Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy). Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8%

compared to 8.1% in 2023FY, as increafeatsed yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).

Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 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.

Wema Bank Celebrates Remarkable Journey of 79 years

In a remarkable celebration of heritage and innov ation, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT today announced a joint celebration marking Wema Bank’s 79th years and ALAT’s 7 years anniversaries. This significant celebration not only commemorates nearly eight decades of exceptional service and innovation in the Nigerian banking sector but also celebrates the bank’s seven years of digital excellence with ALAT.

Since its inception in 1945, Wema Bank has been at the forefront of financial innovation, constantly adapting to meet the evolving needs of its customers. Over the decades, the bank has evolved from a regional bank to a national bank, adapting continuously to meet the dynamic needs of its customers and establishing itself as a pillar of trust and reliability for millions of individuals and businesses across Nigeria.

According to the MD/CEO Wema Bank, Mr. Moruf Oseni, the bank’s evolution from being Nigeria’s oldest indigenous bank to being at the forefront of innovation, pioneering Africa’s first fully digital bank, ALAT, has been a true story of resilience and transformation.

“At 79, Wema Bank stand stronger than ever, and this achievement would not have been possible without the support of our customers and employees. We thank them for believing in the Wema vision, for entrusting their financial security to us, and for allowing us to contribute to their personal and professional aspirations. Their faith in us is deeply cherished, and we are honored to serve them.”

“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation, and exceeding our customers expectations with unparalleled banking experiences tailored to their needs. Our pledge is to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights.”

“While the past 79 years have been remarkable, we anticipate that the coming decades will be even more inspiring. With the partnership of our customers and employees, Wema Bank is poised to set new standards in financial services and redefine the future.” He concluded.

As part of the anniversary celebrations, Wema Bank and ALAT are rolling out a series of customer-focused activities designed to reward loyalty and enhance the customer experience. Throughout the anniversary month, customers will enjoy various promotions, including discounts on transactions, cash prizes, special loan offers and much more.

This anniversary is more than a celebration; it’s a reaffirmation of Wema Bank’s resilience and ongoing commitment to innovation and customer satisfaction in a competitive industry. Both Wema Bank and ALAT are poised for further growth, with strategic initiatives designed to enhance customer-centric services and expand the reach yearsw capability of digital banking solutions.

PRESIDENT TINUBU APPOINTS NIGERIA’S RENOWNED BANKER, JIM OVIA AS CHAIRMAN OF THE NIGERIAN EDUCATION LOAN FUND

Sahara Weekly Reports That President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND). This was announced in a State House Press Release by the
Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26,
2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense
a wealth of experience and professional stature to this role to advance the all-important
the vision of ensuring that no Nigerian student suffers in the consistent end to their pursuit of
higher education over a lack of funds and ensuring that Nigerian youths, irrespective
of who they are, have access to higher education and skills that will make them
productive members of society and core contributors to the knowledge-based global
economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest
banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as
of December 2023. Zenith Bank is a global brand listed on the London Stock Exchange
and the Nigerian Stock Exchange. In addition to major operations in Nigeria and other
West African countries, the Bank has sizeable operations in London and Dubai.
Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which
was recently approved by the National Universities Commission (NUC) to offer
postgraduate degrees in business courses. James Hope University commenced
activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance of
accords good education. In support of the Nigerian youth, the Jim Ovia Foundation offers
scholarships to needy students through the Mankind United to Support Total Education
(MUSTE) initiative. Most of the beneficiaries of the Jim Ovia Foundation scholarship are now
accountants, business administrators, lawyers, engineers, doctors, etc.

He is the author of “Africa Rise and Shine”, published by ForbesBooks. The book which
encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing
business in Africa. He is an alumnus of the Harvard Business School (OPM), University
of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration).  Jim Ovia is a member of the World Economic Forum (WEF) Community
of Chairpersons and a champion of the Forum’s EDISON Alliance.

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in
2022, the Federal Government of Nigeria honored him with Commander of the Federal
Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity
Order of Merit (NPOM) Award by the Federal Government of Nigeria. Earlier, he has
been conferred with the national award of Member of the Order of the Federal Republic,
MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively,
as a testament to his visionary leadership and contributions to Nigeria’s financial
services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee
sustainable higher education and functional skill development for all Nigerian students
and youths. The Nigerian Education Loan Fund, the implementing institution of this
innovation, demands excellence, and Nigerians of the finest professional ilk to guide and manage.