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Fidelity Bank Grows Pre-tax Profit to N52 Billion for FY 2022

Total Assets for the Bank now stand at N3.999 trillion

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fidelity bank - Investors King

Fidelity Bank Plc has announced an impressive growth in Profit Before Tax to N52 billion for the Full Year 2022.  

This represents a 36.5% increase from the N38 billion it reported in the same period, 2021.

This was made known in the bank’s unaudited statement of account obtained by Investors King through the Nigerian Exchange (NGX).

A regulatory filing shows that the bank grew Gross Earnings by 33.9% to N335.897 billion from N250.774 billion in FY 2021.

Interest and similar income which represents interest income on financial assets measured at amortised cost and Fair value through other comprehensive income grew to N277 billion as a result of an increase in loans and advances to customers during the period.

Similarly, interest expenses, calculated using the effective interest rate method and excluding the interest expense on financial liabilities carried at fair value through profit or loss increased to N43 billion in 2022 from N35 billion in 2021 as term deposit improved for the period to value N30 billion in 2021 from N23 billion in 2021

Net Interest Income also went up by 61.1% to N152.813 billion from N94.877 billion in FY 2021 leading to a Profit After Tax of N47.163billion for FY 2022 from N35.579billion in FY 2021.

Meanwhile, other operating income declined to N7 billion from N17.8 billion as the company saw dip in net foreign exchange gain, dividend income and other items.

The Dividend income represents the dividend received from the Bank’s investment in equity instruments held for strategic purposes and for which the Bank has elected to present the fair value and loss in other comprehensive income while the net foreign exchange gain represents unrealised gains from the revaluation of foreign currency-denominated assets and liabilities held in the non-trading books.

Total Assets for the Bank now stand at N3.999 trillion from N3.289 trillion in FY 2021 and Deposit from Customers is now at N2.591 trillion from N2.024 trillion in FY 2021.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Apple’s Market Value Plummets Amid Regulatory Scrutiny on Both Sides of Atlantic

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Apple Inc. finds itself at the center of regulatory storms on both sides of the Atlantic, leading to a significant dip in its market value.

The tech giant is facing intense scrutiny from regulators with allegations of antitrust violations looming large.

In the United States, the Department of Justice, along with 16 state attorneys general, has filed a lawsuit against Apple, accusing the company of breaching antitrust laws.

This legal action has sent shockwaves through the investment community, resulting in a 4.1% drop in Apple’s shares on Thursday alone.

This decline wiped out approximately $113 billion in market value, increasing its year-to-date losses to 11%.

Once hailed as the world’s most valuable firm, Apple’s shares have underperformed major indices like the Nasdaq 100 and the S&P 500 in 2024.

Across the pond, European regulators are also eyeing Apple’s practices closely. The company faces potential probes into its compliance with the region’s Digital Markets Act.

This legislation empowers authorities to levy hefty fines, up to 10% of a company’s total annual worldwide revenue, for violations.

With investigations looming, Apple’s future in the European market appears uncertain.

Despite Apple’s staunch defense against the allegations, investors remain jittery about the implications of regulatory actions.

The company’s legal battles have underscored broader concerns about its dominance in the digital marketplace and the impact on competition.

As the regulatory saga unfolds, Apple must navigate turbulent waters, balancing legal challenges with its commitment to innovation and market leadership.

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NNPC Gears Up for Public Listing, Embraces Full Commercialization

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The Nigerian National Petroleum Company Limited (NNPC) is poised for a transformation as it sets its sights on a public listing.

The announcement came from Mele Kyari, the Group Chief Executive Officer of NNPC, during his address at the ongoing 2024 CERAWEEK in Houston, United States.

Kyari affirmed NNPC’s commitment to aligning with the provisions of the Petroleum Industry Act (PIA), which mandates the company to become a quoted entity.

This move, he emphasized, is a pivotal step towards realizing the objectives outlined in the PIA, ensuring transparency, efficiency, and profitability in the Nigerian oil and gas sector.

In his remarks, Kyari highlighted the transformative journey NNPC has undergone, transitioning from a government-owned corporation to a commercially-oriented and profit-driven entity.

He emphasized that the company has evolved into a full limited liability company, capable of generating dividends for its shareholders while adhering to tax and royalty obligations.

Furthermore, Kyari underscored the strategic importance of NNPC to Nigeria’s resource management and economic development, emphasizing its pivotal role in the country’s energy sector.

The planned public listing of NNPC shares is anticipated to democratize ownership and enhance transparency within the company’s operations.

Kyari noted that the process is in line with the legal framework established by the PIA and is expected to commence within the stipulated timeline.

NNPC’s bold move towards commercialization signifies a paradigm shift in Nigeria’s oil and gas industry, promising increased accountability, efficiency, and value creation for stakeholders.

As the company embraces this new era, it aims to consolidate its position as a key player in the global energy landscape while driving sustainable growth and development domestically.

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