 29 per cent increase from N656.9m posted in the previous year.
The bank said despite the high-interest rates in the country, its financial performance had remained satisfactory.
The PUNCH reports that the monetary policy rates were raised by the Central Bank of Nigeria to 18 per cent in March. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

Digital operations account for 12% of FCMB’s revenue – Guardian
FCMB Group Plc has announced its financial results for the first quarter of 2023, demonstrating the continued success of its digital banking initiatives across various business segments.
Digital banking initiatives have gained significant traction within FCMB, contributing to its overall performance. In the first quarter, digital revenues accounted for 12 per cent of gross earnings, equivalent to N10 billion. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Caverton Reports N5.16bn Loss-After-Tax – Thisday
Caverton Offshore Support Group Plc, has announced its audited results for the year ended December 31, 2022, showing a Loss-After-Tax of N5.16 billion. 
Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said, “Coming off the back of a difficult 2022 for the company this loss was anticipated and the Group’s management has already been taking the necessary steps to mitigate the negative impact across the Group to ensure shareholder value is not eroded. Whilst offshore helicopter logistics has accounted for a substantial amount of the company’s revenue over the past decade,. .., … .. .,……. .. …… . ….. . … …………….……..Read More
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