Business
Sterling Bank Declares N103.7bn Gross Earnings
Sterling Bank Plc has an
nounced N103. 7 billion as its gross earnings for the financial year ended December 31, 2014.
Our correspondent reports that the amount is 13 per cent higher than the N91.6 billion it declared in 2013.
The figure is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos.
The bank’s profit before tax rose by 15.4 per cent to N10.7 billion against N7.5 billion posted in the preceding period of 2013.
Also, its net interest income rose by 20.1 per cent to N43.0 billion in contrast to N35.8 billion recorded in 2013.
The bank’s cost of funds dropped to 5.3 per cent from 6.1 per cent declared in 2013.
Similarly, the non-interest income grew by 18.3 per cent to N25.7 billion against N21.8 billion in 2013.
Its operating expenses increased by 26.5 per cent to N50.6 billion in 2014 as against N40 billion declared in 2013.
The bank attributed the increase to the ongoing investments in branch refits and expansion and rollout of alternative channels as well as regulation-induced cost.
The report indicated that net loans and advances increased by 15.4 per cent to N371.2 billion during the period under review compared with N321.7 billion in 2013.
It said customers’ deposits rose by 15 per cent to N655.9 billion against N570.5 billion posted in the comparative period of 2013.
Also, the shareholders’ funds increased by 33.5 per cent to N84.7 billion from N63.5 billion in 2013.
Its total assets stood at N824.5 billion compared with N707.8 billion, representing an increase of 16.5 per cent.
The report quoted the Managing Director, Mr Yemi Adeola, as saying that the bank’s performance showed the strength of its resilient growth model and ability to continue to deliver value for all stakeholders.
Adeola said that 2014 was a difficult year for the banking industry following multiple challenges arising from a weaker macroeconomic environment and various regulatory policies that impacted on the margins of banks.
“Despite these pressures, we achieved double-digit earnings growth in line with our medium-term strategic objectives,” he said.
Adeola attributed the performance to the commitment of the entire team to the bank’s corporate goals and business model.
He said that the bank in 2014 initiated the upgrade of its technology infrastructure and the re-engineering, centralisation and automation of processes to improve customers’ service.
“In recognition of the critical role that human capital plays in successfully driving strategy and its execution, it also continued to invest substantially in employee training.
“Talent retention and the creation of an environment that fosters continuous learning and development,” Adeola said.
He assured Nigerians that the bank would continue to deliver better values to all stakeholders given the steadiness of its strategic growth plan and its current strong balance sheet position.
Adeola said the bank would further strengthen its capital base by raising new funds to support business expansion and enhance its ability to undertake large-ticket transactions.
“Our capital plan remains on track as we advance to the last phase of the capital raising programme, a multi-currency subordinated debt tranche of 200 million dollars,” Adeola said.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter