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Coronation Merchant Bank Records 66% Growth in Gross Earnings for 2017

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Coronation Merchant Bank Limited announced its 2017 full year results to stakeholders at its Annual General Meeting held in Lagos, in which the bank posted a Profit Before Tax of N5.1 billion.

Speaking at the AGM, Abu Jimoh, Group Managing Director/CEO of Coronation Merchant Bank Limited said that, “despite the tough market conditions that characterized significant parts of the year, the underlying business fundamentals of the bank remained strong as reflected in the Gross earnings growth of 66% to N25.5Bn in 2017.

As we progress in our journey to become Africa’s premier Investment bank, we remain committed to providing our clients with superior financial services whilst generating attractive and sustainable returns for shareholders.

“The impressive results of the bank in the last 3 years demonstrate the effectiveness of our strategy, the quality of our past decisions and the commitment of our board & management to maximize shareholder value whilst actively expanding our franchise in select, high growth markets where we believe we have a competitive advantage.

“Coronation MB Group recorded a notable improvement in key performance metrics in 2017, despite the tough and challenging operating environment.

Our interest income growth of 67% y/y and non-interest income growth of 57% in 2017 re-affirm the sustainability of our core business growth. We will continue to gain momentum in our efforts to achieve more diversified earnings, as we strengthen our subsidiaries offerings.”

According to Jimoh, “our deliberate focus on the efficiency of our business operations has continued to yield considerable returns for the bank. Despite the high inflation rate, Cost-to-income ratio increased marginally by 90bps to 46.1% (Dec 2016: 45.2%), reaffirming the Bank’s commitment to rein in costs while improving operating efficiency.

“Aside from the strong earnings performance, the Group recorded a significant growth in its Balance Sheet in 2017.

Total assets increased by 28% to N136.7bn from N106.6bn in December 2016, and shareholder’s funds increased to N29.5bn from N25.9bn – a valid testament to the resilience of the Group’s operations and its adaptability to current market realities and challenges.

“We will continue to maintain a disciplined and prudent approach in asset creation in line with our overall risk management framework and evidenced in our growth in loan book of 42% which increased from N22.7bn to N32.3bn with zero NPL.”

He said while general economic conditions and the regulatory environment remained tight, the bank believed that its new business and lending strategies, embedded risk management culture and continuous cost savings, would enable it to stand firm throughout this period.

“In the coming years, we will focus on the disciplined implementation of our growth strategy to drive efficiency in all segments of our business leveraging fintech and process re-engineering,” he said.

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E-Financial

Regulators Mull Clampdown on Accounts, GSM Phones Used for Fraud

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Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) may soon introduce a scheme that will enable banks and telecommunications companies to ban owners of any bank account or the Global System for Mobile Communications line traced to fraud.

 

The CBN, NCC is reportedly working with the Nigeria Deposit Insurance Corporation (NDIC) following the spate of electronic fraud involving (USSD banking) telephone lines and Internet banking transfers.

 

When introduced, owners of any bank account or GSM line traced to any fraud case, especially electronic fraud, would be banned for life from operating any bank account or GSM in Nigeria.

The pervasive electronic banking fraud in the banking sector has left customers, banks and regulators waxing worriedly.

 

Some experts claimed that the most significant risks to banks are self-serving or criminal acts carried out by some insiders.

 

According to them, when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.

 

But it becomes more dangerous when insiders conspire with criminals outside, showing that depositors money in the banks are not safe.

 

For instance, fraudsters now inundate banks’ customers with SMSes to authenticate accounts with banks.

 

The preciseness of the messages with accompanying data show they could only have gotten the details from insiders in the banks.

Elsewhere, cyber security experts have also  berated telecommunications operators over the prevalence of SIM swap fraud in the country, arguing that such fraud could be possible with an insider in the network operator of the subscriber that is targeted.

 

SIM swapping is a sophisticated form of fraud and falls under social engineering. Fraudsters will distribute phishing emails, trying to ascertain as much personal information from victims as possible.

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E-Financial

FCMB Promotes Entrepreneurship Among Youths

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First City Monument Bank, FCMB, has sponsored capacity building programme for almost 1,000 members of the National Youth Service Corps, NYSC.

Tagged: ’Youth Entrepreneurship and Empowerment Programme’, it was in partnership with Activate Success Foundation.

Commenting on the initiative, Mr. Olu Akanmu, Executive Director, Retail Banking at FCMB,  said: “FCMB Flexx account empowers Nigerian youths with the entrepreneurial and employability skills they need. Many youths set up their own businesses from their campuses.

FCMB will be there with them to provide the necessary entrepreneurial and business skills they need to make great successes out of their businesses.

FCMB will also provide great support for the youth businesses and work with them to nurture and grow the youth entrepreneurial ventures.”

Also speaking, Founder Activate Success, Love Idoko said: ‘’I have a penchant for motivating people. There are business-minded youths out there that are just looking for mentorship or business ideas and funds to start their businesses.”

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Global Heists on ATM Machines Imminent- FBI

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America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

 

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

 

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

 

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

 

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

 

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

 

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

 

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

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