Business
Sterling Bank Sponsors Training For 1,000 Youths
Sterling Bank Plc, Nigeria’s leading commercial bank, has partnered with Nigeria Jubilee Fellows Programme (NJFP) to sponsor 1,000 fellows during this year’s training programme.
Managing Director and Chief Executive Officer (MD/CEO) of Sterling Bank Plc, Mr. Abubakar Suleiman said, at the launch of the programme in Lagos, that the bank is supporting NJFP because of its interest in the education sector as one of five sectors it is presently concentrating investments in under its HEARTs of Sterling programme.
The Nigeria Jubilee Fellows Programme (NJFP) is a youth empowerment partnership initiative between the Federal Government of Nigeria and the United Nations Development Programme (UNDP) and was launched in 2021.
It was borne out of rising unemployment and the COVID-19 pandemic which adversely impacted the ability of young Nigerians to find work.
The programme seeks to connect talented graduates with local job opportunities that apply their expertise while equipping them with world-class practical knowledge and relevant skills and it does not matter if an applicant does not have job experience.
NJFP targets a broad range of sectors, including the start-up economy, innovation, and creative industries, the digital and technology sector, the green economy sector, financial services, key public and international development institutions, research and development, agriculture, real estate, construction, transportation, and health services. In other words, there is a place for every organisation in this programme.
It will be recalled that as part of its commitment to the reduction
Consequently, the bank has also introduced different packages so that skill-seekers can access soft loans to buy tools and it is encouraging skill-seekers not to let the opportunity to slip off their hands.
Also as part of this strategy, Sterling Bank had also expanded its Café One community to Abuja in partnership with iCreate.
Business
Fidelity Bank Grows Profit By 131.5% In FY 2023
-Declares a final dividend of 60kobo per share
Leading financial institution, Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion.
According to the results, which was issued to the Nigerian Exchange (NGX) today, the bank grew Gross Earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in Net interest income which increased from N152.7billion to N277.37 billion. This led to a Profit After Tax of N99.45 billion representing a 112.9% annual growth.
Commenting on the Bank’s commendable performance, Dr. Nneka Onyeali-Ikpe,OON, MD/CEO of Fidelity Bank Plc said, “We closed the financial year with strong double-digit growth across key income and balance-sheet lines. Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment. Profit before tax grew by 131.5% to N124.3bn from N53.7bn in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5% from 15.6% in 2022FY.”
A review of the financial performance showed that the bank grew Net interest income by 81.6% to N277.4bn driven by a 55.5% increase in interest income, thus reflecting a steady rise in asset yield throughout the year. The average funding cost dropped by 20bps to 4.4% due to increased low-cost funds that grew from 83.6% in 2022FY to 97.4% in 2023. The combination of higher asset yield and lower funding cost led to an increase in Net Interest Margin (NIM) of 8.1% from 6.3% in 2022FY.
Similarly, Total Customer Deposits crossed the N4tn mark as deposits grew by 55.6% from N2.6tn in 2022FY. The increase was driven by 81.1% growth in low-cost funds.
Despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans & Advances to N3.1tn from N2.1tn in 2022FY.
Despite the growth in its loan portfolio, Regulatory Ratios were maintained well above the required thresholds, with liquidity ratio at 45.3% from 39.6% in 2022FY and capital adequacy ratio (CAR) at 16.2% compared to the minimum requirement of 15.0%.
“We recognize the changing dynamics in the Nigerian banking space and the need to monitor and proactively manage evolving risks. The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders,” explained Onyeali-Ikpe.
Fidelity Bank has consistently paid dividend since 2006. With the proposed final dividend of 60 kobo per share, Fidelity Bank would be paying investors a total dividend of 85 kobo per share for the reporting period, a 70.0% increase compared to the 50 kobo per share paid to its shareholders in the previous year.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Business
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 16th April 2024
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 15th April, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1100 and sell at N1115 on Monday 15th April 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1100
Selling Rate N1115
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1138
Selling Rate N1139
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Business
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 13th April 2024
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 12th April, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1130 and sell at N1150 on Friday 12th April 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1130
Selling Rate N1150
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1237
Selling Rate N1238
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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