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Fidelity Bank Records Stellar Performance In FY 2022

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1 month ago

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Fidelity Bank

Fidelity Bank Records Stellar Performance In FY 2022

Fidelity Bank Plc, a leading financial institution released its 2022 Audited Financial Statements on the Nigerian bourse today. The results showed a 34.4% growth in Gross Earnings YoY to N337.1bn, driven by 45.2% growth in interest and similar income to N295.6bn.

The increase in Interest Income was led by a combination of improved yield on earning assets and 19.1% YoY expansion in earnings base to N2.64trn. This led to a Profit Before Tax of N53.7 billion representing 112.9% annual growth.

Commenting on the Bank’s impressive performance, Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines. This validates our growth strategy and capacity to deliver superior returns to shareholders.”

Fidelity Bank Records Stellar Performance In FY 2022

Further review showed that Net Interest Income increased by 60.9% YoY to N152.7bn. The high yield environment had a positive impact on Net Interest Margin, which increased to 6.4% from 4.7% in 2021FY while average funding cost inched up slightly to 4.6% from 4.2%. Similarly, Total Deposits increased by 27.4% to N2.58trn from N2.02trn in 2021FY, in line with the Bank’s guidance for 2022FY published in its investor relations presentation. The increase was driven by 43.1% growth in low-cost deposits (Demand | Savings | Domiciliary), which resulted in improved margins.

Speaking on the contribution of Foreign Currency (FCY) deposits to its financial performance, Onyeali-Ikpe noted, “FCY deposits increased by $597m (63.4% YoY) to $1.5bn and now accounts for 27.5% of total deposits from 19.7% in 2021FY, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.”

Historically, Fidelity Bank has maintained high asset quality and a healthy balance sheet with its Regulatory Ratios well above the minimum regulatory thresholds. It reported a Liquidity Ratio of 39.6% and Capital Adequacy Ratio (CAR) at 18.1% compared to the minimum regulatory requirement of 30.0% and 15.0% respectively. Its Non-Performing Loans (NPL) ratio remained unchanged at 2.9% for the year.

“In 2023, we are committed to our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele”, explained Onyeali-Ikpe.

On the back of the impressive performance, the bank has declared a final dividend of 40kobo per share which brings its total dividend for FY 2022 to 50kobo per share.
Fidelity Bank is a full-fledged customer commercial bank operating in Nigeria with over 7.5 million customers serviced across its 250 business offices and digital banking channels.

The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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PRESS RELEASE

NACJ2023: Akmodel M.D (Dr.) Abdulhakeem Odegade, Others Honoured With Different Integrity Awards

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1 week ago

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May 26, 2023

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NACJ2023: Akmodel M.D (Dr.) Abdulhakeem Odegade, Others Honoured With Different Integrity Awards

It was a glamorous event as the Managing Director of AKMODEL GROUPS, Builder (Dr.) Abdulhakeem Odegade graced the 11th Annual Integrity Lecture And Award Night 2023, hosted by Nigerian Association Of Christian Journalists.

The event which took place at Sheraton Hotel and Tower, Ikeja with Theme: Integrity Is Everything and keynote topic: Upholding Integrity And Democratic Principles For A Progressive Society had many dignitaries in attendance.

Builder (Dr.) Abdulhakeem Odegade amongst many awardees was awarded the Man Of Integrity Of The Year Award (Real Estate).

Other awardees were: Rev. Dr. Soul Nzomimbaye (TH.D), Dr. Mrs Adenike Adeagbo, Hon. John Ifechukwu Nwokoye ILon, Otunba Adesina Ademuyiwa, Apostle Dr. Grace Onuoha just to mention a few.

AKMODEL GROUPS consist of AKMODEL Homes and Properties, AKMODEL Builders and AKMODEL Farms.

They also have landed properties in: Lagos State (Ibeju Lekki, Epe), Uyo, Ibadan, Awka, Abeokuta, Ilorin, Enugu, Ghana and still counting.

SOLIN MEDIA

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Akmodel Md (Dr.) Abdulhakeem Odegade, Favour Benson, Others Graces NACJ2023 Award Nigh

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2 weeks ago

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May 25, 2023

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Akmodel Md (Dr.) Abdulhakeem Odegade, Favour Benson, Others Graces NACJ2023 Award Nigh

 

The golden fish that has no hiding place that he is, Builder (Dr.) Abdulhakeem Odegade, M.D of AKMODEL GROUPS, is set to receive another award at the 11th Annual Integrity Lecture And Award Night 2023 by Nigerian Association Of Christian .Journalists (NACJ2023).

 

This event will take place at Sheraton Hotel and Tower, Ikeja with the keynote speaker being none other than the doyen and symbol of journalistic excellence, Dr. Reuben Abati, who will be speaking on the Theme: Integrity Is Everything with keynote topic: Upholding Integrity And Democratic Principles For A Progressive Society.

 

Recall that barely a fourthnight ago, Bldr. (Dr.) Abdulhakeem Odegade was honoured with Man Of The Year And Excellence Award (Real Estate Entrepreneur 2023) at the Real Estate Conference And Recognition Award (RECRA 2023).

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Photos: RECRA 2023 Host Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Muyiwa Olaiya (GreenPasture Homes), Kayode Olasehinde (Pa James), Eminent Personalities

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3 weeks ago

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May 16, 2023

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Photos: RECRA 2023 Host Bldr. (Dr.) Abdulhakeem Odegade, Paul Obazele, Muyiwa Olaiya (GreenPasture Homes), Kayode Olasehinde (Pa James), Eminent Personalities

Builder (Dr.) Abdulhakeem Odegade and other dignitaries from different walks of life created a great experience at the prestigious Real Estate Conferences And Recognition Award ceremony (RECRA 2023) which took place yesterday Sunday, May 14th at The Civic Centre in Victoria Island, Lagos.

The event started with Bldr. (Dr.) Odegade who was the Chairman of the occasion, welcomed everyone to the event which had speakers to thrash the theme of the event which was: Real Estate Market: Prospects In The Midst Of Challenges.

The Chief Speaker, Mr. Oluwale Oloyede (MD/CEO of GreenPasture Homes, Abuja) was represented by their General Manager, Mr. Muyiwa Olaiya and he did justice to the theme.

The event also had other distinguished dignitaries gracing the event such as; the representative of the Executive Governor of Lagos State, His Excellency, Gov. Babajide Sanwo-Olu, Paul Obazele (Brand Ambassador of AKMODEL GROUPS), Favour Benson (Akmodel Media Consultant), Kayode Olasehinde popularly known as Pa James, a veteran Yoruba comic actor and film producer.

Also not left out are representatives from Highbridge Homes LTD., Dukiya Investment LTD., Green Atlas LITD., Pelican Valley Estates Nigeria LTD and other real estate companies just to mention a few..

 

Most of the attendees were also awardees who were honoured in different categories in the real estate sector.

Bldr. (Dr.) Abdulhakeem Odegade was awarded the real estate excellence award as Most Innovative And Reliable Real Estate Entrepreneur Of The Year.

The event was both educative and entertaining with different side attractions such as Comedians: Mc Kirikiri and Mc Pato, the DJ too was on point to liven up the event.

The event was powered by Prestige Real Estate News.

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