• About
  • Privacy & Policy
  • Terms
  • Contact
Breaking News Nigeria, Latest Nigerian News
Advertisement
ADVERTISEMENT
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    fidelity bank board appointment

    Fidelity Bank announces retirement of 4 directors, appoints 3 new others

    primate elijah ayodele

    2021 PROPHECY: Tinubu will be rubbished, North will retain the presidency – Primate Ayodele

    unizik graduate

    UNIZIK graduate emerges overall winner of Unity Bank Corpreneurship Challenge

    Amaechi's suspension

    “Amaechi’s suspension a joke taken too far”

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    taxmingo

    Taxmingo launches to make tax filing easy for Nigerian small businesses

    paystack

    Stripe buys Paystack for over $200M in Nigeria’s biggest startup acquisition deal

    jack dorsey

    Twitter boss, Jack Dorsey throws weight behind Nigeria’s #EndSARS protest

    nigeria's active mobile subscribers

    Nigeria’s active mobile subscribers hit 199.3 million

    irokotv

    Africa’s pioneer VoD platform, iROKOtv to cut 150 jobs

    ulesson

    uLesson App introduces Live Lessons for learners

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    King of Boys filming completed

    Kemi Adetiba says that filming for “King of Boys 2” has officially ended

    Olamide releases new album

    Watch the official video for “Triumphant” by Olamide featuring Bella Shmurda here

    Wizkid drops new video

    Wizkid drops official video for “No Stress”

    wizkid made in lagos

    LISTEN: Wizkid’s ‘#MadeInLagos’ album has finally dropped

    Ajebo Hustlers drop remix of "Barawo"

    Davido features on “Barawo” remix by Ajebo Hustlers

    Simi drops new track

    Simi features Ms Banks on new track “There For You”

  • Lifestyle
    • All
    • Food
    • Health
    food visionaries

    Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    detox at home

    #WeekendFitness: 6 simple ways to detox at home

    Toke Makinwa celebrates 36th birthday

    See pictures from online personality Toke Makinwa’s 36th birthday

    Mercy allegedly dumps Ike

    Mercy Eke confirms break up with BBNaija lover Ike Onyema

    salvation ministries

    SCANDAL: Pastor David Ibiyeomie’s Salvation Ministries distances self from alleged gay pastor

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    jobs

    #SmartKobo: 4 unlikely jobs that can fetch you millions

    bank fees

    #SmartKobo: 5 bank fees we all hate and how to avoid them

    auto insurance

    #SmartKobo: 4 things you need to know before taking comprehensive auto insurance

    budgeting

    #SmartKobo: A complete beginner guide to budgeting

    property

    #SmartKobo: Read this before buying any property in Lagos

    wedding

    #SmartKobo: If only you got this 5 money advice before your wedding

No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    fidelity bank board appointment

    Fidelity Bank announces retirement of 4 directors, appoints 3 new others

    primate elijah ayodele

    2021 PROPHECY: Tinubu will be rubbished, North will retain the presidency – Primate Ayodele

    unizik graduate

    UNIZIK graduate emerges overall winner of Unity Bank Corpreneurship Challenge

    Amaechi's suspension

    “Amaechi’s suspension a joke taken too far”

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    taxmingo

    Taxmingo launches to make tax filing easy for Nigerian small businesses

    paystack

    Stripe buys Paystack for over $200M in Nigeria’s biggest startup acquisition deal

    jack dorsey

    Twitter boss, Jack Dorsey throws weight behind Nigeria’s #EndSARS protest

    nigeria's active mobile subscribers

    Nigeria’s active mobile subscribers hit 199.3 million

    irokotv

    Africa’s pioneer VoD platform, iROKOtv to cut 150 jobs

    ulesson

    uLesson App introduces Live Lessons for learners

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    King of Boys filming completed

    Kemi Adetiba says that filming for “King of Boys 2” has officially ended

    Olamide releases new album

    Watch the official video for “Triumphant” by Olamide featuring Bella Shmurda here

    Wizkid drops new video

    Wizkid drops official video for “No Stress”

    wizkid made in lagos

    LISTEN: Wizkid’s ‘#MadeInLagos’ album has finally dropped

    Ajebo Hustlers drop remix of "Barawo"

    Davido features on “Barawo” remix by Ajebo Hustlers

    Simi drops new track

    Simi features Ms Banks on new track “There For You”

  • Lifestyle
    • All
    • Food
    • Health
    food visionaries

    Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    detox at home

    #WeekendFitness: 6 simple ways to detox at home

    Toke Makinwa celebrates 36th birthday

    See pictures from online personality Toke Makinwa’s 36th birthday

    Mercy allegedly dumps Ike

    Mercy Eke confirms break up with BBNaija lover Ike Onyema

    salvation ministries

    SCANDAL: Pastor David Ibiyeomie’s Salvation Ministries distances self from alleged gay pastor

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    jobs

    #SmartKobo: 4 unlikely jobs that can fetch you millions

    bank fees

    #SmartKobo: 5 bank fees we all hate and how to avoid them

    auto insurance

    #SmartKobo: 4 things you need to know before taking comprehensive auto insurance

    budgeting

    #SmartKobo: A complete beginner guide to budgeting

    property

    #SmartKobo: Read this before buying any property in Lagos

    wedding

    #SmartKobo: If only you got this 5 money advice before your wedding

No Result
View All Result
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
Home Uncategorized

Fidelity Bank’s H1 gross earnings hit N105.8 billion

Enyi Ominyi by Enyi Ominyi
September 9, 2020
in Uncategorized, Business
0
A A
0
fidelity bank

A Fidelity Bank branch building.

Share on FacebookShare on Twitter

Fidelity Bank H1 PAT grew by 33 per cent

PRESS RELEASE

Despite the economic challenges occasioned by the COVID-19 pandemic, Fidelity Bank has sustained the financial performance trajectory of recent years, with another set of impressive financial results. Details of the Audited Half Year results ending June 30, 2020, for the top Nigerian lender, released on the Nigerian Stock Exchange (NSE) on Thursday September 3, 2020, show strong growth in profits and other indices.

The bank recorded a surge in Profit Before Tax of N12.0bn from N9.8bn in 2019, which translated to a 22% growth. Net profits for Fidelity Bank grew by 33% from N8.5bn to N11.3bn in the reporting period. In other indices Total Assets rose by 13.7% from N2.1trillion in 2019 to N2.4trillion this year whilst Total Deposits rose by 14.8% from N1.2trillion to N1.4trillion during the same period.

Commenting on the results, Fidelity Bank CEO, Nnamdi Okonkwo said the performance for the period, reflects the resilience of the bank’s business model. “Due to the global and domestic headwinds witnessed in H1 2020, we proactively increased our cost of risk as the impact of the pandemic slowed down economic activities whilst adapting our business model to the new risks and opportunities of the new normal” he stated.

Read also, Nneka Onyeali-Ikpe takes over from Nnamdi Okonkwo as Fidelity Bank CEO

According to him, Fidelity Bank, re-stated its H1 2019 figures from N15.1bn to N9.8bn to reflect the impact of IFRIC 21- Levies, which was adopted for the first time on the H1 2020 financials. “The key impact of IFRIC 21 was that our 2020FY AMCON Cost was recognized 100% in our H1 2020 Accounts rather than been amortized over 12 months as was done previously on our financials,” said the Fidelity CEO”. He further revealed that, without implementing IFRIC 21, profit for the period would have been N17.9bn compared to the N15.1bn reported in H1 2019.

Fidelity Bank has been implementing a digital-led retail strategy and digital banking gained further traction during the period with 87.3% of the bank’s customers now transacting on digital platforms. The figures are up from 82.0% in 2019FY while 51.2% of the bank’s customers are now enrolled on the bank’s mobile/internet banking products.

“Though digital banking income dropped by 29.1% due to the downward fee revisions for electronic transactions in line with the new bankers’ tariff, we have continued to receive positive reviews on our digital channels. IVY, the bank’s chat box is rated as the clear leader, among virtual assistants in the industry, just as our flagship instant banking product (*770#) was also rated in the top tier category in the recently released 2020 KPMG Digital Channels Scorecard” he explained.

Read more Fidelity Bank appoints Chike-Obi as Chairman, Board of Directors

Retail Banking in Fidelity Bank has continued to also deliver impressive results. Savings Deposits in H1 2020 increased by 32.2% to N363.9bn with the bank on course to achieving the 7th consecutive year of double-digit growth in savings. Savings Deposits accounted for 49.1% of the total growth in customer deposits and now represents 25.9% of total deposits compared to 22.5% in 2019FY.

In reflection of the bank’s early conservative assessment of the sectors that were affected by the COVID-19 pandemic, the bank’s Non-Performing Loans (NPL) ratio increased to 4.8% from 3.3% in 2019FY. Regulatory Ratios however remained above the required thresholds with Capital Adequacy Ratio increasing to 18.8% from 18.3% due to the capitalization of H1 2020 Audited Profits while Liquidity Ratio stood at 32.1%.

Buoyed by the H1 performance, the bank is optimistic about the remaining part of the year. “We believe the new phase of normalcy will unveil some growth opportunities. We will continue to monitor and pro-actively manage any evolving risks as the Nigerian economy gradually reopens and economic activities pick-up in key sectors” Okonkwo stated.

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

President Buhari speaks on petrol price increase

Next Post

#BBNaija2020: Kiddwaya wants Biggie to bring Erica back

Next Post
BBNaija: Terry Waya promises Erica N42.5M

#BBNaija2020: Kiddwaya wants Biggie to bring Erica back

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 1.4k Followers
  • 5 Followers
  • Trending
  • Comments
  • Latest
Why Chelsea may win the EPL title or any other trophy this 2020/21 season

BREAKING! Chelsea sack Frank Lampard

January 25, 2021
Netflix approves production of "Chief Daddy 2"

Netflix approves production of “Chief Daddy 2,” to premiere in 2021

July 30, 2020
dangote's girlfriend

BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

January 2, 2021
piracy

Court convicts 3 pirates under new maritime law

August 16, 2020
BBNaija BrightO plans to vex Praise

#BBNaija2020: BrightO plans to embarrass Praise using his family

August 20, 2020
ukazi soup

Ukazi Soup: Gracing your palate with this Igbo special broth takes just 10 minutes

July 15, 2020
Why Chelsea may win the EPL title or any other trophy this 2020/21 season

BREAKING! Chelsea sack Frank Lampard

January 25, 2021
nysc

TRAGIC! How female corps member hacked lover to death in Uyo

January 11, 2021
taxmingo

Taxmingo launches to make tax filing easy for Nigerian small businesses

January 11, 2021
food visionaries

Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

January 11, 2021
Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

January 3, 2021
dangote's girlfriend

BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

January 2, 2021

Recent News

Why Chelsea may win the EPL title or any other trophy this 2020/21 season

BREAKING! Chelsea sack Frank Lampard

January 25, 2021
nysc

TRAGIC! How female corps member hacked lover to death in Uyo

January 11, 2021
taxmingo

Taxmingo launches to make tax filing easy for Nigerian small businesses

January 11, 2021
food visionaries

Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

January 11, 2021
Breaking News Nigeria, Latest Nigerian News

Follow Us

Browse by Category

  • Apps
  • Athletics
  • Basketball
  • Breaking News
  • Business
  • Business Editor's Pick
  • Business Featured Section
  • Entertainment
  • Featured
  • Food
  • Football
  • Gaming
  • General
  • Health
  • Lifestyle
  • Mobile
  • Movie
  • Music
  • News
  • Politics
  • Politics Featured Section
  • Review
  • Science
  • SmartKobo
  • Sports
  • Startup
  • Tech
  • Technology
  • Technology Featured Section
  • Uncategorized
  • World

Recent News

Why Chelsea may win the EPL title or any other trophy this 2020/21 season

BREAKING! Chelsea sack Frank Lampard

January 25, 2021
nysc

TRAGIC! How female corps member hacked lover to death in Uyo

January 11, 2021
taxmingo

Taxmingo launches to make tax filing easy for Nigerian small businesses

January 11, 2021
  • About
  • Privacy & Policy
  • Terms
  • Contact

© Copyright Nigeria Today 2020

No Result
View All Result
  • Home
  • News
  • Tech
  • Entertainment
  • Lifestyle
  • SMARTKOBO

© Copyright Nigeria Today 2020

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Subscribe With Nigeria Today News