Headlines
Fidelity Records PBT Of N76.3bn For H1 2023
……Declares interim dividend of 25 kobo Per Share
Leading financial institution, Fidelity Bank Plc has recorded an impressive 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.
A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.
The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.
On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.
Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.
The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.
Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.
To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.
“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
The post Fidelity Records PBT Of N76.3bn For H1 2023 appeared first on Jomog.
Education
1ST NIGERIAN TERTIARY INSTITUTIONS CONFERENCE ON UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ESSAY COMPETITION
Competition Overview:
The SDG Youth Essay Competition offers a grand prize of N1 million for the top three winners, along with free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Competition Requirements:
1. Eligibility:
– Open exclusively to undergraduates in Nigerian tertiary institutions.
2. Entry Guidelines:
– Topic:The Role of Students in Attainment of SDG4
– length: Essays should be 1500 words.
– Entry Period: Thursday, February 1, 2024 – Thursday, February 29, 2024
– Referencing: APA Style (6th Edition).
– Font: Times New Roman, 12-point font size.
– Documentation: Typed in 1.5 line spacing, MS Word format only.
– Plagiarism: Only original content is accepted; plagiarized entries will be disqualified.
Benefits:
– Prizes:
– 1st Prize: N500,000
– 2nd Prize: N300,000
– 3rd Prize: N200,000
– Winners will also receive free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Required Documents:
– Student’s Institution ID Card
– Copy of Student’s Admission Letter
– One recent passport-size photograph
– WhatsApp telephone number and email address
Application Procedure:
– All entries and submissions (essay and required documents) should be scanned and sent to nigeriaessay@sdgyouth.org before the deadline.
For Further Inquiries:
– Call: 08068931151, 08133846739, 07067772964
– Email: nigeriaessay@sdgyouth.org
Deadline: February 29th, 2024
Don’t miss this opportunity to contribute to achieving SDG4 and win exciting prizes. Submit your entry and required documents before the deadline. For any inquiries, feel free to contact them via phone or email.
Competition Overview:
The National Essay Competition invites undergraduate law students to showcase their expertise and contribute to the discourse on AI, privacy, and data protection. In addition to cash prizes, participants have the chance to intern with Pentagon Partners, gaining valuable hands-on experience.
Competition Requirements:
1. Eligibility:
– The competition is open to 400-level and 500-level undergraduate law students in Nigerian universities.
2. Essay Requirements:
– Length: Essays should not exceed 1500 words.
– Format: Double spaced, 12pt Times New Roman font.
– References: OSCOLA format for citations with 10pt font size for footnotes and endnotes.
– Submission Format: Essays must be submitted in PDF format.
– Entrant Details: Include full names, school, level, phone number, and email address in both the body of the email and on the last page of the essay.
– Single Entry: Each entrant is allowed only one submission.
– Originality: Plagiarism will result in automatic disqualification.
Competition Benefits and Timeline:
1. Prizes:
– Winner: N200,000
– 1st Runner Up: N150,000
– 2nd Runner Up: N100,000
2. Internship Opportunity:
– In addition to cash prizes, winners have the exclusive opportunity to intern with Pentagon Partners, enhancing their career prospects.
Application Procedure:
– Interested participants should submit their essays to essay@pentagonpartnerslp.com during the submission period.
– The subject of the email should be the Essay topic
For additional information and updates, visit www.pentagonpartnerslp.com.
Deadline: March 22nd, 2024
Don’t miss this chance to showcase your legal expertise, contribute to important discussions on AI and law, and vie for enticing cash prizes. Pentagon Partners looks forward to receiving your submissions.
Purpose:
Inaugurated in 2020, the CDEC is part of SystemSpecs’ Corporate Social Responsibility (CSR) commitment to promoting capacity development in the Nigerian ICT industry. By encouraging young Nigerians to tackle everyday issues, the competition contributes to intellectual growth and societal progress.
Topic:
The theme for the 2024 competition is “Protecting the Nigerian Child from the Dangers of Online Technology.” Participants are tasked with exploring strategies to safeguard children in an increasingly digital world.
Eligibility:
– Open to primary and secondary school students in Nigeria aged 9 to 16.
– Junior category (ages 9 to 12) essays must not exceed 1,000 words.
– Senior category (ages 13 to 16) essays must not exceed 1,500 words.
Prizes:
– Winners will receive generous rewards, including a high-capacity laptop, premium headphones, a portable laptop stand, a smart wristwatch, and one year of internet data, among other items.
– Consolation prizes will be awarded to other participants.
Application Process:
– Interested candidates should access the application page
– Essays must be written in English and reflect original thought.
– Each participant is limited to one entry.
– Entries must be endorsed by an accredited school official, parent, or legal guardian.
– Deadline for submissions is April 12, 2024.
Submission Guidelines:
– All submissions must be in PDF format and include the student’s name, home and school addresses, email address, and contact phone number.
– Double entries will result in automatic disqualification.
– Submissions must be received by March 15, 2024, at 5:00 p.m.
Notification of Winners:
– Successful students and schools will be contacted in the second quarter of the year.
– Updates on winners will be announced on @nercng social media platforms.
The SystemSpecs Children’s Day Essay Competition offers a unique opportunity for Nigerian students to demonstrate their creativity and problem-solving skills. By addressing the theme of online child protection, participants contribute to building a safer and more secure digital environment for all. We encourage eligible students to seize this opportunity and showcase their talent and ingenuity.
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