Business
Fidelity Bank Records Stellar Performance in FY 2022
…… Declares total dividend of 50K per share
Lagos,
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Onyeali-Ikpe
The results showed a 34.4% growth in Gross Earnings YoY to N337.1bn, driven by 45.2% growth in interest and similar income to N295.6bn.
The increase in Interest Income was led by a combination of improved yield on earning assets and 19.1% YoY expansion in earnings base to N2.64trn.
This led to a Profit Before Tax of N53.7 billion representing 112.9% annual growth.
Commenting on the Bank’s impressive performance, Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines.
This validates our growth strategy and capacity to deliver superior returns to shareholders.”
Further review showed that Net Interest Income increased by 60.9% YoY to N152.7bn.
The high yield environment had a positive impact on Net Interest Margin, which increased to 6.4% from 4.7% in 2021FY while average funding cost inched up slightly to 4.6% from 4.2%. Similarly, Total Deposits increased by 27.4% to N2.58trn from N2.02trn in 2021FY, in line with the Bank’s guidance for 2022FY published in its investor relations presentation.
Speaking on the contribution of Foreign Currency (FCY) deposits to its financial performance, Onyeali-Ikpe noted, “FCY deposits increased by $597m (63.4% YoY) to $1.5bn and now accounts for 27.5% of total deposits from 19.7% in 2021FY, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.”
Historically, Fidelity Bank has maintained high asset quality and a healthy balance sheet with its Regulatory Ratios well above the minimum regulatory thresholds.
“In 2023, we are committed to our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele”, explained Onyeali-Ikpe.
On the back of the impressive performance, the bank has declared a final dividend of 40kobo per share which brings its total dividend for FY 2022 to 50kobo per share.
Fidelity Bank is a full-fledged customer commercial bank operating in Nigeria with over 7.5 million customers serviced across its 250 business offices and digital banking channels.
Business
Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers
Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.
This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
Business
Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024
Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.
This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.
At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.
The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.
The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.
Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.
“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.
Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.
Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.
The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.
Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.
Business
Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards
Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).
L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.
In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.
At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.
This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.
We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.
Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.
Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.
These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.
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