…declares a final dividend of 60kobo per share

Leading financial institution, Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion.

According to the results, which was issued to the Nigerian Exchange (NGX) today, the bank grew Gross Earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in Net interest income which increased from N152.7billion to N277.37 billion. This led to a Profit After Tax of N99.45 billion representing a 112.9% annual growth.

Commenting on the Bank’s commendable performance, Dr. Nneka Onyeali-Ikpe,OON, MD/CEO of Fidelity Bank Plc said, “We closed the financial year with strong double-digit growth across key income and balance-sheet lines. Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment. Profit before tax grew by 131.5% to N124.3bn from N53.7bn in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5% from 15.6% in 2022FY.”

A review of the financial performance showed that the bank grew Net interest income by 81.6% to N277.4bn driven by a 55.5% increase in interest income, thus reflecting a steady rise in asset yield throughout the year. The average funding cost dropped by 20bps to 4.4% due to increased low-cost funds that grew from 83.6% in 2022FY to 97.4% in 2023. The combination of higher asset yield and lower funding cost led to an increase in Net Interest Margin (NIM) of 8.1% from 6.3% in 2022FY.

Similarly, Total Customer Deposits crossed the N4tn mark as deposits grew by 55.6% from N2.6tn in 2022FY. The increase was driven by 81.1% growth in low-cost funds.

Despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans & Advances to N3.1tn from N2.1tn in 2022FY.

Despite the growth in its loan portfolio, Regulatory Ratios were maintained well above the required thresholds, with liquidity ratio at 45.3% from 39.6% in 2022FY and capital adequacy ratio (CAR) at 16.2% compared to the minimum requirement of 15.0%.

“We recognize the changing dynamics in the Nigerian banking space and the need to monitor and proactively manage evolving risks. The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders”, explained Onyeali-Ikpe.

Fidelity Bank has consistently paid dividend since 2006. With the proposed final dividend of 60 kobo per share, Fidelity Bank would be paying investors a total dividend of 85 kobo per share for the reporting period, a 70.0% increase compared to the 50 kobo per share paid to its shareholders in the previous year.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

The Lagos Environmental Sanitation Corps (KAI) has taken decisive action against pedestrian bridge violations in various parts of the city, resulting in the arrest of 76 individuals at Ojota, Ladipo, and Oshodi.

Commissioner of Environment and Water Resources, Tokunbo Wahab, revealed this development through his official communication channel on Monday, April 15.

In a post on his official X (formerly Twitter) handle on Monday, Wahab stated that the apprehended individuals were charged to court for prosecution following their failure to utilise the designated pedestrian bridges.

By Saka Laaro, Ilorin

A distinguished figure in Chemical Engineering at the University of Ilorin, Professor Elizabeth Odetoye, has successfully produced biodiesel by harnessing the potential of chicken eggshells as a heterogeneous catalyst.

Professor Odetoye’s innovative approach aligns with the University of Ilorin’s commitment to fostering indigenous technological advancements aimed at driving socio-economic growth in Nigeria.

Through meticulous experimentation in ‘trans-esterification,’ she has demonstrated the viability of eggshells as a cost-effective catalyst for biodiesel production.

During her recent delivery of the university’s 253rd Inaugural Lecture, Professor Odetoye highlighted the promising yield achieved through this method, affirming the eggshell’s potential as a valuable resource in the biodiesel manufacturing process.

Notably, she emphasised the significance of utilising eggshells to add value to poultry production while concurrently reducing waste in the poultry industry.

Professor Odetoye’s groundbreaking research not only showcases the innovative spirit of academia but also opens new avenues for sustainable fuel production, marking a significant stride towards a greener and more efficient energy future

The don pointed out that biodiesel had been considered one of the sustainable fuel alternatives, noting that the high production cost of biodiesel when juxtaposed with fossil fuel, remains one of the major drawbacks in biodiesel production.

Odetoye defined biofuel as fuel made from biomass, saying: “Biofuel is synonymous with biocrude, biodiesel, bio-oil, biogas, bioethanol, biosyngas and bioslurry fuels.”

The university lecturer added that Nigeria is endowed with abundant lignocellulose biomass residues waiting to be explored through more environmentally friendly ways