Business
Lloyds profits double to £2bn as it benefits from mortgage boom
Lloyds profits double to £2bn as it benefits from mortgage boom
A booming mortgage market and an economic recovery that made it less likely that Covid-hit borrowers would default on loans helped Lloyds Banking Group double its profits in the three months to September.
The group, which owns Halifax and is the UK’s largest mortgage lender, benefited from an increase in demand for larger homes linked to the pandemic “race for space”, and last-ditch efforts by consumers to take advantage of the stamp duty holiday, which finished last month after reducing at the end of June.
There was a £2.7bn net increase in its home loans in the quarter, bringing mortgage lending to £15.3bn over the nine months to September – the strongest rise in that measure at the bank in more than a decade.
It contributed to a 96% rise in pre-tax profits to £2bn in the third quarter compared with £1bn a year earlier. That beat average analyst estimates of £1.3bn.
The UK’s improving economic outlook, which has been driven in part by the success of the Covid-19 vaccination programme, also meant the bank could release another £84m from a cash pile that had been earmarked for potential loan defaults triggered by the pandemic.
That compares with the £301m it put aside during the same period last year, and the £253m charge expected by City analysts. Lloyds has released £740m in loan loss provisions so far this year.
Commenting on his first set of results since taking over as chief executive, Charlie Nunn said he saw “significant opportunities” for Lloyds to develop and grow, including through “disciplined investment”. It comes as the lender takes a larger interest in wealth management.
“This can be built on the foundation strengths of customer service, distribution, and cost management. As we move into the final quarter of 2021, the board, group executive committee and I are developing the next evolution of our strategy and longer-term priorities,” Nunn added.
The new chief executive is expected to unveil the bank’s new multiyear strategic plan in the new year.
Nunn joined the bank after a nine-year career at the high street rival HSBC, where he last served as the global head of personal banking and wealth management. His appointment completed a top-level shake-up at Lloyds, which replaced its finance chief in 2019 and appointed Robin Budenberg as chairman, replacing Lord Blackwell, in January this year.
Nunn’s predecessor António Horta-Osório, who led the bank for a decade, left at the end of April to join Credit Suisse, where he is now chairman of the Swiss lender.
Business
NNPC hasn’t authorised sale of petrol to marketers – Dangote refinery replies IPMAN
The Dangote Petroleum Refinery has stated that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for refined petroleum products, clarifying its position amidst ongoing concerns from oil marketers regarding petrol supplies.
According to a statement on Thursday, October 31, by Anthony Chiejina, the group’s chief branding and communications officer, the refinery has no business dealings with IPMAN and cannot be held accountable for any payments made to the Nigerian National Petroleum Corporation (NNPC).
This comes after Aliko Dangote, founder of Dangote Industries Limited (DIL), noted that the refinery holds over 500 million liters of petrol, yet oil marketers are reportedly not purchasing the product. IPMAN, however, countered by claiming its members have struggled to load petrol from the refinery, despite having paid N40 billion to NNPC.
Chiejina confirmed that while discussions with IPMAN are ongoing, there are no direct business arrangements between the two. He emphasized, “It is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.”
The Dangote Refinery reiterated its capacity to meet national demand for various petroleum products, including petrol, diesel, and aviation fuel, capable of loading 2,900 trucks daily and transporting products by sea. The refinery also advised IPMAN to register and make direct payments for access, assuring, “There is more than enough petroleum product to satisfy the needs of their members.”
Chiejina urged stakeholders to avoid unsubstantiated media statements, warning that such actions could impede economic progress under President Bola Ahmed Tinubu’s administration. The statement called for collaboration among stakeholders, aligning with Tinubu’s economic re-engineering initiatives.
Business
Fake condoms flood Nigerian market, NAFDAC raises alarm
The National Agency for Food and Drug Administration and Control, NAFDAC, has raised the alarm on the illegal sale and distribution of fake brands of condoms in Nigeria.
NAFDAC said officials from the Post-Marketing Surveillance Directorate discovered Foula condoms (packaged in threes) in Abakaliki, Ebonyi State, and Zango, Katsina State.
The agency said the product is not registered for use in Nigeria, stressing that the labelling of the product is not in the English language.
While warning that if the unregistered condoms leak or break they cannot offer adequate protection, NAFDAC directed its zonal directors and state coordinators to combat the issue, enhance surveillance, and eliminate these unregistered products.
It stated that the illegal distribution or sale of unregistered condoms poses a risk as the safety, quality, and efficacy of the products are not guaranteed.
“The purchase and use of poor-quality condoms will adversely affect every aspect of condom promotion for the prevention of unintended pregnancy and protection against HIV and other sexually transmitted infections. If condoms leak or break, they cannot offer adequate protection.
“All NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the unregistered products within the zones and states.
“Importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importing, distributing, selling, and using illegally distributed products. All medical products/medical devices must be obtained from authorised/licensed suppliers,” it said.
Business
Ogun Govt solicits U.S. support for developmental programmes
Ogun Governor, Dapo Abiodun, has said that his administration would welcome supports from the United States’ Government in its efforts at improving the lives of the people of the State.
Abiodun stated this on Thursday when he received the Ambassador of the United States of America to Nigeria, Mr. Richard Mills, who paid him a courtesy call in his office at Oke-Mosan, Abeokuta.
The governor, represented by his Deputy, Engr Noimot Salako-Oyedele informed the envoy that his administration has invested a lot in the past five years in the area of empowering the people in line with his vision to improve their ves and living standard.
Abiodun said: “Our vision on assumption of office was to improve the lives and livelihood of our people and the policies of the present administration over the past five years have been consistent.
“We have put a lot on the empowerment of our citizens. We had the Oko’wo Dapo programme where about 100,000 women benefitted to improve their financial capacity because we know that even though we have huge investments at the top end, the engine room of the economy is still the Small and Medium Scale end of it.
“We are working hard to put things in place that will leave a legacy of sustainable development and improve the lives of the people. As a State, we look forward to the support of the United States Government in what we are doing and we are open to work with you and partner with you on any initiative that you have which will improve the lives of our people.”
The governor added that his administration has invested hugely on infrastructure while adequate policies that provide for business friendly environment has been put in place, noting that this has led to more business inflow into the State, especially, Foreign Direct Investments in the last five years.
According to him, facilities such as the Agro-cargo Airport, has been provided to complement the various sectors of the State’s economy and the industries domiciled in the State to enable them import and export their goods without much stress.
“Just a few days ago, we had the ground breaking ceremony for our dry port so I hat our investors and manufacturers would not need to go all the he way to Apapa Port.
“We are also having our integrated transport system to make sure that we make Ogun State desirable for investments and we hope that with these projects added to all the other things we are doing, Ogun State would continue to be attractive for business and we look forward to doing more business with United States based companies,” he added.
Responding, Ambassador Richard Mills described the Ogun State as dynamic in the area of business and economic opportunities with a great deal of American investments.
He said through his discussion with the government officials, he has come to realize interesting programmes from small businesses to women entrepreneur as well as huge investments opportunities that abound in the State.
The Envoy said: “Ogun State is the State I wanted to visit for a long time since I arrived in Nigeria. It is a State where we can learn a lot, share programmes based on the successes that you have here.”
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