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Tag: Fidelity Bank

  • Fidelity Bank Assures Investors Strong Q3’19 Results

    Shareholders of Fidelity Bank Plc have been told to be rest assured of getting further impressive performance in the third quarter of this year.

    This assurance was given by the MD/CEO of the lender, Mr Nnamdi Okonkwo, while reacting to the financial statements of Fidelity Bank for the period ended June 30, 2019.

    The firm, in the first six months of 2019, recorded a double-digit growth in key revenue lines whilst achieving significant traction in digital banking uptake despite the country’s challenging and fiercely competitive business environment.

    According to Mr 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.

    “Gross Earnings increased by 12.3 percent to N103.7 billion driven by a 52.4 percent growth in our fee-based income and a 7.2 percent growth in Interest Income,” the bank executive said.

    Digital Banking, Mr 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.

    “Gross Earnings increased by 12.3 percent to N103.7 billion driven by a 52.4 percent growth in our fee-based income and a 7.2 percent growth in Interest Income,” the bank executive said.

    Digital Banking, Mr 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.

    According to reports the audited half-year results of the lender 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, while Profit After Tax (PAT) rose by 15.6 percent to close at N13.6 billion from N11.8 billion recorded in 2018, with the gross earnings increasing by 12.3 percent from N92.3 billion to N103.7 billion.

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    In other indices, Total Assets rose by 12.8 percent to N1.940.2bn from N1,719.9bn in the previous period, while Total Deposits, a measure of customer confidence, increased by 12.0 percent to close at N1.097 trillion from N979.4 billion in 2018 Financial Year (FY).

    The 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, Mr Okonkwo was optimistic that the bank will sustain this sterling performance in the second half of the year.

  • Fidelity bank rewards loyal customers

    Over 6,000 customers have been rewarded to a tune of N2.6bn in the last four years by Fidelity bank Plc.
    This according to the bank is part of its continuous culture of giving back and rewarding its loyal customers.
    This was disclosed in Abuja on Tuesday by the Regional Manager of the bank (Abuja), Vanessa Mordi, during its campaign in Lugbe market.
    According to her, “In the last four years, over 6,000 customers have been rewarded under the Fidelity Personal Savings Scheme (FPSS), and over N2.6 billion has been given back to our customers across the country.
    “For us in Fidelity, we believe in giving back to the society. Lugbe is a place where we have a base. This has crystallized to the setting today for which three winners have emerged. It is something that we will continue to do from time to time to keep our customers and us close together.
    “We want to reach out to our customers and find out what their needs are and what we can do to meet it.”
    She further added, “If the GDP of our country has to change, we cannot do without Small and Medium Scale Enterprises (SMEs). As a financial institution, we have come up with products to support and help SMEs grow.
    “We have also set up the ‘Manage SME Desk’ to advise small and medium scale businesses in their business activities.”
    Three winners emerged during the draw; two customers won N500,000 each while the third winner (a child) operating the sweet Account won the sum of N150,000.
    Once you have an account opened with the bank – either a Savings Account or a Sweet Account (children’s account), and you operate it very well, you are a prospective winner. Customers can do this with as low as N10,000.
    According to a winner in the raffle draw, Mrs. Nneoma Agatha Nmadu, “I started using Fidelity in 2017. I operate other banks as well, but in Lugbe here, Fidelity is the best. I was not surprised to be picked as a winner in the draw because I know they never disappoint.”
    Another winner, Mrs. Stella Onuoha, expressed her delight and surprise that the bank sticks to its promise of rewarding loyalty.
    The third winner, Ms Deborah Enedubiojo, who operated the children’s account, went away with the sum of N150,000.

  • Fidelity Bank To Bridge Funding Gaps With SME Funding Connect Series

    …Schedules Lagos Edition For August 7, 2019

    Fidelity Bank Plc, has pledged to continually support the country’s Micro, Small and Medium Enterprises (MSMEs) by building structures, forging partnerships and instituting platforms that help address the funding constraints which small businesses currently grapple with. Fidelity Bank CEO, Mr. Nnamdi Okonkwo disclosed this in Lagos on Wednesday during a global press conference, announcing the recommencement of its erstwhile Regional SME Conference Series which has been repackaged to focus totally on funding for SMEs and has been aptly named “the Fidelity SME Funding Connect Series”.

    Okonkwo who was represented by the Bank’s Executive Director, Lagos & South-West, Mrs. Nneka Onyeali-Ikpe re-emphasized the fact that the bank’s long-running support for the growth and development of small businesses in Nigeria stems from the recognition of SMEs as critical agents of economic development. According to him, whilst MSMEs have continued to help drive the foregoing through greater utilization of raw materials, employment generation, linkages with bigger industries, etc, they, however, continue to be held back from reaching their full potentials by a number of internal and external challenges which include poor infrastructure, poor business management capacity, poor access to funding, etc.

    Against this background, that Fidelity Bank intends to use “the “the Fidelity SME Funding Connect Series” to deepen the conversations/engagements around solving the funding issues confronting MSMEs in Nigeria by connecting participating existing and growing businesses with local and international fund providers, in major brand showcasing events across the country” he stated.

    Starting with the Lagos edition, the Fidelity SME Funding Connect, Lagos, on August 07, 2019, the Fidelity SME Funding Connect train will make stops in key policy/commercial hubs across the country such asPort Harcourt later this year and Kano, early 2020. The Fidelity SME Funding Connect, Lagos like the other planned upcountry editions, will be a one-day event focused on funding for MSMES in an exhibition and conference style platform, targeted primarily at local businesses who operate in key sectors such as Manufacturing, Healthcare, Agriculture, Education, Technology, Entertainment and lifestyle.

    Also speaking at the occasion the bank’s Divisional Head, Managed SMEs Division Osaigbovo Omorogbe explained that the one-day event will also be fully digitized as it will be powered by a dedicated app through which participants will register to attend the event. In addition, he also noted that the event which has PricewaterhouseCoopers (PWC)working with the bank as technical partners, will feature a pitch style grants competition for select MSMEs with an aggregate grant sum of N20M to be given out to deserved winners by the bank. According to Omorogbe, Fidelity SME Funding Connect, Lagos is” unique on account of its single targeted focus on funding for MSMEs and the multi-dimensional opportunity it will give to participating MSMEs to interact/engage with fund providers such as angel investors, private equity firms, venture capital firms, development finance institutions (DFIs), etc who will be participating”.

    Fidelity Bank Executive Director, Lagos & South West, Mrs. Nneka Onyeali-Ikpe closed the parley reiterating that helping MSMEs build funding and other key capacities is a long term undertaking for the bank. “We have over the years taken advantage of the myriad intervention funding schemes typically offered at single or early double digit interest rates by local and international development finance institutions such as the CBN, BOI, DBN, AfDB, etc, for the benefit of MSMEs. “We will certainly continue to do more in this regard”, she said.

  • Fidelity Bank delivers double-digit growth in quarterly revenue

    Leading tier-two Nigerian lender, Fidelity Bank Plc, has continued to soar higher, posting a double-digit growth in the first quarter of 2019.

    In its financial statements for the period ended March 31, 2019 released today, the bank grew its gross earnings by 11.81 percent to N48.4 billion from N43.3 billion, while fee and commission income went up by 39.52 percent to N6.5 billion from N4.7 billion.

    In the period under review, the interest and similar income rose to N38.7 billion from N37.7 billion, with the impairment charge closing at N1 billion as at March 31, 2019 against N702 million as at March 31, 2018, with the fee and commission expense rising to N1.1 billion from N1 billion.

    In Q1 2019, Fidelity Bank increased its profit before tax by 33.96 percent to N6.7 billion from N5 billion, while the profit after tax rose by 28.38 percent to N5.9 billion from N4.6 billion.

    In the period under review, the earnings per share appreciated by 28.38 percent to 21 kobo from 16 kobo, with the shareholders’ fund growing to N202 billion from N179.7 million.

    A further analysis of the results showed that the bank improved its total deposits by 3.8 percent to N1 billion, while total loans increased by 13.7 percent to N966.3 billion, with the cost to income ratio rising by 68.4 percent.

    In addition, the company closed with a cost of risk of 0.5 percent, an NPL Ratio of 4.9 percent, Liquidity Ratio of 37.2 percent and a Capital Adequacy Ratio of 16.5 percent.

  • Fidelity Bank announces appointments of three new Executives

    Fidelity Bank Plc on Monday announced the appointments of three new Executives by the Board of Directors as part of corporate realignment aimed at repositioning for further growth.

    The bank said in Lagos that the board had approved the appointment of Mr Gbolahan Joshua as Executive Director/Chief Operations and Information Officer.

    It also announced Mr Obaro Odeghe, as Executive Director, Corporate Banking, while Hassan Imman, was appointed as the Executive Director, Northern Directorate.

    The bank said that the new appointments were, however, subject to the approval of the Central Bank of Nigeria (CBN).

    According to it, Gbolahan will have executive responsibilities for Operations, Technology, Digital Banking, Investor Relations, Strategy and Business Transformation.

    Obaro, on his part, would oversee all the bank’s corporate banking business covering energy, power, manufacturing, telecommunications, fast moving consumer goods, construction and real estate.

    The bank said Hassan would supervise all commercial, SME, consumer and public sector businesses in the Northern Directorate, comprising 18 states and Abuja.

    It stated that the elevation of the three erstwhile General Managers to Executive Director positions, was consistent with its new succession strategy of grooming leaders from within.

    Commenting on the appointments, Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, said the bank had worked assiduously at proactively preparing people and growing talents and leadership.

    “Over the years, we have worked assiduously at proactively preparing our people and growing the talents and leadership pool in the bank, so that when opportunities arise, we do not always have to look outside.

    “I am most delighted that our three new EDs were all appointed from within,” Okonkwo said.

    Gbolahan, a Chartered Accountant, attended Kings College, Lagos and holds a Bachelor’s Degree in Accounting.

    He has 20 years of comprehensive experience across various areas of Assurance and Banking, including Operations, Technology, Digital Banking, Strategy, Business Transformation, Finance, Treasury, Mergers and Acquisitions.

    Also, Obaro attended Edo College, Benin City and holds a Bachelor’s Degree in Agriculture and an MBA.

    He has gained exposures from top global educational and professional institutions, including Harvard, Wharton and Kelloggs.

    Obaro has 24 years of banking experience across various areas of banking, including Corporate Banking, Commercial Banking, SMEs, Consumer Banking, Institutional Banking, Trade Finance and Operations.

    On his part, Hassan holds a Bachelor’s Degree in Economics and has two Masters’ Degrees and an MBA.

    He has attended programmes in Harvard, Stanford, Wharton and other leading international educational and professional institutions.

    Hassan also has 25 years of comprehensive experience across various areas of banking, including commercial banking, consumer banking, SMEs, institutional banking, trade finance, operations, treasury and risk management.

  • Fidelity Bank declares N22.9bn profit in 2018

    Fidelity Bank Plc has posted a 29 per cent increase in profit after tax for the financial year ended Dec. 31, 2018.

    The bank, in a statement in Lagos, said that the profit after tax during the period under review stood at N22.9 billion, compared with N17.7 billion realized in the comparative period.

    Also, its profit before tax soared by 30.6 per cent to N25.1 billion in contrast with the N19.2 billion posted in 2017.

    The bank reported gross earnings of N188.9 billion against N180.2 billion in the corresponding period, an increase of 4.8 per cent, while operating income rose by 13.9 per cent, from N85.9 billion, to N97.2 billion.

    Its customer deposit, which is a measure of consumer confidence, rose by 26.3 per cent from N775.2 billion, to N979.4 billion, just as total Assets grew by 24 per cent, from N1.4 trillion to N1.7 trillion.

    The bank is proposing a total divided of N3.2 billion to its shareholders which translated to 11k per share.

    Commenting on the performance, Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, was quoted by the statement as saying that the 2018 numbers showed a sustained performance trajectory.

    “We are delighted by our 2018 numbers, which clearly shows au sustained performance trajectory.

    “We are growing our market share with continued traction in our chosen business segments.

    “We recoded double digits growth in interest income on our liquid assets, digital banking, foreign exchange and other income lines”, Okonkwo said.

    He said that in recent years, the bank’s digital retail banking approach had continued to yield positive results.

    Okonkwo said that savings recorded its fifth consecutive year of double digit growth with a 27.7 per cent increase, to peak at N228 billion.

    “Savings accounts for over 23 per cent of our total deposits, an attestation of our increasing market share in the retail segment”, he stated.

    He said that 42 per cent of customers were now enrolled on the bank’s mobile /Internet banking products.

    Okonkwo said that more than 81 per cent of total transactions were done on digital platforms, resulting in 25 per cent of fee-based income, coming from digital banking.

    Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 4.2 million customers who are serviced across its 240 business offices and various other digital banking channels.

     

     

  • Fidelity Bank proposes payment of N3.2bn dividend to shareholders

    Fidelity Bank Plc is proposing a N3.2 billion dividend payout to shareholders. The payout followed the bank’s strong financial result for the year-ended December 31, 2018.

    The bank posted a 4.8 per cent growth in Gross Earnings from N180.2 billion to N188.9 billion while Profit Before Tax soared by 30.6 per cent to N25.1 billion, when compared with the N19.2 billion it recorded in 2017.

    Profit After Tax grew by 29 per cent from N17.7 billion in 2017 to N22.9 billion in 2018, while Operating Income rose by 13.9 per cent from N85.9 billion to N97.2 billion. Customer Deposit, which is a measure of consumer confidence rose by 26.3 per cent from N775.2 billion to N979.4 billion just as total assets grew by 24 per cent from N1.4trillion to N1.7trillion.

    “We are delighted by our 2018 numbers, which clearly shows a sustained performance trajectory. We are growing our market share with continued traction in our chosen business segments. We recoded double digits growth in interest income on our liquid assets, digital banking, FX and other income lines,” said Fidelity Bank CEO, Nnamdi Okonkwo.

    As seen in recent years, the bank’s digital retail banking approach has continued to yield positive results. Savings recorded its fifth consecutive year of double digits growth with a 27.7 per cent increase to peak at N228 billion. ”Savings accounts for over 23 per cent of our total deposits, an attestation of our increasing market share in the retail segment,” he said.

    Okonkwo was also enthused with the progress of its digital banking play stating that over 42 per cent of customers are now enrolled on the bank’s mobile/internet banking products and more than 81 per cent of total transactions done on digital platforms, resulting in 25 per cent of fee-based income, coming from digital banking.

  • RE: False claims stemming from video post – Fidelity Bank

    Our attention has been drawn to a social media video featuring an assault on two people at a Fidelity Bank branch in Lagos.

    The two individuals featured in the video were suspected of ‘shoulder surfing’ to steal customer card details at the ATM. The security personnel on duty interceded and they attacked and injured him before the intervention of the Mobile Policemen who are seen in the video.

    No Fidelity Bank official ordered any violence against customers as alleged and there was no incidence of the Branch ATM not dispensing cash.

    The matter has been reported to the Police and the suspects have been handed over for prosecution.

    Fidelity Bank is customer-centric and we remain committed to providing easy and convenient banking and financial services in a safe environment for our customers and the banking public.

    Thank you

    Charles Aigbe,

    Divisional Head, Brands and Communications.

  • Security: Fidelity Bank donates N50m to Lagos State Security Trust Fund

    Security: Fidelity Bank donates N50m to Lagos State Security Trust Fund

    Fidelity Bank Plc on Monday donated N50 million to the Lagos State Security Trust Fund (LSSTF) as part of contributions to improving security of lives and property in the state.

    The cheque was presented by the Bank’s Executive Director, Lagos and South-West, Mrs Nneka Onyeali-Ikpe to the Executive Secretary, LSSTF, Dr. Abdulrassaq Balogun at a brief ceremony in Alausa, Ikeja, Lagos on Monday.

    Onyeali-Ikpe who commended the Lagos State Government for its commitment to preserving public peace, and protecting lives and property of Lagosians, said security was paramount to business success. According to her no activity can thrive in an atmosphere of uncertainty and insecurity.

    “We are encouraged to support this initiative and kudos must be given to the Lagos State Government for the peace we are enjoying in the state today. We have over 80 branches, about 2,000 staff and millions of customers in the state. We are concerned about their safety all the time” she stated

    The Executive Secretary of LSSTF, Dr. Abdurrazaq Balogun, commended the bank for the gesture, saying that Fidelity had been consistent in its support to the Fund from inception to date. According to him the bank has donated a total of N175 million to the LSSTF since the fund was established. “Thank you Fidelity Bank. We are most appreciative of this and what is most touching for us is your consistency. You have always come to our aid every year unsolicited”.

    He assured the Fidelity Bank officials that the donation would be used judiciously and reiterated the commitment of the Lagos State Governor Akinwumi Ambode to ensuring that we have a safe Lagos State.