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Fidelity Records PBT Of N76.3bn For H1 2023

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……Declares interim dividend of 25 kobo Per Share

 

Leading financial institution, Fidelity Bank Plc has recorded an impressive 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.

A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.

Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.

Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.

To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Fidelity Bank Empowers SMEs With Business Management Systems  

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Small and Medium Enterprises (SMEs) have been encouraged to adopt digital tools to enhance their operations and drive sustainable growth.

This call was made during the Fidelity SME Empowerment Program 2025, held on Wednesday, July 23, 2025, at the bank’s dedicated SME Hub in Gbagada, Lagos.

The event, which drew a large turnout of entrepreneurs and stakeholders, marked the official launch of Fidelity Bank’s initiative to equip 100 growth-ready SMEs with ERPRev-enabled POS systems and business support tools—at no cost to the beneficiaries.

Welcoming guests, Dr. Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank Plc, represented by Mr. Stanley Amuchie, Executive Director/Chief Operations and Information Officer, emphasized the bank’s commitment to SME development:

“At Fidelity Bank, we believe SMEs are not just the backbone of our economy—they are the architects of innovation, resilience, and inclusive growth. Through the Fidelity SME Empowerment Program (FSEP), we are providing 100 entrepreneurs with the tools, training, and support they need to thrive in today’s digital economy.”

Through the initiative, benefiting businesses will receive: a fully-installed POS desktop system, ERPRev business software, receipt printer and barcode scanner, inventory data input support, financial and bookkeeping training, branding and onboarding support, six months of post-installation monitoring; and a free Fidelity POS with instant settlement.

The three-day program features high-impact trainings, masterclasses, and networking opportunities designed to spark innovation, build partnerships, and unlock new markets.

 

L – R: Divisional Head, Product Development, Osita Ede; Executive Director -Lagos and SouthWest, Ken Opara (both of Fidelity Bank Plc); Chief Executive Officer, Manmark, Adaonah Kene-Uyawune; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; Deputy Director and Lagos State Manager of SMEDAN, Bunmi Kole-Dawodu; and Divisional Head, Brands and Communications, Fidelity Bank Plc, Meksley Nwagboh; at the Fidelity SME Empowerment Program 2025 in Lagos, recently.

Speaking at the event, Mrs. Adaonah Kene-Uyawune, CEO of Manmark -Fidelity Bank’s strategic partner, noted, “This digital transformation initiative is a game changer. It replaces manual bookkeeping with a unified system that simplifies accounting, inventory, HR, and profitability tracking. These tools are not handouts—they are instruments for long-term business success.”

According to the Nigerian Bureau of Statistics, SMEs make up 96% of all businesses in the country, employ over 80% of the workforce, and contribute nearly 50% to the national GDP. Despite their critical role in the economy, many still rely on manual processes that hinder efficiency and limit access to finance.

Fidelity Bank’s intervention is therefore both timely and strategic—providing SMEs with the digital tools and support they need to streamline operations, improve transparency, and unlock new growth opportunities.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

 

 

 

 

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Polaris Bank Commits To continuous Investment In Journalism Excellence

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Polaris Bank is set to host the 2025 edition of its Annual Media Capacity Seminar on July 17, 2025, from 10:00 AM to 1:00 PM.

This year’s seminar is themed: “Empowering Journalists in the Digital Age: Storytelling, Tools & Transformation”, and will feature two distinguished facilitators: Taiwo Obe, Founder and Director of Journalism Clinic, and Abayomi Adisa, a Senior Journalist with the BBC.

Now in its 11th year, Polaris Bank’s Media Capacity Seminar has grown into a flagship media education initiative supporting journalism excellence and professional development across Nigeria. Since its inception in 2015, the program has trained over 5,500 journalists, equipping them with the contemporary knowledge and tools needed to thrive in an evolving media landscape and AI era.

The 2024 edition, held in a hybrid format, recorded over 500 participants and focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.” Participants gained insights into data journalism, fact-checking, multimedia storytelling, and the responsible use of artificial intelligence in the newsroom.

Building on last year’s success, the 2025 edition will explore critical aspects of modern journalism, including digital storytelling, transformative newsroom practices, and emerging tools that can help journalists remain relevant in practice and impactful in today’s information age.

Attendance at the seminar is free, but registration is mandatory. Interested participants can still register via bit.ly/PAMC2025.

Polaris Bank remains committed to promoting responsible journalism through robust, consistent and premium media education and investing in initiatives that foster a more informed and progressive society.

 

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Press Release

Union Bank Strengthens Public-Private Partnership At Maiden International Civil Service Conference 

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Union Bank, one of the nation’s most respected financial institutions, reinforced its commitment to national progress as a proud partner of the inaugural International Civil Service Conference held on June 25 and 26, 2025 at the Eagle Square Arena, Abuja.

 

The conference, themed “Rejuvenate, Innovate & Accelerate,” convened civil servants, policymakers, and development partners to drive reforms and digital transformation in Nigeria’s public service.

 

Organised by the Office of the Head of Civil Service of the Federation and the Global Government Forum UK, the conference highlighted critical priorities such as strong inclusive leadership, fostering an agile and digital culture, and effective public service delivery structures that transcend organisational silos. These closely align with Union Bank’s expertise in delivering innovative digital banking solutions and supporting public sector efficiency.

 

In a statement to the media, Mannir Ringim, Executive Director, North and Public Sector, said: “At Union Bank, we believe in the transformative power of public-private partnerships. Our support for this landmark conference underscores our dedication to modernising Nigeria’s civil service through innovative financial solutions and digital platforms that foster transparency and efficiency.”

 

Union Bank’s participation reflects its leadership in public sector collaboration, and this support for the International Civil Service Conference attended by President Bola Ahmed Tinubu and senior public sector leaders from across Africa, reinforces the Bank’s role as a key enabler of Nigeria’s development and sustainable economic growth.

 

 

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