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H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability - Business - Nairaland

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H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by kirajustice: 4:02am On Sep 06, 2019
POLITICSNIGERIA.COM

Despite the country’s challenging and fiercely competitive business environment, Fidelity Bank Plc delivered a solid financial performance in the first half of 2019, recording double-digit growth in key revenue lines whilst achieving significant traction in digital banking uptake.

Details of the audited half-year result for the period ended June 30, 2019, released at the Nigerian Stock Exchange (NSE) on Thursday showed a 15.7 percent rise in Profit Before Tax (PBT) from N13.0 billion in the earlier period to N15.1 billion in the reporting period. Profit After Tax (PAT) rose by 15.6 percent to close at N13.6 billion from N11.8 billion recorded in 2018, whilst gross earnings increased by 12.3 percent from N92.3 billion to N103.7 billion. In other indices, Total Assets rose by 12.8 percent to N1.940.2bn from N1,719.9bn in the previous period.

Total Deposits; a measure of customer confidence, increased by 12.0 percent to close at N1,097.0 trillion from N979.4 billion in 2018 Financial Year (FY).

Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo expressed delight with the bank's financial performance. According to Okonkwo, the bank remained focused on the execution of its medium-term strategic goals and targets for the 2019FY whilst promising that the bank would continue to sustain the momentum and deliver another strong set of results for the 9M 2019. He said, “Gross Earnings increased by 12.3 percent to N103.7bn driven by a 52.4 percent growth in our fee-based income and a 7.2 percent growth in Interest Income. Digital Banking, Okonkwo stated has continued to gain traction driven by new initiatives in retail lending segment and increased cross-selling of its digital banking products.

“We now have 45.0 percent of our customers enrolled in the bank's mobile/internet banking products, 82.0 percent of total transactions now done on digital platforms and 29.0 percent of fee-based income now coming from digital banking”, he added. The Fidelity CEO pointed out that retail loans were steadily on the rise after the launch of the bank’s new digital lending product dubbed Fidelity Fastloan, further adding that the bank has deepened lending partnerships with select Financial Technology (FinTechs) companies.

Buoyed essentially by innovative digital technologies, Fidelity Bank’s retail strategy has become a major game-changer for the business. This was again evident in the H1 2019 results as savings deposits now account for about 22.6 percent of total deposits - a clear sign of the bank's increasing market share in the retail segment. “We are on course to achieving the 6th consecutive year of double-digit savings growth”, he stated.

Total Deposits however increased by 12.0 percent to N1,097.0bn from N979.4bn driven by double-digit growth in both local and foreign currency deposits. Non-performing Loans (NPLs) Ratio improved to 5.4 percent from 5.7 percent in the 2018FY due to the growth in the loan book. With regulatory ratios such as the Capital Adequacy Ratio at 17.0 percent, Liquidity Ratio at 34.8 percent, well above required threshold, Okonkwo was optimistic that the bank will sustain this sterling performance in the second half of the year.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 4 million customers who are served across its 240 business offices and various digital banking channels. The bank which focuses on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition.

https://politicsnigeria.com/h1-2019-fidelity-bank-posts-double-digit-growth-in-earnings-profitability-deposits-loans/

1 Like

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by money121(m): 5:24am On Sep 06, 2019
Ok
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by Nobody: 5:24am On Sep 06, 2019
Banks milking their customers with transactions charges.

2 Likes

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by Okite15(m): 5:24am On Sep 06, 2019
nice one
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by PlayerMeji: 5:25am On Sep 06, 2019
All these Nigerian banks that are only saving houses...
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by EMMANTOP1(m): 5:33am On Sep 06, 2019
Good to hear this
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by olaric(m): 5:41am On Sep 06, 2019
Profits raked in from unholy deductions from customers. Only few bankers will make it to heaven.

2 Likes

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by IMASTEX: 5:54am On Sep 06, 2019
nauto10:
Banks milking their customers with transactions charges.
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by desertboom(m): 6:14am On Sep 06, 2019
Stolen money from innocent customers like myself

Savings account you will deduct
*Monthly ATM maintenance
*Sms Alert @4.25naira per text when bulk SMS is less than 1naira
*Just to check account balance you deduct 20naira
*Only your bank still charges 75 naira on every bank transfer
*The list is endless

Corporate thieves

6 Likes

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by jameso88(m): 6:28am On Sep 06, 2019
I need help..i borrowed money from fidelity bank for 3 year duration signed and sealed but the bank is now telling me that due to some technical issues that loan duration is 4 years. I don't know what to do. Please help a friend.
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by ideke007: 6:37am On Sep 06, 2019
Fidelity bank are scammers

2 Likes

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by scribble: 6:40am On Sep 06, 2019
419 bank
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by lafex: 7:03am On Sep 06, 2019
IMASTEX:
In other words, you get everyone to open an account & deposit money. You then loan it to a few & political elites. While the main contributors don't get such privilege to run a business & yet get frequent debits alert for God knows charges. It is only in Nigeria a savings account reduces in figures. It was only last month I got less than #20,000 service charges from my FBN corporate account. My account officer keep telling me different grammar for every charges.

I don't believe this. You mean you are paying salary to bank for saving hard earned money and you don't quit since. If you are paying salary to a staff for your business self you may not pay up-to 20k monthly and you will be earning 7 digit income through him.
I taya for naija my country

1 Like

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by MartinsD12(m): 7:12am On Sep 06, 2019
kirajustice:
POLITICSNIGERIA.COM

Despite the country’s challenging and fiercely competitive business environment, Fidelity Bank Plc delivered a solid financial performance in the first half of 2019, recording double-digit growth in key revenue lines whilst achieving significant traction in digital banking uptake.

Details of the audited half-year result for the period ended June 30, 2019, released at the Nigerian Stock Exchange (NSE) on Thursday showed a 15.7 percent rise in Profit Before Tax (PBT) from N13.0 billion in the earlier period to N15.1 billion in the reporting period. Profit After Tax (PAT) rose by 15.6 percent to close at N13.6 billion from N11.8 billion recorded in 2018, whilst gross earnings increased by 12.3 percent from N92.3 billion to N103.7 billion. In other indices, Total Assets rose by 12.8 percent to N1.940.2bn from N1,719.9bn in the previous period.

Total Deposits; a measure of customer confidence, increased by 12.0 percent to close at N1,097.0 trillion from N979.4 billion in 2018 Financial Year (FY).

Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo expressed delight with the bank's financial performance. According to Okonkwo, the bank remained focused on the execution of its medium-term strategic goals and targets for the 2019FY whilst promising that the bank would continue to sustain the momentum and deliver another strong set of results for the 9M 2019. He said, “Gross Earnings increased by 12.3 percent to N103.7bn driven by a 52.4 percent growth in our fee-based income and a 7.2 percent growth in Interest Income. Digital Banking, Okonkwo stated has continued to gain traction driven by new initiatives in retail lending segment and increased cross-selling of its digital banking products.

“We now have 45.0 percent of our customers enrolled in the bank's mobile/internet banking products, 82.0 percent of total transactions now done on digital platforms and 29.0 percent of fee-based income now coming from digital banking”, he added. The Fidelity CEO pointed out that retail loans were steadily on the rise after the launch of the bank’s new digital lending product dubbed Fidelity Fastloan, further adding that the bank has deepened lending partnerships with select Financial Technology (FinTechs) companies.

Buoyed essentially by innovative digital technologies, Fidelity Bank’s retail strategy has become a major game-changer for the business. This was again evident in the H1 2019 results as savings deposits now account for about 22.6 percent of total deposits - a clear sign of the bank's increasing market share in the retail segment. “We are on course to achieving the 6th consecutive year of double-digit savings growth”, he stated.

Total Deposits however increased by 12.0 percent to N1,097.0bn from N979.4bn driven by double-digit growth in both local and foreign currency deposits. Non-performing Loans (NPLs) Ratio improved to 5.4 percent from 5.7 percent in the 2018FY due to the growth in the loan book. With regulatory ratios such as the Capital Adequacy Ratio at 17.0 percent, Liquidity Ratio at 34.8 percent, well above required threshold, Okonkwo was optimistic that the bank will sustain this sterling performance in the second half of the year.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 4 million customers who are served across its 240 business offices and various digital banking channels. The bank which focuses on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition.

https://politicsnigeria.com/h1-2019-fidelity-bank-posts-double-digit-growth-in-earnings-profitability-deposits-loans/
This political bank milking customers dry

1 Like

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by AJohnnasa(m): 7:27am On Sep 06, 2019
desertboom:
Stolen money from innocent customers like myself

Savings account you will deduct
*Monthly ATM maintenance
*Sms Alert @4.25naira per text when bulk SMS is less than 1naira
*Just to check account balance you deduct 20naira
*Only your bank still charges 75 naira on every bank transfer
*The list is endless

Corporate thieves

ngwababe
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by Leemekzy: 7:32am On Sep 06, 2019
desertboom:
Stolen money from innocent customers like myself

Savings account you will deduct
*Monthly ATM maintenance
*Sms Alert @4.25naira per text when bulk SMS is less than 1naira
*Just to check account balance you deduct 20naira
*Only your bank still charges 75 naira on every bank transfer
*The list is endless

Corporate thieves
i use fidelity bank and they dont charge 75naira for transfer.
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by mathew247: 7:34am On Sep 06, 2019
I have two account with this fidelity bank,they're the best actually but their online app is shit esp the token aspect of it. Zenith bank mobile app is the best online app I've seen thus far.

Thought saraki led Senate ended some bank charges, I'm still being charged N52 for maintenance even SMS charges and some frivolous charges.

1 Like

Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by ngwababe(f): 8:33am On Sep 06, 2019
AJohnnasa:


ngwababe

Corporate thieves indeed, I'm leaving that bank seriously.
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by boom99(m): 1:12pm On Sep 06, 2019
this bank don deal wit me
Re: H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability by emma321(m): 10:00am On Sep 11, 2019

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