Fidelity Bank: High Expectations As Lender Set To Release H1 Results

By Fola James

Fidelity Bank Plc has assured the Nigerian Stock Exchange, NSE that its half year, H1 financial statement will be ready by August 29.

In its quarter one, Q1 financial statement released in April this year, the top lender still made great impressions despite the fact that the sector has been hit hard by the corona virus pandemic.

According to the results, gross earnings stood at N51.1 billion compared to N48.4 billion in Q1 2019, while rofit before tax, PBT and profit after tax, PAT declined slightly by one per cent to N6.6 billion and N5.9 billion respectively compared to 2019 financial year.

Ahead of the release, industry players remain upbeat that the bank will not disappoint its numerous customers and shareholders.

The lender disclosed, in the letter to NSE that the Financial statement will first be sent to the Central Bank of Nigeria, CBN for approval in line with the extant laws.

According to the bank “Upon completion of the audit, the Audited Financial Statements shall be presented to the Central Bank of Nigeria for approval and thereafter, published in compliance with the provisions of the Nigerian Stock Exchange Rule Book and other relevant statutes and/or regulations.

The Bank expects to publish its Audited Financial Statements for the Half Year ended June 30, 2020, on or before August 29, 2020.”

The Nnamdi Okonkwo-led Tier 2 deposit money bank, DMB has also directed insiders privy to the company’s affairs to stop trading its shares until further notice.

The prohibition which took off on Wednesday will remain until August 30, 24 hour after the company’s audited financial reports has been released to the NSE, the letter to the Regulator said.

The bank stated that it’s doing everything according to the provision of the Nigerian Stock Exchange Rule Book, adding that the “In addition, the trading window for dealings on the Bank’s shares shall be closed to all insiders from July 1, 2020, until 24 hours after the release of the Bank’s audited Financial Statements for the Half Year ended June 30, 2020.”

Expectations is very high, keen watchers of the bank told the magazine, from the bank, which in April, declared quarter one, Q1 pre-tax profit of N6.6 billion, a marginal decline of one per cent compared to the same period in 2019, despite the effects of the COVID 19 on the nation’s financial sector.