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Fidelity Bank Plc. has pledged commitment to help Small and Medium Scale Enterprises (SME) in Nigeria particularly, the South East grow the zones economy. Managing Director/Chief Executive Officer, Fidelity Bank Plc. Nnamdi Okonkwo disclosed this during the bank’s customer fora last week. The bank flagged off its nationwide customer engagement programme themed; ‘Connecting with you’ with the twin events in Owerri and Onitsha in the South Eastern part of the country.

Okonkwo who expressed happiness over the level of support and patronage, said the bank also needs to reciprocate by supporting them with finance to grow their businesses.

Consequently he planned to hold a much more detailed educative session with businesses and entrepreneurs to help them grow their export businesses as way of diversifying and solving their foreign exchange challenges.

“Our people are entrepreneurial in nature and there are plenty of small businesses all over the place. Some have export ideas, but the documentations involved they do not know. We are going to provide a more structured access to quality information that can help your business” he said to them.

Okonkwo disclosed that Fidelity Bank has so far disbursed a total of N2.3billion to 102 customers to support their businesses, while stating that so far the loans are doing well.

“What we appeal to people is to ensure they always pay back when they receive loans from the bank, so far, our loans are doing well and we do not have incidences of bad loan,” he stated.
Chairman, Board of Directors , Fidelity Bank Plc, Mr. Ernest Ebi who was also graced both occasions said Fidelity Bank has over the years become a big bank that cannot be ignored by any serious business concern, and has remained true to helping its customers break new frontiers in business. “We are here to connect with our customers, and to let them know that we do not take them for granted, and that we are ready to help them out with their businesses.”

This sentiments was echoed by the bank’s Executive Director, South, Mrs. Aku Odinkemelu who said the bank placed a lot  premium on its customers hence the decision to bring executive management and board to meet directly with them with the customer fora. “We don’t take you our customers for granted. We value your feedback and will use this unique opportunity of engaging directly with you to organize to serve you better” she promised.

Two of the banks customers who spoke on behalf of the customers, Ikem Osanakpo, MD Kate Associates Ltd and the MD of GUO Motors, Chief Godwin Okeke praised the bank for their foresight, and ability to meet customers’ needs at short notice.

BUSINESS

Zenith Bank Records Improved Half Year 2019 Results, With Interim Dividends Of 30 Kobo Per Share

Gbemileke Ajayi

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In a clear demonstration of its resilience and strong market share, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2019, recording positive growth across key financial metrics, thus affirming the bank’s position as one of the leading financial institutions in Africa.

As a testament to its commitment to its shareholders, the bank also announced a proposed interim dividend pay-out of 30 kobo per share.

Gross earnings grew by 3% from ₦322.2 billion to ₦331.6 billion driven by the significant growth of 24% (YoY) in non-interest income from ₦88.6 billion in H1 2018 to ₦109.7 billion in H1 2019. In particular, fees from electronic products increased by ₦17bn (168%) from ₦10bn in H1 2018 to ₦27 in H1 2019, demonstrating significant progress in our retail banking initiatives. This top-line growth filtered through to the bottom-line as Profit Before Tax (PBT) increased to ₦111.7 billion reflecting a 4% growth over ₦107.4 billion reported in H1 2018 with earnings per share (EPS) increasing by 9% to ₦2.83 in H1 2019 from ₦2.60 compared to the prior period.

Between December 2018 and June 2019, the Group’s total deposit increased by 3% with retail deposits growing by ₦267 billion (31%), from ₦861 billion to close at ₦1.1 trillion. Despite the growth in our deposit base, we optimized interest expense leading to a 4% reduction from ₦74.7 billion to ₦72.1 billion due to the Group’s improved funding mix and our profound treasury management skills. Net Interest Margins (NIMs) witnessed a compression from 10% in the same period last year to 8.6% in H1 2019, as a result of the declining yield environment but the cost of funds improved from 3.4% to 3.0%.

Our robust risk management ensured that our absolute Gross Non-Performing Loans (NPLs) remained flat. However, the marginal movement in NPL ratio was as a result of the 3% reduction in our loan book from ₦2.02 trillion as at December 2018 to ₦1.95 trillion at the end of the period. We are creatively deploying new retail loan products to ensure we capture a reasonable share of the retail loan market. We remain committed to maintaining our strong balance sheet with a liquidity ratio at 74.6% and Capital Adequacy Ratio (CAR) at 25%, ensuring we remain above regulatory thresholds.

Zenith Bank Half Year 2019 Abridged Financials

Going into the second half of the year, we will continue to consolidate our leadership in the corporate space while our retail banking drive will continue unabated. We expect to see an improvement in economic activities even as we maintain our promise of delivering a unique service experience to our customers.

Consistent with this superlative performance and in recognition of its track record of excellent performance, the bank was recently ranked as the Most Valuable Banking Brand in Nigeria in 2018 by The Banker Magazine. Similarly, Zenith Bank was recognized as the Best Corporate Governance Bank in Nigeria by The World Finance for the sixth time just as Ethical Boardroom, a Europe based Boardroom watchdog reaffirmed this recognition by naming the bank as the Best Bank in Corporate Governance in 2018. Recognition has also come the way of the bank as it was recently named as the Best Institution in Sustainability Reporting in Africa 2018 (SERAS Awards) and the Bank of the Year 2018

 

(BusinessDay).

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BUSINESS

UBA Partners LCCI For 2019 Lagos International Trade Fair, Promises Customers 20% Discount On Registration

Peter Okunoren

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Pan African financial services institution, United Bank for Africa (UBA) Plc, and the Lagos Chamber of Commerce and Industry(LCCI) have partnered to organize the 2019 edition of the Lagos International Trade Fair.

The Fair, which holds between November 1st and 10th, 2019, is the 33rd edition and is expected to provide an avenue for networking and other business opportunities that will assist to catapult business activities in Africa’s largest and busiest city, Lagos and in Nigeria.

UBA, which is the headline partner will be working together with LCCI, to provide a veritable platform that is intended to grow both domestic and international trade. It further presents participants and visitors with opportunities to seal medium and top business deals.

In line with UBA’s unflinching support to the growth of small and medium enterprises (SMEs), the bank is giving a 20% discount to its Small and Medium business customers who register to attend the fair.

UBA’s Group Head, Marketing, Mrs. Dupe Olusola, who expressed excitement at the partnership, noted that the bank, with its extensive spread across Africa and other major economies of the world, is always on the lookout for partnership opportunities that will benefit the business environment and the economies where it operates.

Olusola noted that the Bank is delighted as this year’s Lagos International Trade Fair is coming after a very successful organization of UBAmarketplace by the Bank in Abuja, where over 120 SMEs from 20 African countries exhibited their products, attracting over 50,000 footfalls.

She said, “UBA, the Pan African financial institution, has branches in 20 African countries, including the United Kingdom, the United States of America and France and has always been involved in activities that aim to strengthen business connections and networks across key economies.

“Thus, we have decided to partner with LCCI to promote this year’s fair which is in its 33rd edition because the Lagos International Trade Fair has become a genuine avenue for both domestic and international trade through business to business meetings, product launches, enlightenment opportunities for government agencies’ programmes, and international trade partnership deals across borders” she explained.

She added that the partnership will also offer the bank the opportunities to showcase its array of products to its teeming and new customers, adding that the bank will set up stands at various points to serve its customers and attend to various concerns.

The Director-General of the Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf who praised the collaboration between both institutions, noted that it is a partnership that is expected to yield great benefits, owing to the fact that the LITF hosts an average of 2,000 exhibitors annually, with over 200 foreign exhibitors from 16 countries.

He also added that arrangements have been put in place to make this year’s fair even bigger and better than the previous editions, adding that already, existing and potential exhibitors have been responding positively to register and participate at the Fair.

“We at LCCI believe that this is part of the bold initiatives of the bank with a corporate culture founded upon strong organizational values and performance-driven operating standards”, Yusuf said.

Yusuf stressed that the Chamber would maintain the brand promise of the Fair, with the theme ‘Connecting businesses, Creating value’, adding that this will be sustained this year in all its marketing campaigns.

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BUSINESS

Win N200,000 Cash Prize In The Zenith Bank #ZBZeroBalanceChallenge

Gbemileke Ajayi

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Win big in the Zenith Bank #ZBZeroBalanceChallenge ⠀
How to win?
(1) ‎Post your one minute video on Instagram before 12 noon on Sunday the 18th of August 2019.⠀
(2) Use the hashtag #ZBZeroBalanceChallenge and tag + follow @zenithbankplc on Instagram.⠀
Click Here to view and download the Zero Balance song.⠀
Note!  ‎
  • Winners will be announced on Tuesday the 20th of August 2019.
  • The participant must have zenith zero account
  • To Open zero account, kindly dial #966*0# and follow the prompts

Prizes🎁

1st prize: N200,000 
2nd prize: N100,000 
3rd prize: N50,000 ‎
The promos run from Sunday the 18th of August 2019.
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