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Fidelity Bank’s Profit Rose by 27% in Q2

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Fidelity Bank - Investors King
  • Fidelity Bank’s Profit Rose by 27% in Q2

Fidelity Bank Plc’s profit before tax rose by 27.3 per cent from N10.2bn in the second quarter of 2017 to N13bn in the corresponding period of 2018.

According to a report which was released at the Nigerian Stock Exchange on Wednesday, the bank’s profit after tax rose by 31 per cent to N11.8bn from N9.03bn in the second half of 2017 to N11.8bn in same period of 2018.

It disclosed that its gross earnings rose by 3.6 per cent from N85.8bn to N88.9bn.

The bank stated, “In other indices, total assets grew by 13.7 per cent to N1,567.6bn from N1,379.2bn in the previous period. Total deposits, a measure of customer confidence, increased by 19.7 per cent to close at N927.9bn from N775.3bn in 2017.”

Commenting on the results, Chief Executive Officer, Fidelity Bank, Mr. Nnamdi Okonkwo, attributed the impressive performance to the disciplined approach in managing the balance sheet growth of the bank, its strategic cost containment initiatives; focused attention to chosen business segments and determined execution of its retail and digital banking strategy.

He stated, “Gross earnings, net fee and commission income all grew primarily due to the increase in transactional activities. Our digital banking initiative continues to gain traction with almost 40 per cent of our customers now enrolled on our mobile/Internet banking products and over 80 per cent of total transactions now done on our digital platforms.”

It added that as shown in recent years, Fidelity Bank’s retail digital banking strategy had continued to positively impact on the business.

The statement said, “This was again evident in the HI 2018 results as savings deposits increased by 10.6 per cent to N197.5bn. The bank is on track to achieving a fifth consecutive year of double-digit savings growth. Low-cost deposits now account for 73.8 per cent of total deposits.”

Although total operating expenses grew by 5.7 per cent to N32.7bn, Okonkwo maintained that the bank’s cost-to-income ratio remained relatively stable at 67.7 per cent when compared to 67.5 per cent reported in the previous year.

“This is in spite of the double-digit inflationary environment in Nigeria. With regulatory ratios such as the Capital Adequacy Ratio at 17 per cent, Liquidity Ratio at 33.2 per cent, well above required threshold,” it stated.

Okonkwo was optimistic that the bank would sustain the sterling performance in the second half of the year.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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