Fidelity Bank Board To Meet October 22 For Q3 Results 

Fidelity Bank Board To Meet October 22 For Q3 Results

 

 

Fidelity Bank Plc, has issued a notice of the meeting of its board of directors in Lagos for October 22, to consider and approve the bank’s unaudited financial statements for 3rd quarter ended September 30, 2020.

The notice signed by Mrs Ezinwa Unuigboje, the Company Secretary and filed to the Nigerian Stock Exchange (NSE), also announced that its directors and other persons connected to them would be prohibited from trading the company’s equities from October 1, 2020, until 24 hours after the accounts are released on the floor of the NSE.

It was reported two weeks ago that Fidelity Bank Plc was not expecting to get higher foreign exchange (FX) income in the second half of 2020.

This disclosure was made by the financial institution during an analyst call, where the MD/CEO of the company, Mr Nnamdi Okonkwo, also stated that much is not anticipated from the net interest margin (NIM) for the rest of the financial year.

“We do not expect to have the same level of FX income coming through in Q3 and Q4,” the bank executive had informed participants at the conference.

According to the audited results of Fidelity Bank for the first half of the year ended June 30, 2020, the FX income grew significantly by 84.8 per cent to N4.5 billion from N8.3 billion.

This was due to the significant 223.4 per cent increase in the FX income recorded in the second quarter of the year; N6.4 billion in Q2 2020 versus N2.0 billion in Q1 2020 and the second quarter rise was largely due to the currency devaluation by the Central Bank of Nigeria (CBN).

Between April and June 2020, the significant growth in the FX income of Fidelity Bank contributed largely to the 120.6 per cent growth in its net fee income of N12.6 billion versus N5.7 billion recorded in Q1 2020.

Also, the bank made it known this month that it would issue part of its N100 billion bond, starting with a N50 billion offer which will commence anytime from October.

In its forecast, the lender said it expects to see a 15 per cent drop in profit this year compared with 2019, citing the impact of the coronavirus pandemic.

 

Angela Davies

Recent Posts

Zenith Tech Fair 4.0 Concludes With Hackathon Winners Receiving N77.5M In Cash Prizes

Zenith Tech Fair 4.0 has concluded, with hackathon winners receiving N77.5M in cash prizes.   Glamtush…

1 hour ago

PHOTOS: Davido Receives Luxury Car From Auto Firm For 32nd Birthday

Davido has received a luxury car from an auto firm for his 32nd birthday.  …

20 hours ago

VIDEO: How Primate Ayodele Foretold Simon Ekpa’s Arrest In 2023

Simon Ekpa, a Finnish-Nigerian separatist agitator and self-proclaimed Prime Minister of the Biafra Republic Government…

21 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

Accuses detractors of peddling news of alleged governorship ambition.   Speaker of the Lagos State…

21 hours ago

Simon Ekpa, Four Others Arrested In Finland Over Terrorism Activities

Simon Ekpa and four others have been arrested in Finland over terrorism activities.   Glamtush…

1 day ago

Davido Celebrates 32nd Birthday With ₦300m Donation To Orphanages

Davido is excited to celebrate his 32nd birthday with a ₦300m donation to orphanages.  …

1 day ago