Banking

Recognising banks for quality service delivery

by HOPE MOSES-ASHIKE

October 18, 2017 | 12:27 am
  |     |     |   Start Conversation

The saying “give honour to whom it is due” was demonstrated at the BusinessDay Bankers award last weekend where banks, microfinance banks, other financial institutions and bank chief executives were conferred with awards of excellence.

The award was aimed at celebrating the leaders of banks and the banks that have made excellent and quality service the core of the work they have done in the last one year.

Zenith Bank won the Bank of the year and the most customer friendly award category, while Emeka Emuwa, group managing director/CEO, Union Bank swept the Bank CEO of the year award.

Deposit money banks which won won award in various categories are FirstBank of Nigeria, Access Bank, FCMB, and UBA. Special recognition/commendation awards for excellence in banking were given to Umaru Ibrahim, managing director/CEO of the Nigeria Deposit Insurance Corporation (NDIC), and Ahmed Kuru, managing director/CEO, Asset Management Corporation of Nigeria (AMCON).

Other financial institutions that won award in various categories include First City Asset management, Stanbic IBTC Money Market, Guarantee Investment Funds, SFS Capita’s Skye Shelter Fund, Infinity Trust Mortgage Bank, United Capital plc’s Diaspora Bond for Nigeria, Diamond Bank’s mobile App, Alat by Wema Bank, Fidelity Bank’s *770#, Coronation Merchant Bank, Stanbic IBTC Stockbrokers, Jaiz Bank, and LAPO Microfinance Bank limited.

In arriving at the choice of the selection, of both the nominees and winners for awards Frank Aigbogun, Publisher, BusinessDay Media limited, said the awards committee relies heavily on the research by the BusinessDay Research and Intelligence Unit (BRIU) which has been a robust mechanism for the selection. Some of the parameters that have been used in reaching the conclusion include profit after tax, real interest margin, deposit and loan growth, cost to income, capital adequacy ratio, non-performing loans index, penalties fees for contravention to the regulators, share price performance, return on average asset, return on average equity, net asset value, volume and value of executed transaction of the Nigerian Stock Exchange (NSE), percentage of women in the workforce, convenience, customer satisfaction, security, affordability, and mobility among others.

Olusogun Obasanjo, for President, describes the banking sector as life blood of the economy. “Banking is the blood of any economy and that is our understanding. He said during his time in government there were 89 mushroom banks, which later came down to 25 strong banks after the banking sector reform and consolidation under the leadership of Charles Soludo. 

In his response, Godwin Ehigiamusoe, managing director/CEO, LAPO Microfinance Bank limited, said, “I am delighted as my colleagues at LAPO are. Besides our extensive foot print across the country, LAPO Microfinance Bank has consistently pushed for innovations in affordable housing, clean energy lending or green microfinance”.

LAPO Microfinance Bank Microfinance Bank reported gross earnings of N26.97 billion in 2016, up by 37 percent from 2015. Its Loan Portfolio increased by 22 percent from N42.9 billion in 2015 to N52.3 billion in 2016 largely on the back of the Naira devaluation and increased on-lending activities to boost micro, small and medium sectors of the economy. The bank grew total deposits by 56 percent year-on-year, despite the competitive deposit market.

Total Deposits at year end was N77.5 billion. It also delivered strong customer growth across the Bank as client base grew by 27 percent closing at 2.6 million. Profit before Tax increased by 38 percent to N2.17 from the 2015 performance of N1.57 in line with our strategic plan. The bank closed the year ended 31 December 2016 with Total Assets of N62.72 billion recording a growth rate of 20 percent over 2015 figure. Against this result, Return on Equity and Return on Assets closed at 38 percent and 8 percent respectively.

HOPE MOSES-ASHIKE

Tags:

by HOPE MOSES-ASHIKE

October 18, 2017 | 12:27 am
  |     |     |   Start Conversation

Big Read |  

Analysis

What Nigeria must do before signing AfCFTA

Nigeria’s President Muhammadu Buhari last Wednesday gave a hint that he would sign the African Continental Free Trade Area (AfCFTA)...


MTN Banner ADS 2


Diamond

Newsletter Fixed income