Connect with us

Banking Sector

Nelson Nweke, a Non-Executive Director at Fidelity Bank, Invest Additional N54.852 Million in the Bank

Published

on

Nelson Nweke - Investors King

Mr. Nelson Nweke, a non-executive director of Fidelity Bank Plc, in June increased his investment in the bank by 54,851,860.2, according to the management of Fidelity Bank.

Mr. Nweke purchased 21,805,180 shares of the bank valued at N49,933,862.2 at N2.29 a unit between June 23-29, 2021 in Lagos, Nigeria.

On Monday, June 28, 2021, the non-executive director acquired another 2,138,260 shares worth N4,917,998 at N2.30 a unit. Bringing his total purchase to N54,851,860.2 or 23,943,440 shares.

It would be recalled that Investors King reported that Mr. Nelson Nweke, who was appointed to the bank’s board on January 1, 2021 bought 13,005,700 shares of Fidelity Bank in May 2021 at an average price of N2.07 per share, representing an investment of N26.922 million.

With this new addition, Nweke has invested N81,773,860 in the bank since he joined its board in January.

Mr. Nelson Nweke currently serves as the Managing Director of Neilville Nigeria Limited and an Independent Non-Executive Director at Berger Paints PLC. Prior to joining the Board of Fidelity Bank, he had previously served as a Non-Executive Director of Premium Pension Limited and was a member of the Governing Council of Anambra State Investment Promotion and Protection Agency between 2014 and 2018.

His banking industry experience covers Operations, Public Sector, Corporate Services and Human Resources Administration, with an extensive career in the financial sector, rising to the position of Executive Director at legacy Intercontinental Bank Plc.

He holds a Bachelor’s degree in Political Science and an Msc. in Industrial and Labour Relations, both from the University of Ibadan. He has also attended various executive development programmes at world class business schools including INSEAD, France; IMD, Lausanne, Switzerland; and Harvard Business School, amongst others. He is an Associate Member of the Chartered Institute of Stockbrokers (CIS), Member Chartered Institute of Personnel Management (CIPM) and Nigeria Institute of Management (NIM).

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Banking Sector

Unity Bank Grows Profit by 34 Percent But Net Trading Income Dips 443% in H1 2021

Published

on

Unity bank - Investors King

Unity Bank Plc, a community-oriented commercial bank, extended its positive momentum in the first half (H1) of 2021 as gross income grew by 3 percent to N23.609 billion, up from N22.863 billion filed in the first half of 2020.

The bank disclosed in its unaudited financial statement released on Friday.

Net interest income rose to N9.868 billion in the period under review, representing an increase of 9 percent from N9.059 billion filed in the corresponding period of 2020. Unity Bank increased net fee and commission income by 21 to N3.073 billion, up from N2.545 billion achieved in H1 2020.

However, net trading income dipped by 443 percent from N30.342 million recorded in H1 2020 to -N104.108 million. Other operating income also decreased by 27 percent to N366.067 million when compared to N500.721 million filed in H1 2020.

The bank’s net operating income expanded by 18 percent to N13.923 billion in H1 2021 from N11.824 billion in H1 2020. Profit before tax increased to N1.502 billion in the period under review, an increase of 34 percent from N1.120 billion filed in H1 2020.

Profit after tax rose to N1.382 billion in H1 2021, an increase of 34 percent from N1.031 billion recorded in H1 2020.

Speaking on the performance, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun, said “the bank is beginning to reflect greater consistency, steady outlook and resilience that places it on a performance pedestal ahead of the volatilities in the operating environment occasioned partly by the prevailing global pandemic and other market shocks that have far-reaching implications in the local and foreign economies.

“The double digits growth recorded in both earnings and profits, she further added, was the result of a portfolio plan which the Bank set out in the beginning of the year to diversify its portfolio whilst incrementally pursuing asset creation in petrochemical downstream, consumer, healthcare and general commerce with agribusiness providing the bulwark for identified business and brand benefits.”

Continue Reading

Banking Sector

Fidelity Bank Doles Out N39 Million to 15 Lucky Customers

Published

on

Fidelity Bank Promo - Investors King

In yet another show of its commitment to reward loyal customers for maintaining a savings habit, leading financial institution, Fidelity Bank PLC has presented cash gifts worth N39million to lucky customers at the closing ceremony of the Fidelity Bank’s Get Alert in Millions (GAIM) Promo.

Held at Fidelity Bank’s head office in Lagos on Thursday, 29 July 2021, the well-attended event was conducted in the presence of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB), and Federal Competition and Consumer Protection Commission (FCCPC).

Speaking at the event, the Managing Director/Chief Executive Officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, ably represented by the bank’s Executive Director -Lagos and SouthWest, Dr. Ken Opara, reiterated the bank’s devotion to supporting initiatives that enrich the lives of its loyal customers even in times of economic uncertainties. She said “Encouraging savings and financially empowering our loyal customers have been a long-standing heritage at Fidelity Bank. We are elated at yet another opportunity to dole out up to N39Million to 15 Nigerians even in this time of economic uncertainty”. She further stressed the bank’s intentional drive towards enhancing CBN’s financial inclusion goal. “As a bank, we continuously position ourselves as key drivers for financial inclusion. Beyond encouraging savings, we believe that our GAIM campaign is a suitable initiative to attract the unbanked to the banking side of life”, Nneka added.

At the event, the duo of Mr. Sunday Okechukwu and Mr. Justine Nwaozor, who won the star prize of N10 million each were credited with their winnings. 13 other winners were credited with N3 million, N2 million, and N1 million accordingly; while 18 lucky customers walked home with consolation prizes including TV sets, refrigerators and generators.

Expressing his delight, a star prize winner, Mr. Sunday Okechukwu said, “I am grateful for this reward and most especially, the initiative. It’s common knowledge that having a healthy savings culture is good for one’s financial wellbeing, however, staying true to savings is sometimes difficult given the times we are in. However, with initiatives like this, savings become easier as we stand a chance to win big. I am glad to have won big, so big enough to turn my life and business around. Truly, Fidelity Bank keeps their word”.

Launched in 2019, Fidelity Bank’s GAIM Season 4 promo is a savings initiative of the bank specifically aimed at promoting a savings culture among Nigerians. Through this campaign, a total of N120 million has been seeded to several Fidelity Bank customers.

As a bank, we are pleased with the outcome of this initiative so far. Having wound up the fourth season of this campaign, it is exciting to see the number of people whose fortunes have changed. Although GAIM Season 4 is over, we will continue to drive initiatives that will, directly and indirectly impact the lives of our customers and Nigerians at large”, disclosed the Head of Savings and Sales, Fidelity Bank Plc, Mr. Ukpai Ibe.

Over the years, the leading tier two Bank has continued to intensify its efforts and innovate ways towards ensuring customer and stakeholder satisfaction. Through this promo, Fidelity Bank has promoted financial inclusion through digital channels and enriched the lives of its customers.

Continue Reading

Banking Sector

FCMB Group Posts 22.1 Percent Decline in Profit in H1 2021

Published

on

FCMB - Investors King

FCMB Group Plc, a leading financial institution in Nigeria, recorded a 22.1 percent decline in profit after tax in the first half (H1) of 2021 despite zero COVID-19 restrictions.

The lender gross earnings dipped by 4.02 percent from N98.179 billion achieved in the first half of 2020 to N94.228 billion in the period under review, the bank disclosed in its unaudited financial statements seen by Investors King.

Net interest income also moderated by 5.25 percent from N45.379 billion reported in H1 2020 to N42.998 billion in H1 2021. While net fee and commission income increased to N12.934 billion in the period under review, representing an increase of 33.51 percent from N9.688 billion achieved in the same period of 2020.

Net trading income drop from N3.925 billion in H1 2020 to N2.639 billion in H1 2021, this represents a decline of 32.78 percent.

Other revenue sheds 39.7 percent from N7.555 billion in H1 2020 to N4.552 billion in H1 2021. Profit before minimum tax and income tax decreased by 24.2 percent to N8.911 billion in H1 2021, down from N11.071 billion recorded in H1 2020.

The bank paid N450 million as minimum tax and income tax of N903.797 million to push profit after tax down by 22.1 percent from N9.701 billion in H1 2020 to N7.557 billion in H1 2021.

The lender realised N974.744 million from foreign currency translation differences for foreign operations. This brings the total comprehensive income for the period N8.545 billion.

Earnings per share dipped from N0.49 H1 2020 to N0.38 in H1 2021.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending