Nigerian Banks’ Q1 20 profit increases slightly amid regulatory headwinds by samson james On Jun 11, 2020 Share Twelve Nigerian banks grew profit 3 percent in the first three months of the year at N262.1billion from N253.87billion amid regulatory headwinds that have continued to squeeze lenders’ deposits with the Central Bank of Nigeria (CBN) and the impact of COVID-19 in the latter part of the period. Nigeria’s biggest bank by asset, Zenith Bank’s net profit increased slightly to N50.5billion in the first quarter as against N50.23 billion recorded in the same period in 2019. Nigeria’s most capitalised bank, Guaranty Trust Bank’s profit after tax stood at N50.1billion as against in N49.3 billion recorded Q1 2019; Access Bank, Nigeria’s biggest bank by customer base recorded N40.9billion in the first period as against N41.14billion in Q1 2019; United Bank for Africa made a total of N30.1billion compared to N28.66 made in Q1 2019 while First Bank, Niger...
Nigerian banks and rising cyber threats Cyber criminal • SSA high profile financial institutions on frontline Cyber attacks targeted at the global banking system and high profile institutions are not imaginary, but real. The overall objective is to steal financial assets- cash or near-cash assets. Unfortunately, latest reports showed that the most dreaded group in the criminal trade, known as “Silence”, has positioned for the sub-Saharan Africa (SSA). So far, even great institutions, in recent times, have succumbed to the trickery of the law-defying elements. Of course, SSA, led by Nigeria, is the home of the big financial institutions in the continent. But they are not immune to the cyber threats. A cyber attack means the attempt to disable, destroy, expose, steal, alter or obtain unauthorized access to a computer system, infrastructure, network, including all other smart devices. Kaspersky security researchers said there are thousands of notifications of at...
CBN Policy Response The dual shock of the COVID-19 Pandemic and sharp decline in the price of crude oil is having a significant impact on Nigeria’s economy and the Nigerian government continues to roll out measures to address these health and economic challenges. This note is the first in a series focusing on the financial services sector and will highlight the regulatory interventions and policy statements made by the Central Bank of Nigeria in furtherance of its financial stability mandate. CBN Regulatory Interventions The CBN has made a number of interventions to mitigate the economic impact of the pandemic. These interventions include the creation of a N50 billion credit facility targeted at households and SMEs affected by the pandemic, a N100 billion credit facility specifically aimed at the healthcare sector to meet potential increased demand for healthcare products and services, and a one year moratorium and reduced interest rate for existing CBN intervention facilities (for exa...
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