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Rates fell as central bank boosted stimulus to support economy It’s not just the pandemic that’s putting Nigerian bank earnings at risk: Competition for customers in the recession-hit economy is driving interest rates on loans lower. Mid-tier lender FCMB Group Plc is forecasting that first-quarter earnings will fall more than 20% as rates decline, pushing the Lagos-based bank to accelerate lending to compensate for the profit squeeze. Guaranty Trust Bank Plc, Nigeria’s biggest bank by market value, reported flat interest income for the first nine months of 2020 compared with a year earl...

Next Profit Threat Faces Nigerian Banks Hanging Onto Clients Emele Onu, Bloomberg News BC-Next-Profit-Threat-Faces-Nigerian-Banks-Hanging-Onto-Clients , Emele Onu (Bloomberg) -- It’s not just the pandemic that’s putting Nigerian bank earnings at risk: Competition for customers in the recession-hit economy is driving interest rates on loans lower. Mid-tier lender FCMB Group Plc is forecasting that first-quarter earnings will fall more than 20% as rates decline, pushing the Lagos-based bank to accelerate lending to compensate for the...

New Profit Alerts From Nigerian Banks Have Less to Do With Virus Emele Onu, Bloomberg News Traders unload sacks of oranges from a delivery truck to waiting customers at Orange Market in Mararaba, Nigeria, on Tuesday, Sept. 1, 2020. By the end of the year, as many as 12,000 people globally could die a day from hunger linked to Covid-19, potentially more than those perishing from the virus itself, charity Oxfam International estimates. Photographer: KC Nwakalor/Bloomberg , Bloomberg (Bloomberg) -- It’s not just the pandemic that’s pu...