ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

Fidelity Bank posts N146.9bn gross earnings

5th April 2016
in Business
0
Fidelity Bank posts N146.9bn gross earnings
0
SHARES
84
VIEWS
Share on FacebookShare on Twitter

 •Puts N22bn Oando loan on watch list 

By Omodele Adigun 

FIDELITY Bank Plc, one of the country’s most capitalised financial institutions, on Thursday said its gross earnings for the period ended December 31, 2015 grew to N146.9 billion from N136.1 billion recorded in 2014 Financial Year (FY). In the same vein, it promised shareholders N4.6 billion as dividend payout, thus maintaining a tradition of consistent dividend pay-out for the past six years.

According to the lender’s audited financial statements for the period under review, Fidelity Bank posted a rise of 7.9 percent and 0.8 percent in its gross earnings and profit respectively, despite the nation’s harsh operating environment characterised by regulatory and economic headwinds. Profit after Tax (PAT) for the period ended December 31, 2015 rose marginally to N13.9 billion as against N13.8 billion made in the comparable period last year. Whereas total equity increased by 6.0 percent to N183.5 billion from N173.1 billion in 2014 FY, net operating income stood at N83.9 billion, a moderate 12.5 percent rise from N74.6 billion in 2014 FY.

Commenting on the result, Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo said that the bank’s 2015 FY performance reflects the disciplined execution of the management’s medium term strategy and the resilience of evolving business models despite the extremely challenging business environment in 2015. He explained that the bank improved the earning capacity of its balance sheet even in the face of decline in fee income precipitated by a N10.0 billion reduction in its foreign exchange income.

“We continued to increase yields on earning assets faster than the growth in funding costs which improved our Net Interest Margin (NIM) to 6.9 percent in 2015.” This development, the Fidelity helmsman added, is indeed indicative of the bank’s continual focus on balance sheet optimisation, rebalancing of its loan portfolio in consonance with its medium term strategy and increased growth in retail deposit base.”

Meanwhile, Fidelity Bank said on Monday it had put a N22.4 billion ($113 million) loan to listed energy firm Oando Plc on a watch list and taken a special provision of 5 per cent.

The mid-tier commercial lender said on an analysts’ call that the Oando loan accounted for 3.7 per cent of its total loan book and 15.2 per cent of its energy loan book.

The CEO of Fidelity Bank, Nnamdi Okonkwo, said the bank missed its loan growth target for 2015, which it had originally put at 10 per cent as its loans grew 6.7 per cent last year


Govts yet to comply with 18% pension contributions 

By Maduka Nweke 

BARELY 20 months after the Pension Reform Act (PRA) 2014 was signed into law, the federal and state governments are yet to embrace the 18 per cent pension contributions for their workers.

Daily Sun learnt that the Federal Government and few states that have embraced the Contributory Pension Scheme (CPS) are still remitting 15 per cent as against the 18 per cent stipulated in the new law.

It was also gathered that the Federal Government was yet to pay N20 billion pension accrued rights for workers who retired recently.

The President, Pension Fund Operators Association of Nigeria (PenOp), Eguarekhide Longe, who made the revelation recently, said pension operators are still awaiting the government to fulfil its pledge to pay the backlog of the three per cent, which has not been remitted since the new law became effective.

He noted that about 60 per cent compliance has so far been achieved as regards the PRA 2014. “I will put the level of compliance at 60 per cent from the private sector side. On the government side, the former Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the Federal Government could not comply with the new 18 per cent minimum but when compliance starts, it will offset the entire backlog. I think that situation still remains

sunnews

sunnews

Related Posts

PIB: Diri proposes 10% for host communities
Business

PIB: Diri proposes 10% for host communities

2nd March 2021
Institute of Bankers introduce new curriculum to advance banking education
Business

Institute of Bankers introduce new curriculum to advance banking education

2nd March 2021
Business

Ponzi Schemes, threat to investor Protection, says SEC

2nd March 2021
Next Post
Enhancing quality of service through VoLTE technology

Enhancing quality of service through VoLTE technology

Scarcity: Respite as NNPC takes delivery of 21,000mt of PMS

Nigerians can’t stop talking about fuel mess

UCL: Barcelona to remain ‘open-minded’ about Atlético

UCL: Barcelona to remain ‘open-minded’ about Atlético

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Four arrested for stealing mobile phones at Akeredolu’s 2nd term inauguration

Ahead of Delta local polls, commissioner warns political operatives, police

MDAs: Reps consider direct debit of federal agencies’ utility bills

Delta local govt elections: Police deploy 8,292 officers

Suspected cultists murder young man in Benue market

COVID-19: Ekiti govt directs workers from level 12 and below to resume March 8

Trending

Amuchienwa fails to stop ex-Governor Ohakim's suit against her
National

Amuchienwa fails to stop ex-Governor Ohakim’s suit against her

2nd March 2021
0

From Godwin Tsa, Abuja The High Court of Imo State has struck out applications filed by one...

PIB: Diri proposes 10% for host communities

PIB: Diri proposes 10% for host communities

2nd March 2021
Ikpeazu's kinsmen in North fire back at Adeyemi over remarks

Ikpeazu’s kinsmen in North fire back at Adeyemi over remarks

2nd March 2021
Four arrested for stealing mobile phones at Akeredolu's 2nd term inauguration

Four arrested for stealing mobile phones at Akeredolu’s 2nd term inauguration

2nd March 2021
Ahead of Delta local polls, commissioner warns political operatives, police

Ahead of Delta local polls, commissioner warns political operatives, police

2nd March 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist