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Letshego Launches Rewarding Promo

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– Letshego Microfinance Bank launches ‘Save & Win Promo’ to reward customers
– Customers can win cash gifts and grand prizes by maintaining a minimum deposit and completing transactions
– Promo aims to encourage financial discipline and savings culture

Letshego Microfinance Bank Nigeria has launched a new promo to reward its customers for their loyalty and savings.

The ‘Save & Win Promo’ will run for the second half of the year, with exciting cash gifts and grand prizes to be won.

To qualify for the promo, customers must maintain a minimum deposit of N50,000-N200,000 and complete five transactions using their Letshego debit card.

New customers can open an account at any Letshego branch or register on the Letshego Digital Mall.

The promo is part of Letshego’s commitment to encouraging financial discipline and rewarding customers.

According to the Managing Director, Nkosana Ndlovu, “We believe the Save & Win Promo will encourage savings culture and enhance customer engagement and satisfaction.”

The grand prizes include N5m, N2.5m, and N1m, which will be awarded in the final draw in December. Monthly draws will also be held, with 10 customers winning cash gifts of N100,000 each.

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Zenith Bank Posts Record Profit with 118% Revenue Surge

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Zenith Bank Plc has posted its unaudited financial results for the third quarter ending September 30, 2024, demonstrating an impressive 118% growth in revenue.

The bank’s earnings soared from N1.33 trillion in the same period last year to N2.9 trillion, a feat that underscores its resilience and leadership in Nigeria’s financial landscape despite macroeconomic challenges.

The detailed financial report, submitted to the Nigerian Exchange (NGX), revealed that the bank’s profit before tax surged by 99% year-on-year, rising from N505 billion in Q3 2023 to N1 trillion in Q3 2024. Similarly, profit after tax climbed 91%, moving from N434.2 billion to N827 billion.

Zenith Bank’s topline growth was driven by a significant increase in both interest and non-interest income.

Interest income experienced a robust 190% increase, reaching N1.95 trillion, benefiting from a high-yield environment. Non-interest income grew by 41% to N856 billion, propelled by gains in fees and commissions, which were attributed to the bank’s strong retail growth and the performance of its digital channels.

The growth in earnings per share (EPS) was equally notable, almost doubling from N13.82 in Q3 2023 to N26.34.

The bank’s balance sheet also showed substantial growth. Total assets rose by 49% to N30.4 trillion, primarily driven by a 42% increase in customer deposits, which reached N21.6 trillion.

This increase spanned corporate and retail sectors, showcasing the bank’s extensive market reach. Gross loans grew by 46% to N10.3 trillion, aligning with Zenith Bank’s dedication to supporting key sectors of the economy.

Operationally, the bank maintained a strong capital adequacy ratio of 21.9%, exceeding regulatory requirements. Return on average equity (ROAE) increased from 35.1% to 37.8%, while return on average assets (ROAA) climbed to 4.3%.

Despite a rise in the cost of funds to 4.3% due to prevailing market conditions, Zenith Bank sustained a cost-to-income ratio of 39.5%, reflective of investments in technology and strategic growth initiatives. The cost of risk remained steady at 7.3%.

Zenith Bank’s asset quality continues to be robust, with a non-performing loan (NPL) ratio of 4.5%, well within regulatory thresholds.

A coverage ratio of 198.4% emphasizes the bank’s stringent risk management and preparedness to handle market volatility.

As part of its forward-looking strategy, the bank initiated a capital raise on August 1, 2024, comprising a Rights Issue and Public Offer in response to the Central Bank of Nigeria’s (CBN) recapitalization mandate issued earlier in the year.

“The fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand,” the bank stated. Final verification approvals from regulatory authorities are pending, but the proceeds are expected to support business expansion and strategic initiatives.

Zenith Bank has already laid foundations for further growth. In September 2024, it obtained regulatory clearance to open a branch in Paris, France.

This new location will facilitate international business operations and enhance its service offerings.

Looking ahead, Zenith Bank remains committed to sustainable value creation, guided by rigorous corporate governance and risk management standards.

With a strengthened capital base, the bank aims to extend its influence within the financial sector and continue delivering exceptional returns to its stakeholders while pursuing growth opportunities in key markets.

 

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Wema Bank Shines with 174% Profit Surge in Q3

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Wema Bank Nigeria has unveiled its unaudited Consolidated Financial Statements for the third quarter of 2024, highlighting an impressive 174% year-on-year growth in profit before tax, reaching ₦60.62 billion.

The bank’s assets saw significant expansion, with its balance sheet increasing by 38% to ₦3.084 trillion, while deposits climbed 23% to hit ₦2.292 trillion.

Loans and Advances also grew robustly, up 25% to ₦1.003 trillion, with Non-Performing Loans (NPL) recorded at 3.19%.

Driven by a strong rise in Interest Income (81%) to ₦229.11 billion and a remarkable 144% jump in Non-Interest Income to ₦59.21 billion, Gross Earnings surged 91%, totaling ₦288.32 billion.

Key performance metrics were notably strong, with the bank reporting a Return on Equity (ROAE) of 38.62%, a Pre-Tax Return on Assets (ROAA) of 2.64%, a Capital Adequacy Ratio (CAR) of 14.06%, and a Cost-to-Income ratio of 60.47%.

Commenting on these achievements, Managing Director/CEO Mr. Moruf Oseni expressed confidence in the bank’s progress despite a tough operating environment, stating, “We will sustain our growth trajectory into 2025.”

Wema Bank’s Q3 2024 results reflect its dedication to creating value for shareholders and stakeholders alike, showcasing robust growth across all key financial indicators.

Key highlights of the bank’s financial performance include:

Profit Before Tax: ₦60.62 billion, reflecting a 174% year-on-year increase.

Gross Earnings: ₦288.32 billion, up 91% year-on-year.

Total Assets: ₦3.084 trillion, an increase of 38%.

Deposits: ₦2.292 trillion, up 23%.

Loans and Advances: ₦1.003 trillion, up 25%.

Earnings Per Share: 328.1 kobo.

 

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