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H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability, Deposits & Loans

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5 years ago

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Profits Soars By 16% To Hit N15.1bn

· Gross Earnings Soars To N103.7bn

Lagos Nigeria: August 30, 2019: Despite the country’s challenging and fiercely competitive business environment, Fidelity Bank Plc delivered a solid financial performance in the first half of 2019, recording double-digit growth in key revenue lines whilst achieving significant traction in digital banking uptake.

Details of the audited half-year result for the period ended June 30, 2019, released at the Nigerian Stock Exchange (NSE) on Thursday showed a 15.7 percent rise in Profit Before Tax (PBT) from N13.0 billion in the earlier period to N15.1 billion in the reporting period. Profit After Tax (PAT) rose by 15.6 percent to close at N13.6 billion from N11.8 billion recorded in 2018, whilst gross earnings increased by 12.3 percent from N92.3 billion to N103.7 billion. In other indices, Total Assets rose by 12.8 percent to N1.940.2bn from N1,719.9bn in the previous period.

Total Deposits; a measure of customer confidence, increased by 12.0 percent to close at N1,097.0 trillion from N979.4 billion in 2018 Financial Year (FY).

Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo expressed delight with the bank’s financial performance. According to Okonkwo, the bank remained focused on the execution of its medium-term strategic goals and targets for the 2019FY whilst promising that the bank would continue to sustain the momentum and deliver another strong set of results for the 9M 2019. He said, “Gross Earnings increased by 12.3 percent to N103.7bn driven by a 52.4 percent growth in our fee-based income and a 7.2 percent growth in Interest Income. Digital Banking, Okonkwo stated has continued to gain traction driven by new initiatives in retail lending segment and increased cross-selling of its digital banking products.

“We now have 45.0 percent of our customers enrolled in the bank’s mobile/internet banking products, 82.0 percent of total transactions now done on digital platforms and 29.0 percent of fee-based income now coming from digital banking”, he added. The Fidelity CEO pointed out that retail loans were steadily on the rise after the launch of the bank’s new digital lending product dubbed Fidelity Fastloan, further adding that the bank has deepened lending partnerships with select Financial Technology (FinTechs) companies.

Buoyed essentially by innovative digital technologies, Fidelity Bank’s retail strategy has become a major game-changer for the business. This was again evident in the H1 2019 results as savings deposits now account for about 22.6 percent of total deposits – a clear sign of the bank’s increasing market share in the retail segment. “We are on course to achieving the 6th consecutive year of double-digit savings growth”, he stated.

Total Deposits however increased by 12.0 percent to N1,097.0bn from N979.4bn driven by double-digit growth in both local and foreign currency deposits. Non-performing Loans (NPLs) Ratio improved to 5.4 percent from 5.7 percent in the 2018FY due to the growth in the loan book. With regulatory ratios such as the Capital Adequacy Ratio at 17.0 percent, Liquidity Ratio at 34.8 percent, well above required threshold, Okonkwo was optimistic that the bank will sustain this sterling performance in the second half of the year.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 4 million customers who are served across its 240 business offices and various digital banking channels. The bank which focuses on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition.

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Just In: Tinubu Set To Embark on  Two-weeks Annual Leave.

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20 hours ago

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October 2, 2024

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President Bola Ahmed Tinubu has announced a two-week annual leave

 

According to Bayo Onanuga Special Adviser to the President (Information & Strategy) President Bola Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, part of his yearly leave.

 

He will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.

 

He will return to the country after the leave expires.

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Alleged Corruption : El-Rufai denies allegations, vow to swear on Quran….

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1 day ago

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October 2, 2024

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A former Governor of Kaduna State, Nasir El-Rufai, has asserted that his entry into politics was driven solely by a desire to serve the people, not to amass wealth or siphon public funds.

 

El-Rufai made this declaration on Tuesday during a Hausa program aired on Freedom Radio, Kaduna.

 

Speaking candidly, the former governor dismissed allegations of financial misconduct during his administration, maintaining that he was already financially content before assuming office.

 

The Kaduna State House of Assembly had earlier indicted El-Rufai’s administration for the misappropriation of over N423 billion during his eight-year tenure.

 

 

However, El-Rufai and his associates have categorically denied the accusations, labeling them as politically motivated.

 

“I did not join politics to steal money or enrich myself. I was satisfied with what I had before becoming governor,” El-Rufai stated, adding that he is ready to swear on the Quran to prove his innocence if other former governors and current leaders do the same.

 

 

“I have always prayed for guidance in all I do, and I strive not to betray the trust of the people. Whenever the former governors of Kaduna State and other leaders are ready to swear with the Quran that they never misappropriated public funds, I will join them. I have no fear because I know I never took money that belonged to the people,” he said.

 

 

The former governor expressed dismay over the allegations, saying his administration has been accused without any clear evidence of where the money went missing or who took it.

 

He further claimed that his allies were being targeted and invited by the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission as part of a smear campaign against him.

 

“I have left everything to God’s judgment. I have prayed and will remain silent on the issue. I have instructed my lawyers to take legal action against those tarnishing my name, but for now, I’m focused on my activities like reading and writing,” he said.

 

 

El-Rufai emphasised that service to the people continues even after leaving office, stating, “You don’t need to hold a position in government to serve. We are still working with like-minded individuals who genuinely want to serve the people, not those seeking to enrich themselves.”

 

Looking ahead, El-Rufai revealed that he intends to return to politics in 2027 after completing his studies, remarking, “There is no retirement in politics. God willing, we will return and continue serving the people.”

 

 

 

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Alleged N27bn fraud: Ex-Taraba Gov., Ishaku, Spends 5th Night in EFCC Cell

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2 days ago

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October 1, 2024

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A FCT  High Court in Maitama, Abuja, on Monday remanded former Taraba State Governor, Darius Ishaku and former Permanent Secretary of the Bureau for Local Government and Chieftaincy Affairs, Bello Yero, in the custody of the Economic and Financial Crimes Commission.

 

The duo was arrested on September 27 for allegedly diverting N27bn belonging to the Bureau for Local Government and Chieftaincy Affairs.

 

In the suit, marked CR/792/24, filed before the Federal Capital Territory High Court, the EFCC accused the defendants of diverting N1,010,000,000 to their personal use between August 25, 2015, and March 21, 2016, in Abuja.

 

The anti-graft agency stated that this amount formed part of the 2.5 percent contingency funds belonging to the Bureau for Local Government and Chieftaincy Affairs.

 

 

The EFCC further alleged that the duo committed an offense contrary to Section 315 of the Penal Code A, Cap 532, Laws of the Federal Capital Territory of Nigeria 2007, which is punishable under the same section.

Other sums allegedly diverted by the defendants as part of the contingency fund include N650,686,369.99 between January 6, 2019, and April 29, 2021; N193,030,000 between January 2019 and April 29, 2021; and N170,549,842.00 between January 6, 2019, and April 29, 2021, among others.

 

Upon their arraignment, the defendants, according to a statement by the EFCC spokesperson, Dele Oyewale, pleaded not guilty. Oyewale stated that the prosecution counsel, Rotimi Jacobs (SAN), asked the court for a trial date and an accelerated hearing of the matter.

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