Short Takes

N1.09 bn

Transcorp Hotels Plc reported that gross profit for the period ended June 30 was N4.5 billion down from N5.77 billion in the earlier period.

Half year group profit before taxation was N1.09 billion compared to N2.75 billion a year ago, while group revenue was N6.20 billion versus N7.60 billion naira a year ago.

The firm said no interim dividend was declared in the period.

1.71 million bpd

More Nigerian crude oil loading plans emerged for September, with key streams, Bonny Light, Forcados and Qua Iboe, falling from August.

A total of 56 cargoes, with 1.71 million bpd, were set to load in September, along with four cargoes of Akpo condensate with 133,000 bpd.

August official selling prices for Nigerian oil were released by state oil company NNPC, with Qua Iboe and Bonny Light declining, and Forcados rising.

12.71 %

Wema Bank plans to raise equity next year to bolster its capital ratio and cut its operating costs as its new digital strategy gains traction, Chief Finance Officer Tunde Mabawonku told an analysts’ call.

He said the bank could raise debt capital this year assuming bond yields, currently around 18 percent, moderate with inflation. This would help it increase its capital adequacy ratio (CAR), which is currently at 12.71 percent.

Mabawonku said the bank’s digital banking platform has attracted 26,000 new customers since its launch in May, and is opening around 1,000 new bank accounts a day. Wema has said it was eyeing three million customers by 2020 from one million now.

 

Compiled by Patrick Atuanya