Connect with us

News

ZENITH BANK RECORDS IMPROVED GROSS EARNINGS OF N166.8 BILLION IN Q1 2020

Published

on

 

Zenith Bank Plc has announced its unaudited results for the first quarter ended March 31 2020, with gross earnings rising by 6% from N158.1 billion in March 2019 to N166.8 billion.

 

From the unaudited statement of account which was presented to the Nigerian Stock Exchange (NSE) on Wednesday, April 29, 2020, this top-line growth was driven by the 43% expansion in non-interest income from N32.7 billion in the prior-year period to N46.6 billion in March 2020.

 

The Bank’s profit before tax also rose 3% from N57.3 billion in the prior-year period to N58.8 billion in March 2020. The increased profits benefited from the twin effects of continuing top-line growth and focused cost-of-funds optimisation. Cost of funds declined significantly from 3.0% in March 2019 to

2.6% in the quarter, translating to a 10% decrease in interest expense dropping from N36.3 billion in March 2019 to N32.8 billion in the quarter. Despite this drop, the current low yield environment necessitated the repricing of interest-bearing assets which in turn resulted in a 13% compression in net interest margin, decreasing from 8.9% in March 2019 to 7.7% in the current period. 

 

Zenith Bank has continued to gain customer acceptance, with customer deposits increasing by 5% from N4.26 trillion in December 2019 to N4.46 trillion in Q1 2020. The Bank’s customer deposit mix rebalancing remains on-track as the Group added N150 billion in savings account balances in Q1 2020, supported by its retail drive. The Bank’s total assets increased by 12% growing from N6.35 trillion in December 2019 to close at N7.13 trillion in Q1 2020. Gross loans grew by 11% from N2.46 trillion in December 2019 to N2.74 trillion in Q1 2020. 

 

lifestyle

Parrot Xtra Publisher Celebrates Hassan Fatungase At 60

Published

on

By

 Publisher of Parrot Xtra Magazine/PMParrot.com, Olayinka Agboola has sent out expressive greetings to his long-time friend and brother, Alhaji Hassan Taiwo Fatungase, former Bakers’ World, Ikeja, Lagos Director on the occasion of his 60th birthday anniversary.

 

In a statement  personally signed by Agboola, former Nigeria Coordinator for Ovation International Magazine described Alhaji Hassan Fatungase as the most selfless Nigerian he has ever encountered.

Agboola continued, “Hassan is not only selfless, he is intelligent, forward looking, hard-working, vibrant, resourceful, compassionate and above all, very God-fearing.”

The Ibadan-based media entrepreneur then went ahead to submit that the astute technocrat is a man who appreciates human beings and the value of friendship.

“Those who attended the University of Lagos with him in those days will attest to it that ‘Fatuu’, as he used to be called then would sacrifice anything to keep a working-relationship.

 

“Even when he joined one of the five-star hotels in Abuja in the early 90s, it did not take long before he was promoted to become the very first African to occupy a managerial position before he joined the Bakers’ World family business in Lagos. His records are still there till today.

Feats At Bakers’ World

“While running Bakers’ World located on Allen Avenue in Ikeja, Lagos, journalists, broadcasters, creative young Nigerians and others were encouraged by him. The records are also there for people to verify. There is almost no big name in the entertainment/media industry in Nigeria today that has not directly and/or indirectly benefitted from Hassan’s large-heartedness. As a matter of fact, he used to settle quarrels when differences and ‘head-on-collisions’ were reported to him!”

Agboola also went ahead to describe how the celebrant of the day has been faring since he became the chairman of Abimbola Awoliyi Estate, Oko-Oba in Lagos where he presently lives.

“Hassan is team-player and a man who keeps improving in good-naturedness even as a semi-retired bureaucrat. Residents of Awoniyi Estate will tell his story better. Since he became the chairman some three years ago, living standards have since improved.

“Together with other executive members, the Estate has been winning awards as one of the best in the whole of Lagos State. Solar lights, good roads, fibre-optic-source of internet, faultless security architecture and enhanced sociability…and other achievements have been recorded by the Fatungase-led team.”

Agboola, who was also a pioneer staff at Thisday Newspaper concluded “Dear friends and colleagues, please join me to pray for this quintessential lover of fairness and equity. May Allah continue to be with him, grant him sound health, more prosperity, divine protection and long life. May his wonderful family comprised of ‘Iyalaje’ Doyinsola and the children- Tomisin, Ahmed, Ibrahim and Idris continue to enjoy divine grace too. Happy birthday to our Director at Parrot Xtra Media Network, many happy returns of this day, September 26.”

Continue Reading

News

‘our silence is not an act of cowardice’ Olugbon Replies Obasanjo

Published

on

By

-Ayotunde Ayanda
The Olugbon of Ile-Ogbon, Oba Francis Alao has reacted to the recent public ridicule where former President Olusegun Obasanjo ordered some Oyo monarchs to stand up.
Some people interpreted it as a reprisal of an attack from the Olugbon, Oba Francis Olusola Alao against the former President in a radio interview where the monarch condemned Chief Obasanjo for opposing the ambition of President Bola Tinubu.
Chief Obasanjo was unapologetic as he defended his actions claiming the monarchs disrespected the Oyo State Governor, Seyi Makinde.
The Olugbon in  his response  called  it  an internal issue and hinted it will be addressed in the Oyo Council of  Obas next meeting.
Below is the message from the Olugbon’s palace…
The outburst of former president Chief Olusegun Obasanjo against traditional rulers in attendance at the inauguration of the Iseyin Campus of Ladoke Akintola University of Technology (LAUTECH) on Friday September 15  has generated anger and varied responses from true sons and daughters of Oduduwa in all sections of the society.
First and foremost, I will like to emphasize that the inauguration ceremony was a huge success while the road and campus projects represent another milestone in the development strides of Governor Seyi Makinde who has been working hard to take Oyo State to the next level of development.
All the royal fathers involved understand the pain caused by the incident and appreciate the well-placed reactions.
I wish to state that the incident is an internal affair which will be properly reviewed at the next meeting of the Oyo State Council of Obas and Chiefs.
Let me assure all Yoruba, and other well-meaning Nigerians who have respect for the traditional institution, and who feel concerned about the incident that our silence since Friday is not an act of cowardice. When we sit down with the Governor, and hold our next meeting, we will review and respond appropriately.
Our Governor respects us, and traditional rulers in Oyo State also hold him in high esteem.
I, therefore, sue for calm over this issue.
We want everybody to apply decorum in line with the Omoluwabi ethos for which Yoruba are greatly respected. Ile Yoruba land shall remain peaceful. Our unity is sacrosanct. These ethos must reflect in our day-to-day activities.
Let it, however, be well noted that traditional rulers in Oyo State have no regret in supporting Asiwaju Bola Tinubu and Governor Seyi Makinde in the last election, and will be willing to support them even in the future.
This is the clear position of monarchs in Oyo State. Any other information from anywhere that is contrary to this should be disregarded.
E-signed:
Oba Francis Olushola Alao
Olugbon of Orile-Igbon
Deputy Chairman,
Oyo State Council of Obas and Chiefs
Continue Reading

News

‘go and make us proud’ Dollar Construction Boss, Idowu Lamidi Tasks New FIRS Boss, Zaccheus Adedeji

Published

on

By

Construction guru, Idowu Lamidi has praised the appointment of Zaccheus Adedeji as the acting Chairman of the Federal Inland Revenue Service.
Lamidi who is the Chairman of Dollar Construction described Adedeji’s appointment as the right peg in the right hole.
While speaking with journalists in his Abuja office, Lamidi praised President Bola Ahmed Tinubu, claiming all the appointments he has made so far as an indication of what he wants to achieve and finding the best hands that would make his job easier.
The real estate guru whose company owns the Dollar Estate in Ibadan called Zaccheus a very intelligent man that will turn around the FIRS.
‘not many of us were surprised when the announcement came, we all know what he achieved as the Commissioner for Finance under the late Governor Abiola Ajimobi. He is a brilliant man and he has proved what he is capable of doing at all times. We are happy that President Bola Tinubu is a promise-keeper and he is generous to us in Oyo State. No one can fault any of his appointments because these are qualified people. I wish Mr Adedeji the best and also call on God Almighty to always be with him’.  says  Lamidi.
Continue Reading

Trending