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Fidelity Bank grows Profit by 131.5% in FY 2023

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-Declares a final dividend of 60kobo per share

Lagos, Nigeria, April 16, 2024: Leading financial institution, Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion.

According to the results, which was issued to the Nigerian Exchange (NGX) today, the bank grew Gross Earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in Net interest income which increased from N152.7billion to N277.37 billion. This led to a Profit After Tax of N99.45 billion representing a 112.9% annual growth.

Commenting on the Bank’s commendable performance, Dr. Nneka Onyeali-Ikpe,OON, MD/CEO of Fidelity Bank Plc said, “We closed the financial year with strong double-digit growth across key income and balance-sheet lines. Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment. Profit before tax grew by 131.5% to N124.3bn from N53.7bn in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5% from 15.6% in 2022FY.”

A review of the financial performance showed that the bank grew Net interest income by 81.6% to N277.4bn driven by a 55.5% increase in interest income, thus reflecting a steady rise in asset yield throughout the year. The average funding cost dropped by 20bps to 4.4% due to increased low-cost funds that grew from 83.6% in 2022FY to 97.4% in 2023. The combination of higher asset yield and lower funding cost led to an increase in Net Interest Margin (NIM) of 8.1% from 6.3% in 2022FY.

Similarly, Total Customer Deposits crossed the N4tn mark as deposits grew by 55.6% from N2.6tn in 2022FY. The increase was driven by 81.1% growth in low-cost funds.

Despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans & Advances to N3.1tn from N2.1tn in 2022FY.

Despite the growth in its loan portfolio, Regulatory Ratios were maintained well above the required thresholds, with liquidity ratio at 45.3% from 39.6% in 2022FY and capital adequacy ratio (CAR) at 16.2% compared to the minimum requirement of 15.0%.

“We recognize the changing dynamics in the Nigerian banking space and the need to monitor and proactively manage evolving risks. The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders,” explained Onyeali-Ikpe.

Fidelity Bank has consistently paid dividend since 2006. With the proposed final dividend of 60 kobo per share, Fidelity Bank would be paying investors a total dividend of 85 kobo per share for the reporting period, a 70.0% increase compared to the 50 kobo per share paid to its shareholders in the previous year.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Banking and Finance

Fidelity Bank set to Launch Innovative SME Hub with Creative Studios

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Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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Banking and Finance

Ecobank Super Reward Promo: Winners Take Home N42m in Total Prize Money

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Head, Consumer Products & Segments, Ecobank Nigeria, Victor Yalokwu; one of the lucky winners of N500,000.00 in quarterly draws category, Aminat Adefaka; Head, Consumer Banking, Ecobank Nigeria, Adeola Ogunyemi; Head, Product Marketing, Ecobank Nigeria; Ejiebhen Egbomondion and Head, Corporate Communications, Ecobank Nigeria, Austen Osokpor during Ecobank Super Reward Grand Finale draws held in Lagos

Lagos, February 2, 2025 – Ecobank Nigeria, an affiliate of Ecobank Group, has awarded a total of N42 million to its customers through the Super Reward “Millionaire Geng Promo.” This six-month promotion, which ran from July 1 to December 31, 2024, saw customers of the Pan-African bank winning various monetary rewards in monthly, quarterly, and grand prize draws.

The breakdown of the rewards showed that 520 customers won N50,000 each in the monthly draws, 16 customers received N500,000 each in the quarterly draws, and 4 customers took home N2 million each in the final grand prize draws. The promo covered four regions of Nigeria: FCT & North, Lagos, Midwest and Southwest, and South-South Southeast. The draws were conducted transparently and witnessed by lottery regulatory authorities.

Speaking at the grand finale in Lagos over the weekend, Adeola Ogunyemi, Head of Consumer Banking, expressed her delight with the customers’ response to the promo, which aimed to encourage savings. She highlighted that the initiative was part of Ecobank’s strategy to reward customer loyalty and deepen financial inclusion, particularly for Nigerians in rural and semi-urban areas.

“In the last six months, we’ve seen a tremendous response from our customers,” Ogunyemi said. “People are becoming more conscious of the importance of saving. No matter how much you earn, it’s never enough. So, you have to discipline yourself. It’s not about how much comes in, but how much you can retain.”

Ogunyemi also encouraged those who haven’t opened an account with Ecobank to consider the bank as a reliable partner in their financial journey. She pointed out that Ecobank offers a range of services, including savings, loans, and investments, designed to meet a variety of customer needs.

Similarly, Victor Yalokwu, Head of Consumer Segments & Products, explained that the bank launched the promo to encourage savings while also rewarding customers. “Our goal was to cater to the mid-to-low or mass-market segments,” Yalokwu said. “We also have initiatives targeting the mid-to-high, mass affluent, and high-net-worth individuals, but this promotion was designed to be more inclusive, reaching those in the mass market.”

Winners who were contacted by phone during the draws expressed their excitement and gratitude toward Ecobank, with many pledging to continue their business relationship with the bank due to its diverse offerings.

The Ecobank Super Rewards “Millionaire Geng” promo is an exciting savings initiative designed to celebrate and reward loyal customers, providing a unique opportunity to win cash prizes while enjoying the benefits of saving with Ecobank.

Ecobank Nigeria, part of Ecobank Group, the leading pan-African banking group, offers a comprehensive range of financial services to consumer, commercial, corporate, and investment banking clients. The bank operates over 250 branches and 60,000 Xpress Point agencies across the country.

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Banking and Finance

Wema Bank unveils 80th Anniversary Identity

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In preparation for its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled the identity for its 80th anniversary celebration. Set for Friday, May 2nd, 2025, this grand anniversary would serve as the hallmark of Wema Bank’s 80-year journey of unmatched resilience, profound impact and notable transformation from being Nigeria’s oldest indigenous bank to becoming Nigeria’s foremost and leading innovative bank. Wema Bank’s impressive 80-year legacy has been one exemplified by immense growth, with the Bank evolving intelligently through the decades, embracing innovation to break new grounds and raising the standards of banking and financial services to provide an unparalleled experience for its customers and stakeholders, both internally and externally. Now on the cusp of its milestone celebration of 80 years, Wema Bank stands at its all-time strongest, proving to be a formidable force in the African financial services industry. All eyes are peeled in anticipation of what Wema Bank will bring on in the coming weeks, as its 80th anniversary celebrations begin to unfold.

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