Who Won the U.S. Presidential Debate?

FCMB Group made capital out of the three upward reviews of the benchmark interest rate by monetary authorities in Nigeria between January and June.

The development set the tone for a 68 per cent increase in net profit, compared to the same period of 2022, and drove revenue.

Shares in the financial services group rose 5.3 per cent, placing it among the top 5 gainers in Lagos on Wednesday following the release of its financial report.

Nigeria’s central bank altogether raised the interest rate by 750 basis points to 26.3 per cent during the period in its dogged push to curb a cost-of-living crisis that is battering household income in the country and crippling growth.

The aggressive stance has allowed banks to charge much for loans, the interest earned on them serving as their main source of revenue. But that has been a pain point for companies and businesses relying on commercial borrowing for financing.

• Read More