Connect with us

Press Release

Fidelity Records PBT Of N76.3bn For H1 2023

Published

on

……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.

Press Release

NYSC Denies Deploying Corps Members From South To North-West

“The Scheme will continue to sustain the existing deployment policy of Prospective Corps Members for the benefit of all members of the service corps and also aid national unity and development without prejudice.”

Published

on

By

The National Youth Service Corps (NYSC), has denied what it describes as fake and misleading information trending online where it was alleged to have deployed the 2024 Batch ‘A’ Stream Two Prospective Corps members from the Eastern, Southern and Western parts of the country to the North-West.

The scheme said that a purported letter circulating on social media did not emanate from its office.

The NYSC said it is backed by the constitution in its statutory and unbiased deployment policy without tribal, religious and other sentiments.

“This we have successfully done in the past fifty (50) years of its existence,” it said.

The Scheme called on parents, guardians, prospective corps members and other members of the public to disregard the malicious information.

According to the statement signed by Eddy Megwa, its Director, Press and Public Relations, the news lacked merit, was the imagination of the writer and was meant to raise apprehension among the corps members for the next orientation exercise slated for April 2024.

“The Scheme will continue to sustain the existing deployment policy of Prospective Corps Members for the benefit of all members of the service corps and also aid national unity and development without prejudice.”

It said the purveyors of fake news on NYSC programmes are strongly warned and advised to desist henceforth, from peddling fake news.

 

 

Continue Reading

Press Release

LAGOS TO PARTNER MASTERCARD ON TECHNOLOGY

Published

on

By

••the passion in Lagos fintech community is second to none-Mastercard boss

 

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday indicated interest in a mutually beneficial partnership between the Lagos State Government and Mastercard for technology, digitalization and innovation.

The Governor said the development of backend infrastructure by the Lagos State Government will help Mastercard’s investment drive in the State.

Governor Sanwo-Olu spoke when the Management of Mastercard led by its President for Eastern Europe, Middle East and Africa, Dr. Dimitrios Dosis, paid him a courtesy visit at Lagos House, Marina.

Sanwo-Olu said his administration is open, willing and eager to make technology a way of life, adding that there is a lot the Lagos State Government and Mastercard can jointly develop and take forward in the area of technology.

He said: “Part of our vision is for Lagos to become the knowledge warehouse; a city where anywhere in the world if you need anything in terms of innovation, knowledge and skills, you will come to Lagos.

“We want to develop millions of young people who are not only smart, but willing to change and take on the world. We have seen that in our creative minds, either in entertainment, arts and culture, innovation and technology.

“We need to channel the energy of the young people positively to be able to help solve world problems. They need to have access and platforms through which they can flourish and show the skills they have.

“We are trying to build a lot of capacity in smart city and security. We don’t want people to come and give us handouts, we want a real partnership where we can identify the problem and come up with solutions.”

Speaking earlier, Dr. Dimitrios Dosis, expressed his organisation’s commitment to partner with the Lagos State Government.

He said: “I was impressed by the passion I saw in your fintech community. We have had the pleasure in the last two days to meet a number of your fintech. The passion I saw in your fintech community is second to none.

“I also saw innovation taking place in your payment space. I also see innovation in your transport system, which I know is something that you developed for the city.

“We have a lot of technology that we would like to bring to this country and we want to bring some innovation to Lagos,” he said.

 

 

Continue Reading

Press Release

At Polaris Bank IWD Webinar, Guest Speakers Advocates Empowering Opportunities for Women

Published

on

By

…as CEO, Kayode Lawal highlights the indispensable contributions of women to societal progress, economic

 

Polaris Bank’s International Women’s Day (IWD) webinar themed: ‘Empowering Voices: Women Leading Change,’ offered a dynamic platform for insightful conversations. The 2024 International Women’s Day (IWD) theme “Inspire Inclusion,” recognizes that despite progress made, women face significant obstacles to achieve equal participation in the economy.

Held on March 12, 2024, at the Bank’s Victoria Island, Lagos headquarters, the webinar featured a distinguished panel of experts who discussed various aspects of women’s empowerment and inclusivity. The event witnessed participation from customers and staff alike. The two guest speakers, who focused on inclusion in the workplace and inclusive health, did a phenomenal job.

The two panelists drawn from diverse fields, delved into crucial topics such as; self-esteem, mental wellness, workplace policies, and the importance of inclusive infrastructure. They emphasized the need for collaborative efforts from all segments of society to support women in realizing their aspirations.

Photo caption:
L-R: Guest Speaker, Solape Akinpelu; Polaris Bank’s Managing Director/CEO, Kayode Lawal; another Guest Speaker, Dr. Ifeyinwa Nwakwesi and Group Head, Customer Experience & Value Management; Mrs. Bukola Oluyadi, at the International Women’s Day (IWD) Webinar hosted by Polaris Bank in Lagos recently.

Ms. Solape Akinpelu, CEO and co-founder of HerVest, a fintech company, highlighted the significance of inclusivity and called for concerted action to dismantle societal narratives that undermine women’s capabilities.  She stressed that women are not helpless and advocated for proactive measures to counter sub-conscious biases.

On her part, Dr. Ifeyinwa Nwakwesi, CEO of Healthy Living Services Nigeria Ltd., provided valuable health tips for women to balance their professional and family lives; while prioritizing their well-being. Dr. Nwakwesi underscored the pivotal role of women in maintaining family health and urged them to shield themselves from undue pressures.

Earlier in his opening remarks, Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal emphasized the indispensable contributions of women to societal progress and economic development. He reaffirmed the Bank’s commitment to fostering an inclusive workplace culture that values diversity and empowers women to excel.

Reflecting on the global theme of IWD 2024, “Inspire Inclusion,” Lawal highlighted the importance of creating a culture where everyone feels valued and respected. He reiterated Polaris Bank’s dedication to providing a conducive work environment for its female workforce, free from biases and discrimination.

In her own contribution, Bukola Oluyadi who has oversight on Sustainability in Polaris Bank, emphasized the importance of connecting with women in the workplace. According to her, when women feel appreciated and encouraged to bring their best to the table, it enhances their sense of value and contribution.

The webinar concluded with a call to action for all stakeholders to prioritize inclusivity and collaborate towards creating equitable opportunities for women in all spheres of life.

Polaris Bank, was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Continue Reading

Trending

%d bloggers like this: