Banking Briefs
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FIDELITY Bank Plc has set in motion plans to help governments at all levels to actualize their education-for-all target. According Nnamdi Okonkwo, group managing director of the bank, the program was the unique contribution of the bank to the development of the educational sector in the country.
He said that the ‘Save for Scholarship Promo’ was a form of financial inclusion for all levels of education including nursery, primary, secondary and tertiary adding that although the promo would encourage a savings culture among the people, inspire the young ones educationally and lift the burdens off the parents or guardians.
According to him, the scholarship promo which is targeted at 200 winners, would last for six-months, beginning from the end of July 2014. Okonkwo added that the opportunity was open to both the existing and prospective customers of the bank.
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Change of Baton at Skye Bank
KEHINDE Durosinmi-Etti, former managing director/chief executive officer of Skye Bank Plc, has formally handed over to his successor, Timothy Oguntayo. The event, according to Durosinmi-Etti, has demonstrated the existence of a sound corporate governance in the bank, hence the seamless succession without rancour.
He said: “Having served as the CEO of three different banks for a total of 11 years, I feel it was time to leave for another person to come and take the bank to another height.” He described the years he spent at Skye Bank as the hallmark of his banking career and called on the staff to support his successor. Durosinmi-Etti said he would continue to work for the success of the bank as well as serve as its ambassador at all times.
Oguntayo thanked his predecessor for his leadership and guidance and wished him success in his future endeavours. The new CEO said his aspiration for the bank was to make it a catalyst for the country’s economic growth by assisting and funding the small and medium enterprises and also developing specialised products for them.
He said he would work to reduce the bank’s operating cost and lead by example in that respect. He also promised to motivate the workforce by rewarding performance so that the bank would grow. He added that he would continue to draw from the wealth of experience of his predecessor at all times.
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Good Year for Mainstreet Bank
MAINSTREET Bank Limited has made a profit before tax of N13.2billion in its group financial performance for the year which ended December 31, 2013. Gambo Ahmed, chairman, Board of Directors, explained that the result was the outcome of strategies that were put in place in the last two years to build confidence, optimize costs, improve operational efficiency and customer service delivery.
According to him, the bank’s published financial result shows growth in all key financial indices. He said that gross earnings grew to N49.6billion in 2013 and that the growth was driven by increased income as the bank grew its loan portfolio by 63 percent from N34.9billion in 2012 to N57billion in 2013.
Despite the significant growth in risk assets, the non-performing loan ratio remained low at 3.66 percent; well below the five percent regulatory limit. He said the bank’s operational efficiency strategy yielded a 26.6 percent growth in net interest margin. “We have achieved this result in spite of the socio-economic challenges and increased competition in the Nigerian banking industry and the result clearly reaffirms that the bank is on the right track of becoming a top tier bank,” Ahmed said.
Compiled by Chinwe Okafor
— Aug. 4, 2014 @ 01:00 GMT
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