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H1 2020: Fidelity Bank Posts Impressive Half Year Results.
- Profits up by 22% as Gross Earnings hit
N105.8bn.
Despite the economic challenges occasioned by the COVID-19 pandemic, Fidelity Bank has sustained the financial performance trajectory of recent years, with another set of impressive financial results. Details of the Audited Half Year results ending June 30, 2020 for the top Nigerian lender, released on the Nigerian Stock Exchange (NSE) on Thursday September 3, 2020, show strong growth in profits and other indices.
The bank recorded a surge in Profit Before Tax of N12.0bn from N9.8bn in 2019, which translated to a 22% growth. Net profits for Fidelity Bank grew by 33% from N8.5bn to N11.3bn in the reporting period. In other indices Total Assets rose by 13.7% from N2.1trillion in 2019 to N2.4trillion this year whilst Total Deposits rose by 14.8% from N1.2trillion to N1.4trillion during the same period.
Commenting on the results, Fidelity Bank CEO, Nnamdi Okonkwo said the performance for the period, reflects the resilience of the bank’s business model. “Due to the global and domestic headwinds witnessed in H1 2020, we proactively increased our cost of risk as the impact of the pandemic slowed down economic activities whilst adapting our business model to the new risks and opportunities of the new normal” he stated.
According to him, Fidelity Bank, re-stated its H1 2019 figures from N15.1bn to N9.8bn to reflect the impact of IFRIC 21- Levies, which was adopted for the first time on the H1 2020 financials. “The key impact of IFRIC 21 was that our 2020FY AMCON Cost was recognized 100% in our H1 2020 Accounts rather than been amortized over 12 months as was done previously on our financials” said the Fidelity CEO”. He further revealed that, without implementing IFRIC 21, profit for the period would have been N17.9bn compared to the N15.1bn reported in H1 2019.
Fidelity Bank has been implementing a digital-led retail strategy and digital banking gained further traction during the period with 87.3% of the bank’s customers now transacting on digital platforms. The figures are up from 82.0% in 2019FY while 51.2% of the bank’s customers are now enrolled on the bank’s mobile/internet banking products.
“Though digital banking income dropped by 29.1% due to the downward fee revisions for electronic transactions in line with the new bankers’ tariff, we have continued to receive positive reviews on our digital channels. IVY, the bank’s chat box is rated as the clear leader, among virtual assistants in the industry, just as our flagship instant banking product (*770#) was also rated in the top tier category in the recently released 2020 KPMG Digital Channels Scorecard” he explained.
Retail Banking in Fidelity Bank has continued to also deliver impressive results. Savings Deposits in H1 2020 increased by 32.2% to N363.9bn with the bank on course to achieving the 7th consecutive year of double-digit growth in savings. Savings Deposits accounted for 49.1% of the total growth in customer deposits and now represents 25.9% of total deposits compared to 22.5% in 2019FY.
In reflection of the bank’s early conservative assessment of the sectors that were affected by the COVID-19 pandemic, the bank’s Non-Performing Loans (NPL) ratio increased to 4.8% from 3.3% in 2019FY. Regulatory Ratios however remained above the required thresholds with Capital Adequacy Ratio increasing to 18.8% from 18.3% due to the capitalization of H1 2020 Audited Profits while Liquidity Ratio stood at 32.1%.
Buoyed by the H1 performance, the bank is optimistic about the remaining part of the year. “We believe the new phase of normalcy will unveil some growth opportunities. We will continue to monitor and pro-actively manage any evolving risks as the Nigerian economy gradually reopens and economic activities pick-up in key sectors” Okonkwo stated.
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ZENITH BANK RENEWS COMMITMENT TO CHILDREN WITH EDUCATION, INCLUSION & OPPORTUNITY AT THE CORE
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Much more than commemorating the annual Children’s Day marked every May 27, Zenith Bank Plc is championing thenarrativethatchildrenarethetrueleadersoftomorrow.TheBankhasdeepeneditsinvestmentincarefullycuratedinitiativesthatelevatechildrenacrosseducation,financialliteracy,health,digitalinclusion,andsocialprotection,building a generation equipped to thrive and lead. For Zenith Bank, every child matters, and the Bank’s footprint reflectsa deliberate, pan-African strategy to nurture potential from the earliest age.Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over threeyears, anchoring the Tuesday edition and Zenith Financial Literacy Friday show. The programme blends spelling beecontestswithfinancialliteracyquestions,creatingawarenessandonboardingchildrenintotheZenithChildren’sAccount (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026,whereZenithBankhostedover1,000childrenandtheirparents,celebratingZECAwinnerswithgames,skits,andZenith Bank branded gifts.The Bank’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 statesandtheFCT.Studentsaretrainedonsavings,budgeting,basicinvestments,anditsretailproducts,withthetopperformer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy ProgramundertheCBN-mandatedGlobalMoneyWeek,whichin2025alonereached3,622studentsacross22LGAs,deploying 137 bank employee volunteers as educators.In alignment with the United Nation’s (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bankhasdonatedstate-of-the-artICTcentresandcomputersystemstoschoolsanduniversitiesnationwide,includingaComputerCentretoBamainaAcademy,Dutse,JigawaState.Itstransformativeinterventionsincludefullyequippedlibraries,vocationalfacilities,andlarge-scaleschoolrenovations,fromOjotaSecondarySchoolandVictoriaIslandSecondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barrierswith N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructureupgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis CatholicSecondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhoodsavings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates theInternational Day of the Girl Child, reaching5,000 girls in 10 schools withsanitary pads, hygiene kits, and menstrualhealth education to keep girls in school and promote SDGs 3, 4, and 5.The Bank’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos,Zenith donatedbraille materials,food, and toiletries.For the2026 InternationalDay forStreet Children,it partneredwithBosco Child Protection Centre on medical check-ups, food, clothing, and counseling. Annual Christmas Charity Visits toorphanagesdelivercash,toys,andessentialsupplies,whilesupportfortheSmileandShineChildrenFoundation’sStrive Conference empowers over 2,000 adolescents with life skills and leadership training.Commenting on the Bank’s intentionality towards the development of children, Dame Dr. Adaora Umeoji, OON, GroupManaging Director/CEO, ZenithBank Plc, said, “AtZenith Bank, weare deliberate about initiativesthat elevate childrenbecausetheyarenotjustourfuture,theyareourpresentresponsibility.AsWhitneyHoustonsopoignantlysang,‘Ibelievethechildrenarethefuture,teachthemwellandletthemleadtheway.’Thatisthephilosophydrivingourinvestmentsineducation,financialliteracy,health,anddigitalinclusion.FromKiddiesCornertoICTcentres,fromPHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bankrenews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow.”Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagshipCorporate Social Responsibilityinitiative. Bringing togetherthousands of childrenand teenagers in avibrant showcaseof unity and discipline, the parade has remained dedicated since inception to the vital mission of supporting, nurturing, -
andempoweringtheNigerianchild,reinforcingtheBank’sbeliefthatleadershipislearnedearlythroughteamwork,confidence, and celebration of young Nigerian identity.ForZenithBank,Children’sDayismorethanadateonthecalendar.Itisadailypledgetoempower,protect,andprepareNigeria’schildrenforleadership.Fromclassroomstocommunities, the Bank’s initiatives are teaching them welland letting them lead the way because the future belongs to children who are equipped today.

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ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING
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ZENITH BANK EXPANDS FOOTPRINT WITH CÔTE D’IVOIRE SUBSIDIARY LAUNCH
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Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.
Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.
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