Connect with us

News

Fidelity bank records N76.3b PBT for H1 2023

Published

on

Please Kindly Share This Story

Lagos, Nigeria, September 3, 2023: Leading financial institution, Fidelity Bank Plc has recorded an impressive 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.

A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.

Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

The Bank’s impressive H1 2023 results come to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.

Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.

To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & 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.

Continue Reading
Click to comment

Leave a Reply

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

News

Protect yourselves from killers – Alex Barbir tells Nigerians

Published

on

Please Kindly Share This Story

In the absence of strong will by the government to protect citizens from terrorists and murderers causing mayhem in different parts of the country, a US-based humanitarian worker, Alex Barbir, has insisted that Nigerians should take responsibility for their safety by protecting themselves and their communities.

Babir however denied allegations that his activities and public statements have fueled violence in Nigeria, insisting that his advocacy is focused on protecting vulnerable communities and supporting reconstruction efforts in conflict-affected areas.

Barbir made the remarks during an interview on TVC News, where he addressed concerns about his influence in Plateau and Benue states, as well as broader accusations surrounding his presence in the country.

Responding to claims that his rhetoric may have incited violence, Barbir firmly rejected the accusations, maintaining that he has never encouraged attacks or reprisals.

“I have never once called for anybody to be murdered. I have called for people to be protected,” he said.

He argued that his consistent message has been for authorities to improve security while allowing individuals to defend themselves when under threat.

Barbir also dismissed reports connecting his visit to Plateau State with a reprisal attack that left two people dead, stating that the killings occurred before he arrived.

“They had killed two people before I arrived. So it’s a false narrative to say my presence caused that,” he said.

He described the violence in the region as longstanding, noting that cycles of attack and retaliation predate his involvement.

While acknowledging criticism of his stance, Barbir defended calls for self-protection in areas facing persistent insecurity, arguing that such a position is both reasonable and necessary.

“If the government is failing to protect you, you should protect yourselves from people who would take your life. There’s nothing wrong with that,” he stated.

He stressed that violence in Nigeria affects both Christians and Muslims, and said his advocacy does not exclude any group.

Barbir also rejected allegations that he is advancing foreign interests or political agendas, challenging critics to provide evidence. He said his funding comes from charitable donations, churches, and organisations that support humanitarian causes.

Despite the controversy, Barbir confirmed plans to return to Nigeria to continue reconstruction projects, particularly in Benue and Plateau states, maintaining that his mission is rooted in peacebuilding and support for communities affected by violence.

Born on August 17, 1997, in Lawrenceville, Georgia, Barbir grew up in Cumming alongside his brother, Josh, a physician and US Army Reserve officer. His upbringing, he noted, was shaped by discipline and sports, a background he says informs his humanitarian approach.

His work in Nigeria is closely linked to two organisations: his initiative, Building Zion, and Equipping the Persecuted (ETP), a US-based NGO led by filmmaker Judd Saul. Through these platforms, Barbir has participated in rebuilding communities affected by violence, particularly in Benue State, including the construction of homes, schools, and places of worship.

Continue Reading

News

UK based Nigerian pastor Michael Oluronbi, his wife sentenced to 55 years for false claims, sexual abuse of church members

Published

on

Please Kindly Share This Story

A UK based Nigerian pastor, Michael Oluronbi, has been found guilty and sentenced to 34 years in prison for false claims, sexual abuse and rape of several church members in Birmingham. His was also sentenced to 11 years after she was convicted for abating the crimes.

Michael was operating in Birmingham and London and was said to have carried on the criminal acts for nearly 20 years.

Historically, Oluronbi led a breakaway religious group where he exercised total control over his followers, claiming that God instructed him to perform “holy baths” to cleanse members of evil spirits where he used to sexually abuse victims—many of them children.

Using fear and spiritual authority, he carved his victims to believe that the abuse was necessary; promising better grades or protection from demons.

His position made it nearly impossible for victims to speak out. As a trained pharmacist, Oluronbi allegedly used his medical knowledge to hide evidence of his crimes. When victims became pregnant, he arranged or carried out abortions to cover his tracks.

The case finally came to light when a survivor bravely spoke out!

A relative also captured part of his confession on video, providing key evidence before his arrest. In May 2018, Oluronbi was caught at Birmingham Airport attempting to flee to Nigeria with cash and personal items!.

He was convicted of multiple charges, including rape and sexual assault, with evidence suggesting dozens more victims. Shockingly, he showed no remorse, reportedly laughing during the trial.

The judge described him as “arrogant, selfish, and driven by an insatiable appetite.”

His wife, Juliana Oluronbi, was also sentenced to 11 years in prison for aiding his crimes. Both have been placed on the sex offenders register for life.

 

Continue Reading

News

Nigeria in a state of war- ACF

Published

on

Please Kindly Share This Story

The Arewa Consultative Forum (ACF) has declared that Nigeria’s worsening insecurity has escalated into a “state of war,” calling on the Federal Government to urgently reorder national priorities and treat security as the country’s most pressing emergency.

This position was contained in a communiqué issued at the end of the 38th meeting of the ACF Board of Trustees on Wednesday and and signed by its Chairman, Bashir M. Dalhatu.

The meeting, attended by prominent northern leaders, including former top government officials, diplomats and security chiefs, deliberated extensively on the persistent violence across the country, particularly in the northern region.

The forum noted that Nigeria’s security challenges have grown beyond isolated incidents of insurgency, banditry and communal clashes, evolving into widespread violence threatening national stability.

According to the communiqué, insurgency in the North-East, banditry and kidnappings in the North-West and North-Central, as well as farmer-herder conflicts, have combined to create a dangerous situation requiring urgent and decisive action.

“The scale, persistence and human cost of the violence demand a fundamental shift in national priorities,” the forum stated, adding that the crisis should no longer be treated as one of many governance issues but as the overriding national emergency.

The ACF expressed deep concern over the human toll of the crisis, revealing that hundreds of thousands of Nigerians have been killed or displaced in states such as Borno, Plateau, Niger and Kwara, among others. It added that the casualties also include members of the armed forces, including senior officers.

The forum lamented that families have been torn apart, livelihoods destroyed and entire communities traumatized, warning that the long-term social consequences could be devastating.

It further highlighted the economic implications of the insecurity, particularly on agriculture, which remains the backbone of the northern economy.

According to the group, farming activities have been severely disrupted, contributing to food shortages, inflation and the collapse of rural economies.

“Insecurity is now directly undermining Nigeria’s economy. The longer the crisis persists, the more expensive it becomes to fix,” the communiqué stated.

 

 

Continue Reading

Trending