Page 56, THISDAY, Vol. 16, No. 5831 Monday, April 11, 2011
MoREYGUIDE y
••" .
'"
~
Agric Sector Funding:·Regulators to Restructure MFBs egulato~ of the Nigerian banking industry have disclosed plans to overhaul the Microfmance Banking sub-sector to enable it participate actively in U,e development of the agricultural sector. . According to the regulato~, MFBs in the country were yet to play the role of poverty eradication for which they were created. Managing Director and Chief Executive Officer. of the Nigeria Deposit Insurance Corporation (NDIC). Alhaji Umaru Ibrahim. who dropped this hint at a retreat on the Nigerian Incentive-Based Risk Sharing Agricultural Lending (NlRSAL) organised by the Banke~ ' Committee at the weekend in Lagos. Ibrahim explained: "We need to transform the microfinance banking sector.l strongly believe that the sub-sector also needs to be overhauled so as to play effective role in the funding of the agricultural sector and povertY eradication. . "We visited Bangladesh recenUy and we saw how the microfinance institutions in that country are empowering the people and supporting the
R
banking would address the challenge. . "As operato~, we must suppOrt and promote the idea of
Stories by Obinna Chima
regional banking ~o as to develop the agricultural·sector," Bello noted. Commenting further on
.
ope rato~.
. To the ' CBN Governor. MaUam Sanusi Lamido Sanusi, the regulatol)' framework for microfinance banks has been developed by the apex bank. "The regulatol)' framework for microfinance banks is ready, . but I stepped it down so that we (the CBN) can review our supervisol)' duties," he added. To the Managing Director and Chief Executive Officer, Unity Bank PIc, Mr. Falalu Bello, the absence of banking services in the rural areas of the country had also affected the agricultural sector financing. He expressed optimism that the new banking structure which provides opportunity for regional
T
he management of Skye Bank PIc said the Skye Bank Group recorded a profit before tax of N12.7 billion for the year ended December 31 , 2010 as against the N84S million realised during the 'IS-month period ended in 2009. Similarly, the Group's profit after tax rose remarkably by N9 million in the. previous year to NIO.4 billion during the review period. According to a statement from Bank at the weekend, the result reflected significant progresS towards realising its growth plans in spite of the vel)' challenging operating environmeDllast year. The bank noted that the performance also showed gradual shift in its market segmentation foc us to the top-tier corporate and commercial Businesses, and an enh,,!,ced risk management
M
~.~.....
"(
.
even if it were 3 per cent which was what LAPO charged till October 2009 (18 months ago), total amount including interest would have ' been N37.500, against the N48 ,OOO reported. LAPO, he said since the past two decades has been in t1ie forefront of providing financial services to the poor, low small and micnH'nterprise and has never in histol)' charged interest rate of 6 per cenL . He said the reported payment of N48,OOO by a client might have been the principal repayment, interest and regular· Iy savings combined.
; C.2rRENT VALUE BID PRI':E
Lotus Halal Fund
0.88
""'~~Y""'_IQ2n
0.85
nil A')
Tenor
Amount(N)
Rate%
Issue Date
91 -Day
30,000.00
6.80
MAR 10
50,000.00 50,000.00
8.42 9 .09
i
;:'Fo.;;, -
LAGOS
T
Ni53.00 · N218.30 £ N24751 $ NI53 .00 € . N21830 N247 51 €
IKEJA
r-N153:\N
.~~~_---tgL9 1
I ~47 .7 1
.":.:-;
Tenor
"
Rate
Call '
-H.75
7 Day
1219 12.S7 13.67 1429
30 Day ffiDay : 90 Day
Chanl!e 021 · 021 ". -023 O.lS 033
I
.!It!J'ID.Jl .
.-
;\';~;:;:'~c~:L
Date APRIL:S '..:. ·APRILS -~, .' . ';""'; "APRIL.S APRIL.8 '.l r-~'
,,,-,u.\N,
. NI54.70 NI5520 N2I3.87 N217 .71_ N246.62· .N2S057 NIS4.70 NI5S20 N213.87 . N217.7r N246.62 N2S057 t~D".'V · Nf55'2O--N213.87 N217.71 ' N246.62 N2S057
in
Non
funds to 22 per cent from 6.4 per cenL .. The bank currently operates through 215 branches across the 36 $tates of Nigeria and we intend to increase this to
300 in the near future . When combined with the stable operating cost structure, and our upward trending operating income over the last three y~.
we can safely say that Diamond bank is well positioned to continue. to be Nigeria's fastest
growing retail bank. Despite our vel)' positive operating performance, the group continued to experience headwind from
legacy loans and losses on disposal of its non-core assets in
2011."
fodellty N'rgfund
~euml!
NI53'.00 N156.oo ': N2i4.00 NZI8 :od " c. N248.00 . N2S0.00 $ ·N1S3.00 NIS6.00 € " N2,14.oo ·. N2'18.<l,Q,.. £ ' '. N248.00 N2S0.00 :yJlj,lS3.Oll . Ni?6.00\:, $ € N214.00 N218.oo $ €. £:
LAGOS
IKEJA A1lU'ORT
Buying N1S4.00 N216.oo N2S0m . N1S4.00 N216m 1 N2S0.00 ,tllS4.QO . N216 .oo
1S~
I 11/156.80 N222.00 N2SS.00 NIS6.80 N222.oo N2SS .00 ,N1S6.80 N222.00
1.00
I1.79
' -P.r.mut - -Eq -w -·Iy- t -lrojIOm 1 953
StanbiclBTCNEF
r.!J
Heritage
lotusH.fund
1.78 29.34 240.35 4050
:NIBQR\:' " :<:,'::':::
I
reduction
commenced late in 2009. .
three month of the year. as against the N I 1.6 billion in the flISt three month of 2010. The statement quoted tl,e bank's Group Managing Director and Chief Executive Officer, Mr. Alex Oui, to have said: "Diamond bank has remained profitable in the flISt quarterof2011. We have maintained our strong tiqUldlty POSItion and our risk asset quality continues to improve. As our retail banking push continues, our customer base is growing with recurring monthly fee income improving and our growing retail liabilities have reduced our overall cost of
Disro'EIY Fund
124852
1.77 1.77 29.14 . 2924 i 238.77' 23956 !4 0 2 4 ! 4037
NI56.00 : N22258 . N2S2.36 . NI56.oo · N22258 N2S236
€ N218.30 N22258 , £ . N247 5IN2S236
' - - - ----
Source: CBNAsatAprllB, 201 .
.ri ,\,. r
he management of Diamond Bank Pic has said the bank recorded operating profit of N6.3billion in its Group account for the three ' months ended 30 March, 20 11. A statement from the banks said the growth in operating profit reflected an increase of 28.6 per cent, compared with the N4.9 billion achieved in March 2010. The bank said it al,<;o realised a net interestjncome of N 12.3 billion, representing an increase of 20.6 per cent in the period under review, compared with the N 10.2 billion in the comparable period last year. It also said its operating expenses were at N 11.9 billion the flISt
.$
--AIRl!()R.T- !
MAR 10 MAR 10
-1m: ···· IIl~':)k--T.~~;
Japanese Yen Danish ~~ WAUA . Saudi Riyal
nificant
Performing Loans (NFL) and sustenance of bank-wide cost management measures which
TIiiRsDAY(7!4111) FRIDAY(!y4Ill) · . Buying Selling Buymg. Selling .
CURRENCY
CROSS FrATES . . NAME OF CURRENCY :BUYING I CENTRAL ISELLING US Do.~ar__ __ __ V .SO.9_1_ 246.89 Pound Sterling .
Havi ng consummated
profitable relationships with playe~ in key business segments , Skye Bank said that the results also reflected volume growth in treasury business. sig-
. B U FfEAU . DE :C HA NG E':MAR K E T
(N)IOFFEA•. /!AICE(N! ,"
PRIMARY I MARKET AUCTlONfp
182-Day . 364-Day
cent.
income earners and owners of
.
I NAME OF 'iU,NO
that the Skye Group grew its s h areholde~' funds to N I09 J billion from NB8 billion in 2009. showing an increase of 21 per
Diamond Bank Posts N6.3bn Ql Profit
Ehigiamusoe said accurate information on LAPO product pricing should have been obtained from· the MFB and cross-checked with other clients to authenticate the report as LAPO maintains open communication with the media and the general' public.
I ,~ rut~~ ,.~~ ..
N63-2.S billion in 2009 to N70S .9 billion in 2010, which it attributed to the success of its business development activities. In the same"vein, its loans and advances grew by 20 per cent during the year to N392.7 billion from N3272 billion in 2009. FW1hermore, the group's total deposits increased by II per cent to NS07.6 billion from N4SS.9 billion in the preceding year. The statement explained
structure. The statement added: 'The result also refl~ted the outcome of the business re-<:ngineering process adopted by the bank as well as the collective hard work of its resourceful, competent and adaptive workforce." Other positive indices of the result include a 12 per cent growth in the bank's assets from
'MFBs Don't Charge High Lending Rates' '.'
ance company. I have never believed in anybody coming to tell me that an insurance company is insuring credit risk.
Skye Bank Records N12.7bn PBT
growth of the economy." The Central Bank of Nigeria (CBN) had intervened in the sub-sector last year following lack of corporate governance structures among oU,er anomalies engaged by microfinance
anaging Director of LAPO Microfinance Bank Limited, Mr Godwin Ehigiamusoe has kicked against the insinuation that some Microfinance Banks charge as high as 6 per cent monthly interest rate on loans to custo me~ . A statement from Ehigiamusoe yesterday explained that his form currently charge 25 per cent monthly on its loans, which it said became effective in October 2009. The LAPO boss stated that o1ients pay 2.5 per cent (N7S0) as interest on N30,000 loan amount monthly. a total of N36,OOO in eight months, which he described as U,e tenor of LAPOregular loans. Ehigiamusoe contended that
insurance for agricultural prod· ucts, Sanusi said: "Banks are there to rake credit risk and they do not pass them to the insur-
1.000.00 8,7;OAS 8;187.1l4 7;187.1l4 748.701\ I ~ __
i
I 100
I 91.16 I 90AS ,
-
: N10
: 2H9795 l38J81ll
•
-%
I'
.
i08i1OAl- hi'JI(} t:- - ~- -
~I8Il:£JIIi2r"" !t.1IO I UJ9~ • ' LogocjFund i 100 i t.~_ I ~_~ StmbicIBTCGIF I . 'l lIWl lIlB6 I ' 1
.
I
• OJJ9\'o .r.,
I
" ..://. ··;:!;::)~.a:~it~A.lepAt~~{~-'EtdBL . ":', :.:~:~ Teno~
I
Rate% (Previous)
Rate % (Current)
.7-APR-ll
S-APR-11
Mo~ement
,,;-..j v'lARKET I.N D ~x NSE
7 Days 60Days :..,9I,I.Days ·,;:. 180 Days
U.08
12.29
13A9 l ' :, ...... U,Y6·\·. ..
14.55
IPrevious Week
i 25-03-2011
ILast Week I 1-04-2011 '
13.67 ',',. '.'
,,'·;.'l~~.'
%
h~~-------+------r---~
".'c
14.75 Export Proceeds
."-- -' -- .....
,.
-
148.70