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Daily Business News Brief – April 12th, 2024

12
Apr

Top four banks earn N8tr in 12 months, record N3.5tr FX gain – Guardian
Four leading Nigerian banks by market capitalisation, achieved combined gross earnings of N7.99 trillion gross earnings in their 2023 full-year operations, a figure that is 248 per cent higher than the 2022 performance.
The four banks – Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc and Guaranty Trust Holding Company Plc – posted gross earnings of N7.99
trillion, over triple of N1.3 trillion recorded in the corresponding period in 2022……………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Why we excluded retained earnings from bank’s capitalization – CBN – Dailytrust
The Central Bank of Nigeria (CBN) has explained that the rationale for exclusion of retained earnings by banks is targeted at injecting fresh capital into the system.
The apex bank spoke through its Director, Financial Policy and Regulatory Department (FPRD), Haruna B. Mustafa, in a podcast titled ‘Banking Sector Recapitalisation Programme 2024………………………………………………………….. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Investor injects fresh funds into Ellah Lakes – Punch
Agribusiness company, Ellah Lakes Plc, has revealed that it has notified the Securities and Exchange Commission of an investment by a core investor of the firm.
In an update filed with the Nigerian Exchange Limited, the company disclosed that the fresh capital injection came as part of its fundraising activities Earlier in the year, the shareholders of Ellah Lakes approved the plan to raise about N5bn in capital either by private placement or any other equity issuance. .,…. .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Zenith Bank grows earnings by 125% N2.13 trillion – Guardian
Zenith Bank Plc has announced a remarkable 125  per cent growth in its gross earnings in its 2023 operations, from N945.6 billion reported in 2022 to N2.13 trillion.
According to the audited financial results for the 2023 financial year presented to
the Nigerian Exchange (NGX), the impressive triple-digit growth in gross…… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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