Banking Briefs
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THE First Bank Plc has spent N500 million to reward customers in the past six years. The amount covers cash, automobiles and household gifts which its customers received under the bank’s various promotion bonanza. Emmanuel Noku, group head, retail south-south, disclosed this during the maiden raffle draw of the ongoing First bank savings bonanza in Uyo, Akwa Ibom State.
He said the current edition of the promo, which holds from September 1, to February 28, 2015, would attract N200 million worth of cash gift items to more than 1,400 saving customers of the bank. A breakdown showed that 360 of 32” led television sets are to be won by 360 customers; 360 home theatres for 360 customers; 360 Samsung S4 Galaxy Tabs for 360 customers and N50, 000 cash bonus for 360 customers.
According to him, the promo initiative has continuously offered opportunities to enhance the living standards of many Nigerians through rewards for their savings in form of cash awards, luxury household appliances, exotic cars, and return tickets/all expense-paid trips to international sports events. Noku explained that the maiden monthly raffle draw produces 60 winners of cash, television sets, home theatres and Samsung galaxy tablets across the bank’s geo-political regions.
The savings promo initiative of the bank which started since 2008 is to reward the bank’s loyal customers for their patronage; create opportunity for prospective customs to establish new account relationships with the bank; mobilise new deposits for the bank; and continuously refresh First Bank brand as a dominant player in Nigeria’s retail banking space.
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Banks Non Performing Loan is N398 Billion – NDIC
THE Nigerian Deposit Insurance Corporation, NDIC, has said that the Nigerian deposit banks, as at September 2014, were exposed to more than N398 billion non-performing loans. Umaru Ibrahim, managing director, NDIC, said the total assets of the deposit money banks currently stood at N30 trillion while the total deposits stood at N17.116 trillion.
Ibrahim disclosed this on Wednesday, November 5, in Lagos, while briefing members of the House of the Representatives Committee on Banking and Currency who were at the NDIC’s office on oversight function. He said capacity adequacy ratio as at the period under review stood at 17.5, while average liquidity ratio was 66.6 percent.
The NDIC boss, however, noted that the liquidity level of the banks was still healthy, warning that there may be systemic shocks in the future. He said total loans and advances stood at N15.5 trillion. A breakdown of the loans and advances showed that oil and gas still got the most credit with N2.81 trillion, representing 24.33 percent.
Manufacturing followed with N1.557 trillion or 13.15 percent. General activities got some N1334 trillion, representing 11.27 percent while agriculture got some N415.89 billion or 3.6 percent.
— Nov. 17, 2014 @ 01:00 GMT
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