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Fidelity Bank Posts Impressive Q3 Results, Declares N18b Profit

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Fidelity Bank

By Dipo Olowookere

On Thursday, Fidelity Bank Plc released its financial performance for the third quarter of 2018, which has been adjudged as impressive by analysts and market observers.

According to the 9 months financial scorecard of the lender released to the Nigerian Stock Exchange (NSE), the company recorded a double-digit growth in revenues and profitability, indicating that the bank was on course to finishing strong in the 2018 financial year.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 4 million customers who are serviced across its 240 business offices and various digital banking channels. The bank is focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs).

Details of the 9-months results for the period ended September 30, 2018, showed that gross earnings grew by 6.9 percent to N139 billion from N130.1 billion reported in the same period in 2017 whilst profit-before-tax soared by 23.6 percent from N16.2 billion to N20.1 billion.

In other indices, total assets grew by 21.9 percent to N1.680 trillion from N1.379 trillion in the same period last year, while the total deposits, a measure of customer confidence, increased by 27.3 percent to close at N986.8 billion from N775.3 billion in 2017

“We are delighted with our 9 months financial performance with the continuing execution of our medium-term strategy which has further yielded positive results, leading to impressive growth across key performance indices including profitability, total deposits and balance sheet size etc,” said Fidelity Bank CEO, Mr Nnamdi Okonkwo.

According to him, the bank has continued to grow its market share driven by significant traction in its chosen business segments such as Corporate, Commercial, SME and digitally led Retail Banking.

“Gross earnings increased y-o-y by 6.9 percent to close at N139 billion primarily driven by the growth in earning assets by 19.2 percent which led to a 9.1 percent increase in interest income to N120.4 billion,” he explained.

Over the years, Fidelity Bank has differentiated itself from its peers by continuously introducing customer–focused digital products to grow its market share and mobilize cheaper funds.

Attesting to that, its savings deposits increased by 12.9 percent to N201.7 billion leading to the fifth consecutive year of double-digit savings growth whilst low cost deposits, now account for 73.6 percent of total deposits as shown in the results.

The growth in deposits is further complemented by its digital banking push with has resulted in having over 40 percent of its customers enrolled on the mobile/internet banking products and recording over 80 percent of total transactions on digital platforms.

Despite the high inflationary environment, Fidelity Bank’s expenses grew by 6.5 percent to N50.6 billion due to increased technology investment and higher AMCON Charges.

Its cost to income ratio remained relatively stable at 68.4 percent compared with 67.5 percent in the 2017 FY.

Also, non-performing Loans (NPLs) ratio improved to 6 percent from 6.4 percent in the 2017 FY despite a 3.4 percent growth in the absolute NPL numbers with the NPL coverage ratio at 109.9 percent.

Other regulatory ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 17 percent and Liquidity Ratio at 38.3 percent.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Banking

FCT Communities Get Food Packs from Fidelity Bank

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By Modupe Gbadeyanka

Some food packs have been distributed to residents of the Federal Capital Territory (FCT) Abuja recently by Fidelity Bank Plc as part of i​ts Corporate Social Responsibility (CSR) initiatives under the Fidelity Food Bank.

This is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.

Officials of the financial institutions distributed the food items to seven communities in the Mabushi district of the FCT.

One of the beneficiaries, Mr Mukhtar Mohamed, expressed his gratitude to the bank, acknowledging the significant impact of food distribution.

Similarly, the District Head of Mabushi Community, Mr Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.

“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families.

“Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan,” Mr Danagna stated.

Speaking at the distribution event, the Executive Director for North at Fidelity Bank Plc, Mr Sufiyanu Garba, emphasized the lender’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.

“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria.

“At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need.

“While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive,” Mr Garba said.

“We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society,” he added.

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Over 100 Exhibitors for 2025 Oja Oge by Ecobank

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Oja Oge by Ecobank

By Modupe Gbadeyanka

The second edition of Oja Oge by Ecobank Nigeria Limited will attract more than 100 exhibitors, who will showcase their products to potential customers.

The 3-day fashion, beauty, wellness, and lifestyle exhibition will take place at the state-of-the-art Ecobank Pan African Centre (EPAC) in Lagos from April 18 to 20, 2025, at 10 am.

The financial institution is organising the 2024 edition following on the immense success of its first edition last year.

This programme will have exhibitors displaying a wide range of fashion, beauty, wellness, and lifestyle products, as well as entertainment offerings.

Oja Oge by Ecobank provides a dynamic platform for businesses to engage with a diverse audience of shoppers and entrepreneurs.

Already, Ecobank Nigeria has partnered with leading corporates in the telecoms, payments, airline and FMCG space – Airtel Nigeria, Flutterwave, Qatar Airways and Maltina respectively to deliver this second edition of its premier fashion pop up event Oja Oge over the Easter weekend.

Oja Oge by Ecobank offer premium entertainment and provide a platform for local vendors to showcase and sell their products to a wider audience.

Participants will also have the chance to network and build relationships, gaining access to new markets. For us, as a Pan African bank, supporting small businesses in this way is a core part of our mission,” the Head of SME, Partnerships, and Collaborations at Ecobank, Ms Omoboye Odu, stated.

“Participation is free, and we invite everyone to come along with family and friends to enjoy the fair. It’s not just about buying and selling; it’s an opportunity to experience the creativity and luxury of current fashion and lifestyle trends, alongside a variety of music, food, and entertainment,” she added.

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874 Stanbic IBTC Bank Customers to Win N130m in Reward4Saving Promo Season 4

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By Dipo Olowookere

About N130 million has been set aside by Stanbic IBTC Bank for 874 of its lucky customers in the Reward4Saving Promo season 4.

This year’s campaign, which was launched recently, has more cash prizes, providing customers even more chances to save and win big.

The promotion encourages Nigerians to develop a savings culture and reward their loyalty. Simply fund your new or existing savings or @ease wallet with a minimum of N10,000 for at least 30 days. The more multiples of N10,000 they save, the higher of their chances of winning.

To participate, eligible individuals must maintain a minimum balance of N10,000 in their Stanbic IBTC Bank Savings Accounts or @ease Wallet for at least 30 days to be automatically entered into the promotion.

Non-account holders are encouraged to open Stanbic IBTC Bank Savings Accounts and maintain a balance of N10,000 to participate. Winners will be selected through a transparent random draw process and receive exciting cash prizes ranging from N100,000 to N5 million.

To lend credence to the transparency of the winners’ selection process in the Reward4Saving Promo, the draws are usually supervised by representatives from National Lottery Regulatory Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON).

The promo has won The Most Transparent Consumer Promotion Award, two years in a row at the Industry Awards.

The financial services provider in Nigeria said it created this campaign to reinforce its commitment to fostering a strong savings culture among Nigerians.

“We are committed to empowering our customers to achieve their financial goals.

“The Reward4Saving Promo is our way of saying ‘thank you’ to our loyal customers and encouraging them to develop a savings culture,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.

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