FINANCE - 23 APR 2020

DB: Google's free listing; CBN ₦50bn credit; GTBank's PBT

DB: Google's free listing; CBN ₦50bn credit; GTBank's PBT
Daily Briefing via Stears

 

Retail

Google's Shopping enables free product listings
 

Google is offering free inventory listings for business owners on its shopping platform. Listings will be available in the US from the 27th of April before opening worldwide in the next few months. At a time when physical stores have shut down across the world, this move allows businesses to better connect with consumers, regardless of whether they advertise on Google.


 

Banking

GTB records ₦58.2 billion profit for Q1’ 2020
 

GTB announced a profit before tax of ₦58.2 billion in Q1 2020 - a 2.1% increase compared with last year. This was driven largely by its net interest income of ₦63.1 billion. According to GTB’s 2019 report, 47% of its loan exposure is to companies in the oil & gas sector. Therefore, Q2 earnings are expected to be affected by debtors whose profitability have been affected by falling oil prices.

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Economy

Disbursement of CBN ₦50bn targeted credit facility begins



The first tranche of the CBN ₦50 billion targeted credit facility will be disbursed to successful beneficiaries today. This facility is targeted at SMEs and households in sectors vulnerable to the pandemic. SMEs are entitled to a loan equivalent to 25% of their average turnover for the past three years, capped at ₦25 million. While households are entitled to a maximum loan of a ₦3 million. 

 

 

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