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H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability, Deposits & Loans
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H1 2019: Fidelity Bank Posts Double Digit Growth In Earnings, Profitability, Deposits & Loans
…Profits Soars By 16% To Hit N15.1bn
…Gross Earnings Soars To N103.7bn
Despite the country’s challenging and fiercely competitive business environment, Fidelity Bank Plc delivered a solid financial performance in the first half of 2019, recording double-digit growth in key revenue lines whilst achieving significant traction in digital banking uptake.
Details of the audited half-year result for the period ended June 30, 2019, released at the Nigerian Stock Exchange (NSE) on Thursday showed a 15.7 percent rise in Profit Before Tax (PBT) from N13.0 billion in the earlier period to N15.1 billion in the reporting period. Profit After Tax (PAT) rose by 15.6 percent to close at N13.6 billion from N11.8 billion recorded in 2018, whilst gross earnings increased by 12.3 percent from N92.3 billion to N103.7 billion. In other indices, Total Assets rose by 12.8 percent to N1.940.2bn from N1,719.9bn in the previous period.
Total Deposits; a measure of customer confidence, increased by 12.0 percent to close at N1,097.0 trillion from N979.4 billion in 2018 Financial Year (FY).
Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo expressed delight with the bank’s financial performance. According to Okonkwo, the bank remained focused on the execution of its medium-term strategic goals and targets for the 2019FY whilst promising that the bank would continue to sustain the momentum and deliver another strong set of results for the 9M 2019. He said, “Gross Earnings increased by 12.3 percent to N103.7bn driven by a 52.4 percent growth in our fee-based income and a 7.2 percent growth in Interest Income. Digital Banking, Okonkwo stated has continued to gain traction driven by new initiatives in retail lending segment and increased cross-selling of its digital banking products.
“We now have 45.0 percent of our customers enrolled in the bank’s mobile/internet banking products, 82.0 percent of total transactions now done on digital platforms and 29.0 percent of fee-based income now coming from digital banking”, he added. The Fidelity CEO pointed out that retail loans were steadily on the rise after the launch of the bank’s new digital lending product dubbed Fidelity Fastloan, further adding that the bank has deepened lending partnerships with select Financial Technology (FinTechs) companies.
Buoyed essentially by innovative digital technologies, Fidelity Bank’s retail strategy has become a major game-changer for the business. This was again evident in the H1 2019 results as savings deposits now account for about 22.6 percent of total deposits – a clear sign of the bank’s increasing market share in the retail segment. “We are on course to achieving the 6th consecutive year of double-digit savings growth”, he stated.
Total Deposits however increased by 12.0 percent to N1,097.0bn from N979.4bn driven by double-digit growth in both local and foreign currency deposits. Non-performing Loans (NPLs) Ratio improved to 5.4 percent from 5.7 percent in the 2018FY due to the growth in the loan book. With regulatory ratios such as the Capital Adequacy Ratio at 17.0 percent, Liquidity Ratio at 34.8 percent, well above required threshold, Okonkwo was optimistic that the bank will sustain this sterling performance in the second half of the year.
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Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 4 million customers who are served across its 240 business offices and various digital banking channels. The bank which focuses on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition
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AUBA Commences Comtempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order
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Mr. Lewis Tung and his brother Robert Tung
The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.
The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.
The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.
The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.
Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.
The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).
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$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others
A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.
The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.
Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.
In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.
The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.
UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.
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BANKING ON HER TOMORROW: ZENITH BANK EMPOWERS 300 GIRLS WITH EDUCATION, KNOWLEDGE AND CONFIDENCE
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Zenith Bank Plc has launched the maiden edition of its Girl-Child Empowerment Programme, themed “Banking on Her Tomorrow,” bringing together 300 schoolgirls aged 13 to 17 from selected schools across Lagos for a day of learning, mentorship and personal development.
Held on Monday, October 12, 2026, at the Civic Centre, Victoria Island, Lagos, the programme featured sessions on finance and investment, etiquette and personal development, social media ethics, and social relationships and interactions, equipping participants with practical knowledge and skills for their personal, educational and future career journeys.
The initiative, a brainchild of the Bank’s Group Managing Director/Chief Executive Officer, Dame (Dr.) Adaora Umeoji, OON, reflects Zenith Bank’s commitment to nurturing the potential of young girls and helping them make informed choices about their futures.
In her welcome address, Dame (Dr.) Umeoji urged the participants to believe in their abilities, pursue their ambitions and remain focused and disciplined. Drawing on examples of young girls who have achieved remarkable feats, she challenged them to look beyond their present circumstances and envision the women they aspire to become.
“To all my amazing young ladies here today, each of you possesses gifts, talents, and ideas that are capable of revolutionising the world. You can revolutionise the world with your ideas,” she said.
The GMD/CEO further encouraged the girls to explore their interests and resist societal limitations, stressing the importance of taking ownership of their futures.
“Never allow gender or age to limit your goals. Whatever interests you today, explore it. Whatever you choose to pursue in life, give it your best shot,” she said.
Delivering the keynote address, Her Majesty, Olori Atuwatse III, Queen Consort of the Warri Kingdom, encouraged the girls to embrace their identities, develop resilience and use their abilities to make a positive difference in the lives of others.
Using the mangrove tree as a metaphor for resilience, she reminded the participants that challenges need not define their futures and that their worth extends beyond academic results and external expectations.
“Every time you affirm the truth about who you are, you are building confidence. Every time the tide of life goes out and you are still standing, you are building resilience. And every time you use your gifts for another person, you are discovering your purpose,” Olori Atuwatse III said.
The programme featured interactive sessions led by accomplished professionals and personalities:
Ayanime Edem, founder of The Elite Finishing School and modern etiquette educator, discussed confidence, communication, self-presentation and etiquette.
Nigerian actress and content creator Bukunmi Adeaga Ilori, popularly known as Kie Kie, addressed responsible social media use, authenticity and digital boundaries.
Representing Zenith Bank, Thelma Okonye and Adesola Adeyemo introduced the girls to saving, responsible money management and investment, highlighting the importance of developing sound financial habits early.
While Nigerian filmmaker, creative executive and educator,Praise Onyeagwalam, Director Pink, led a session on healthy relationships, self-awareness and effective communication.
The sessions encouraged active participation, giving the girls opportunities to ask questions and engage with the speakers on issues relevant to their experiences and aspirations.
The programme also featured competitions, with cash prizes totalling over ₦1 million awarded to winners. The participants received books to encourage reading and personal growth, while musical performances by Nigerian singers Qing Madi and No. 11 added to the lively atmosphere. The event was hosted by Temi Badru, public speaker, communications coach and lawyer, with Darasimi Destiny Nadi serving as mini host.
Delivering the closing remarks, Executive Director, Zenith Bank Plc, Dr. Mrs. Adobi Nwapa, highlighted the GMD/CEO’s vision for the initiative and the Bank’s commitment to sustaining its impact.
“The programme is the vision of our GMD/CEO, who conceived and championed it, demonstrating her unwavering commitment to the empowerment of the girl child. Through her leadership, she has shown the girls what is possible when a woman dares to lead. At Zenith Bank, our commitment to the girl child extends beyond today, and we will continue to nurture their aspirations through this annual initiative,” she said.
Dr. Nwapa thanked the speakers and participants for contributing to the programme’s success and encouraged the girls to apply the lessons learnt, remain confident and pursue their aspirations with determination.
The initiative builds on Zenith Bank’s longstanding commitment to advancing opportunities for women and girls through programmes including its annual International Women’s Day Seminar, the Zenith Women’s Basketball League, the Women of Honour Awards in partnership with the Ford Foundation, the Pad-a-Queen Initiative and Z-Woman, which supports women-owned businesses through business support and access to credit at discounted rates.
Through “Banking on Her Tomorrow,” Zenith Bank is extending this commitment to a younger generation, equipping girls with the knowledge, skills and confidence to pursue their ambitions and contribute meaningfully to their communities and society.
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