First Bank Nigeria Plc (FBN) has signed a Memorandum of Understanding (MoU) with National Association of Small Scale Industrialists (NASSI). According to the Group Managing Director of First Bank Nigeria Plc, Mr Bisi Onasanya, the MoU is in furtherance of the Bank’s support for Small and Medium Scale Enterprises. The MOU presents a framework for single digit interest rate funding for Small and Medium Industries in the country.
The bank’s stock closed negative throughout the periods of review as it records -52.77%, -33.44%, -2.28% and -35.18% in 2008, 2009, 2010 and 2011 while it has recorded positive YTD performance of +19.10% in 2012 so far. The company recorded positive growths in gross earnings and PAT in its Q1 2012 financials while The MoU signing will aid the growth of Small scale industries in the economy.
United Bank for Africa Plc has introduced MasterCard Verve debit cards for the banking convenience of its customers. The bank said on Friday that the introduction was in line with its commitment to offer best-in-class e-products and payment services.
The stock recorded -73.43% and -17.87% YoY losses in 2008 and 2009 respectively while it further down by -15.28% and -17.87% in 2010 and 2011. The stock performance in 2012 has been impressive with +32.94% YTD gain witnessed in 2012 so far.
REGENY Alliance Insurance Plc recorded N262.8 million profits after tax during the year ended December 31st 2011. The figure showed an increase of 13 per cent compared to that of 2010. The highlights of the result showed that the company made adequate provision of about N481 million as bad debts in accordance with the National Insurance Commission (NAICOM)’s guidelines.
The Insurance outfit recorded -60.11% and -31.51% losses in 2008 and 2009 while it closed flat in 2010 and 2011 at the nominal value of 0.50k. The stock remained at 0.50k in 2012 as its share price remained unchanged. The company recorded positive growth of +54.3% in gross premium and +4.6% growth in PAT in Q1 2012.
Crusader Insurance Plc is planning to add value to its clients through the provision of four general and two life insurance products. “Crusader plans to innovate electronic payment of premiums via online payments and recharge cards.” The products, it said, would include Motor Third Party insurance; Home Shield (Householder comprehensive insurance); Safety Plus (Personal accident insurance); Crusader Travel Insurance; Esusu insurance policy and Dignity Plan insurance policy
The company recorded +13.08% price appreciation in 2008 while it went down by -78.64%, -66.24% and -5.66% in 2009, 2010 and 2011 respectively. In 2012, the stock price has remained unchanged while it currently trades at nominal price of 50k. In the company’s Q3 2011 financials, it recorded -3.5% negative growth in gross premium and also -1044.7% in PAT. The planned introduction of Electronic Distribution Method will improve the company’s operation process and as well increase in revenue base.
C & I Leasing Plchas notified the Nigerian Stock Exchange (NSE) of plans to acquire more stakes in Leasafric, a Ghanaian firm. Already, according to C & I Leasing Plc, with the approval of the company’s board, an agreement with Auroes West Africa Fund, to purchase an additional 28 per cent ordinary shares in Leasafric has been signed.
The leasing company share price recorded +37.04% growth in 2008. The stock share price , however, went down by -76.58%, -41.15%, and -58.82% in 2009, 2010 and 2011 while it sustained the downtrend in 2012 with -20.63% loss recorded so far. The move to acquire stake in a Ghanaian based leasing firm will improve the operational process of the company beyond the shores of Nigeria.
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