The management of Fidelity Bank says an increased customer deposit and use of its digital platform helped raise its earnings for the year ended December 31, 2018.The bank said it recorded a 4.8% growth in gross earnings from N180.2 billion to N188.9 billion and a profit after tax of N22.9 billion from the N17.7 billion reported in 2017."Customer deposit, which [...]
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A federal high court sitting in Makurdi has ordered the Economic and Financial Crimes Commission (EFCC) and two banks to jointly pay N100 million to the Benue state government as damages for freezing its accounts.Delivering judgement on Tuesday, Mobolaji Olajuwon, the judge, asked the anti-graft agency to pay the government N50 million, while each of the banks is to pay [...]
Fidelity Bank Plc has seen a surge in its asset base as non-performing loans declined for the third quarter of 2018. According to its nine-month results for the period ended September 30, 2018, released at the Nigerian Stock Exchange (NSE), the bank gross earnings grew by 6.9% to N139.0 billion from N130.1 billion reported in the same period in 2017. The bank's [...]
Increased digital transactions have pushed Fidelity Bank Plc's profits to double-digit territory.In the audited half-year results for 2018 published by the bank on Wednesday, the bank said profit before tax grew by 27.3% and profit after-tax by 31% to close at N11.8 billion.The bank said its gross earnings rose to N88.9 billion from the N85.8 billion recorded in 2017 and [...]
Nnamdi Okonkwo, the chief executive officer of Fidelity Bank, says Nigerian banks have the capacity to give out loans to certain sectors of the economy at nine percent interest rate.Speaking on ARISE TV on Saturday, the Fidelity Bank boss said his bank is ready to take advantage of the new credit policy guideline released by the Central Bank of Nigeria [...]
Ernest Ebi, chairman of the board of Fidelity Bank, says there are a lot of people in the Nigerian banking sector with big titles but no experience.In an interview published in the bank's quarterly magazine, Ebi said there is an urgent need to address the quality of human capacity in the sector."I agree with you that the quality of human [...]
Fidelity Bank Plc has released an official statement addressing a viral video where one of its branch managers allegedly ordered security men to beat up customers for allegedly being rude.The incident took place in the Alagbado area of Lagos on Thursday.The bank also released CCTV footage on Sunday via its Twitter handle as evidence of what supposedly happened on the [...]
The Kaduna state Internal Revenue Service says it will close the branches of 10 commercial banks who are owing taxes if they do not pay in one week.Francis Kozah, the legal adviser to the revenue agency, told NAN that the N2.3 billion was the total withholding tax the banks failed to remit between 2011 and 2016.The affected banks are United [...]
Nnamdi Okonkwo, Fidelity Bank CEO, says the bank would focus on redesigning its systems and processes to enhance service delivery and reduce operating expenses.Speaking at the bank’s 30th annual general meeting (AGM) in Lagos, Okonkwo said the bank will continue to increase the migration of customers to its digital platforms."We will enhance our robust electronic banking processes and products thereby [...]
The Nigerian Stock Exchange has fined seven financial institutions for not filing their financial results before the regulatory due date.According to the listing rules provided by the stock exchange, companies are expected to submit their financial year-end result latest by 90 days after the end of each year.Quarterly results are also expected to be submitted at most 60 days after [...]
Fidelity Bank says it has made provision for 50 percent of its loan to 9moile, telecommunications company formerly known as Etisalat.Reuters reports that Gbolahan Joshua, Fidelity's chief operations and information officer, made this known on Wednesday.Joshua said the bank placed 9mobile on a watchlist after it made the decision to increase its provisioning from five percent to 50 percent.Already, the bank [...]
Fidelity Bank has reported a 94 percent growth in profit for the financial year that ended on December 31, 2017 and proposed an 11 kobo per share dividend for investors.According to a statement by the bank, it's gross earnings increased by 18.3 percent from N152 billion to N179.9 billion and profit after tax grew by 93.7 percent from N9.7 billion [...]
First Bank Nigeria Holdings, Union Bank and Diamond Bank are part of the 10 companies that could not meet the March 31 deadline given by the Nigerian Stock Exchange for filing audited financial reports.In statements posted on the exchange's website, the companies notified the public of the delay and made the reasons known.The affected companies are First Bank, Diamond Bank, [...]
With the aid of an unstructured supplementary service data (USSD) channel created by Fidelity Bank, residents of Lagos state can now pay taxes on their mobile phones.According to a statement by the bank, the *770# portal would aid efforts being made to increase internally generated revenue and improve challenges encountered with tax payments.Richard Madiebo, divisional head, retail banking, said the [...]
Nnamdi Okonkwo, managing director of Fidelity Bank, says the bank has disbursed N2.5 billion to 500 small and medium enterprises (SMEs).At a press conference in Lagos on Wednesday, Okonkwo said the money was part of the loan from the Central Bank of Nigeria (CBN)."SME banking is in our DNA, giving people money does not solve the problem," he said."Empowering the [...]
Ernest Ebi, chairman of Fidelity Bank, says many industries have crumbled under the weight of huge energy cost as a result of the epileptic power supply in the country.He said this while delivering a lecture at the convocation ceremony of Redeemer's University in Ogun state.Ebi said until the power problem in the country improves, the manufacturing sector would only record [...]
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