May & Baker records 10% Growth

Indigenous pharma-ceutical company, May & Baker Nigeria Plc, said it recorded 10 per cent growth in 2015 despite the economic crisis at the time.

The Managing Director, M&B, Mr. NnamdiOkafor, at a customers’ forum in Lagos on Thursday, said the growth exceeded the pharmaceutical industry’s growth of 13 per cent.

British Chambers of Commerce cut its UK Econmic Growth Forecast.

The business lobby group has cut its growth forecast for this year to 2.4% from 2.6%.

In addition, it has has lowered its forecast for both 2016 and 2017 to 2.5% from 2.7%.

It said the manufacturing sector, which it expects to contract this year, had been hit by "falling global prospects".

"Our persistently weak trade performance and current account balance are impacting our overall growth," the BCC's director general John Longworth said.

Slowing growth in the third quarter contributed to the downgrade, the BCC said.

Sterling Bank’s Q1 profit rises by 25% to N3.9bn

Sterling Bank plc has recorded a 25 percent increase in its profit after tax for the first quarter ended March 31st, 2015, demonstrating the lender’s ability to sustain its growth in spite of industry headwinds. According to key extracts of the results released today at the Nigerian Stock Exchange (NSE), which showed appreciable growth in all key performance indices, the Bank’s profit after tax leapt from N3.1bn to N3.9bn year-on-year.