Fidelity Bank has listed an additional 3,037,414,308 ordinary shares of 50 kobo on the Nigerian Exchange Limited (NGX).
The additional sales have increased the bank’s total issued and fully paid-up shares from 28,974,797,023 to 32,012,211,331 ordinary shares.
The NGX said, “Trading Licence Holders are hereby notified that additional 3,037,414,308 ordinary shares of 50 kobo each at N4.60 of Fidelity Bank Plc (Fidelity or the Bank) were on Friday, August 11, 2023, listed on the Daily Official List of the Nigerian Exchange Limited (NGX).”
The bank’s audited financial statement for the 2022 fiscal year revealed a profit before tax (PBT) of N53.677 billion, the highest PBT in five years and outpacing its peer.
Fidelity Bank has set ambitious targets for the future with the Q1 2023 results indicating the likelihood of exceeding the projected 2023 profit. A remarkable 74 percent quarter-on-quarter growth in PBT to N17.94 billion demonstrates the bank’s commitment to sustained and impressive earnings growth.
The bank paid a final dividend of 40 kobo per share for the 2022 fiscal year on May 23, 2023.
A key driver behind Fidelity Bank’s remarkable earnings growth is the increase in gross earnings, bolstered by healthy growth in interest and similar income. This dynamic strategy has not only set Fidelity Bank apart but has also bolstered its reputation as a formidable player in the Nigerian banking sector.
With the listing of these additional shares on the Nigerian Exchange Limited (NGX), Fidelity Bank continues to chart an impressive course, solidifying its position as a powerhouse in the financial landscape and setting the stage for a promising future.
Access Bank, Others Collect N154 Billion in Electronic Banking Fees in H1’23, a 16.7% YoY Surge
In the first half of 2023, customers of Nigeria’s top nine commercial banks paid a whopping N154 billion in fees for utilizing electronic banking services, reflecting a robust 16.7% year-on-year increase compared to H1’22’s N131.97 billion.
The data, extracted from the financial statements of these banks, underscores the escalating trend of Nigerians embracing electronic payment channels.
Leading the pack in revenue generation from these fees is Access Bank, amassing N43.9 billion, followed by United Bank for Africa Plc (N51.07 billion), Zenith Bank (N22.27 billion), Guaranty Trust Bank (N21.2 billion), and others like Stanbic IBTC (N2.14 billion), First City Monument Bank (N7.4 billion), Unity Bank (N1.96 billion), Fidelity Bank (N1.85 billion), and Wema Bank (N3.13 billion).
Electronic banking services encompass a gamut of options, including internet banking, mobile banking, ATMs, and Point of Sale (PoS) systems.
Recent data from the Nigerian Interbank Settlement System (NIBSS) for Q1’23 indicates a substantial surge in electronic transactions.
Transaction volume increased by 209% YoY to 4.7 billion, and transaction value grew by 48% YoY to N137.52 trillion.
The nine banks collectively raked in N66.7 billion in account maintenance fees and commissions during H1’23, reflecting a 14.7% YoY rise.
Zenith Bank led this category with N21.02 billion, trailed by Access Bank (N13.36 billion), Guaranty Trust Bank (N10.5 billion), and United Bank of Africa (N9.6 billion).
Overall, the banks’ cumulative net fees and commission income registered a substantial 20.7% YoY growth, reaching N448.47 billion in H1’23 from N371.43 billion in H1’22.
Access Holdings Posts 52.6% Profit for the First Half of the Year
Parent Company of Access Bank Celebrates Remarkable Financial Performance in H1’23
Access Holdings Plc, the parent company of Access Bank, has reported a 58.9 percent surge in gross revenue to N940.3 billion for the first half of 2023.
The financial services giant also recorded remarkable growth in Profit Before Tax (PBT) and Profit After Tax (PAT) at 71.4 percent and 52.6 percent, respectively, culminating in N167.6 billion for PBT and N135.4 billion for PAT during the same period.
These financial milestones were unveiled as part of Access Holdings’ Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023.
The driving force behind this unprecedented growth can be attributed to a potent combination of factors. A 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income fueled the surge in gross revenue.
Access Holdings also witnessed a 35 percent year-to-date growth in customer deposits, capping the first half of 2023 at an impressive N12.5 trillion. This remarkable achievement encompassed all business segments, reinforcing the Group’s status as Nigeria’s largest financial institution by total assets.
The company’s total assets grew by 39.0 percent year-on-year to N20.9 trillion while shareholders’ funds surged by 40.6 percent to N1.7 trillion.
These astounding figures underline the Group’s ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services.
Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, commented on the company’s positive performance, saying, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.”
He went on to emphasize the company’s commitment to its 5-year cyclical strategy, stating, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”
Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting
The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.
Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.
In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”
While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.
President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.
The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.
The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.
News4 weeks ago
Npower Program Restores Hope with Long-Awaited Stipend Disbursement
Commodities4 weeks ago
Three Chinese Groups Vying to Acquire $2 Billion Botswana Copper Mine
News3 weeks ago
Government Plans to Revamp Npower Scheme and Combat Poverty
Banking Sector4 weeks ago
Guaranty Trust Holding Co. Surpasses Expectations with $468 Million Forex Windfall
Forex3 weeks ago
Black Market Dollar to Naira Today, September 7th, 2023
Government4 weeks ago
French Influence Wanes in Africa: Is Macron’s Africa Policy Doomed?
Black Market Rate4 weeks ago
Dollar to Naira Black Market Today, 2nd September 2023
Cryptocurrency4 weeks ago
Ripple Labs Objects to SEC’s Request for Appeal in Landmark Cryptocurrency Case