eTranzact International Plc has announced a Profit After Tax (PAT) of N2.2 billion for the year ended Dec. 31, 2023, as against N1.18 billion posted in 2022.

This was disclosed by the Company Secretary of eTranzact, Isaiah Oreweme, in the company’s annual report and audited financial statements for the year 2023, sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

Oreweme said that the electronic payment technology and maintenance services company’s Profit Before Tax (PBT) for the year under review stood at N3.2 billion, compared to N1.61 billion recorded in the year 2022.

He stated that the company’s gross profit rose to N8.32 billion at the end of the 2023 financial year from N5.7 billion posted in the previous year.

According to him, the total liabilities of eTranzact leaped to N16.73 billion as at the close of the 2023 financial year, from N10.5 billion recorded in the year 2022.

The company secretary stated that the firm’s total assets also grew to N28.21 billion in 2023, compared to N19.78 billion posted in the year 2022

Fidelity Bank Plc share price has recorded a 297 percent growth on the Nigerian Exchange Ltd (NGX) in the last 13 years.

Data from the NGX showed that the bank’s share price grew by 297 percent from N2.52 in January 2010 to N10 at March 2023.

According to data from NGX on Monday, the bank’s share price as at April 25, 2024 stood at N9.00 per share as the bank traded N12.642 million shares valued at N112.071 billion in 246 deals.

The data said that Fidelity Bank’s market capitalisation as at April 25, also stood at N288.11 billion, average volume N11.76 million, share outstanding was N32.01 billion while free float was N31.72 billion.

“This indicates that Fidelity Bank has been trading above N5 for at least four months in the last six months.

“Therefore, it should be reclassified from small price stock to medium price stock.

“The bank has continued to post commendable financial performance every quarter as it cements its position among leading banks in the country.

“In the half-year 2023 results and for the second year running, the bank emerged as the company with the highest earnings per share on the NGX,” it said.

The data said that analysis had shown that the bank recorded double-digit growth across key income and balance-sheet lines which led to a Profit After Tax of N99.45 billion, representing a 112.9 per cent annual growth.

The report also said the bank’s growth in profits was an 81.6 percent in net interest income to N277.4bn.

This it said was driven by a 55.5 percent increase in interest income which reflected a steady rise in asset yield throughout the year.

The data said the total customer deposits crossed the four trillion naira mark as deposits grew by 55.6 percent from N2.6tn in 2022 financial year (FY).

“The increase was driven by 81.1 per cent growth in low-cost funds.

“All these have led the bank’s board to propose the 60 kobo per share final dividend payout which would make shareholders enjoy a total dividend of 85 kobo per share for the reporting period.

“This is a 70.0 percent increase compared to the 50 kobo per share paid to its shareholders in the previous year.

“This makes it the eighth consecutive year the bank will pay dividends,” the data said.

Reacting to the growth, some analysts said the bank’s share price underlined its earnings growth and financial performance as higher dividend yielded and future earnings forecasts had triggered demand in the money lender’s shares.

The Chief Research Officer at Investdata Consulting Limited, Ambrose Omordion, said this was the best time for Fidelity bank as the bank’s share price was doing well among its peers.

“Fidelity is doing well and its share price is one of the best among its peers.

“This is so because the bank has recorded impressive results in its 2023 financial year.

“In June 2023, the bank shares rose by 32 percent making it the nation’s best-performing bank share as of half year,” Omordion said.

Another analyst, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN),  Prince Anthony Omojola, said that Fidelity Bank was moving up in terms of performance.

Mr Sam Ndata, the Doyen of Nigerian Stockbrokers Securities Limited said the development was welcomed.

“This is a good development. If a company performs well, it will surely be rewarded to earn investors’ confidence,” he said.

The National Coordinator, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said the bank had paid its dues in the financial services sector.

Okezie said the bank had contributed to the development of the Small and Medium Enterprises (SMEs) sector yet paid dividends to the shareholders.

Trading on the Nigerian stock market opened on a bearish note as the stock market suffered losses in Monday’s opening.

At the close of trading session, the Nigeria Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation depreciated from preceding trading day’s highs of 98,152.91 points and N55.51 trillion respectively to 97,962.25 points and N55.40 trillion.

Market watchers said the impact of high yields in the fixed-income space continues to drive selloffs on the Bourse because investors are switching asset classes to less risky ones.

“We expect the bearish sentiments amongst investors to persist in the local equities market given the recent developments in the fixed-income market.”

“The impact of the high yields in the fixed-income market will continue to drive sell-offs as investors switch their asset classes to less risky assets. However, we expect pockets of bargain-hunting activities across dividend-paying stocks, in anticipation of the corporates’ qualification and payment dates,” Lagos-based United Capital said on Monday.

The market’s year-to-date (YtD) return stood lower at 31.01 percent.