Business
Fidelity Bank net income drops by 31.91%
By Odunewu Segun
Fidelity Bank’s half year financial statement, posted on the floor of the Nigeria Stock Exchange (NSE), showed that its net income dropped by 31.91 percent to N5.59 billion from N8.21 billion as at June 2015, despite a strong net interest income.
According to the statement, its total operating expenses moved to N31.07 billion in the period under review as against the N28.81 billion it recorded the previous year. Meanwhile, it cost to income ratio (CIR), also increased to 79.15 per cent in June 2016 as against 72.19 per cent the previous year.
ALSO SEE: Fidelity Bank expresses support for FG’s housing policy
Earlier this year, the Economic and Financial Crimes Commission (EFCC) arrested the CEO of the bank, Nnamdi Okonkwo, on the grounds that he allegedly helped a former Minister of Petroleum Resources, Diezani Alison Madueke, to launder $153 million during the build up to the presidential election.
Fidelity’s share price dropped -4.88 percent to N1.17 while -11.42 (1 year return to date) percent as investors dump bank stocks on the back of lack of policy direction on the part of the government and bleak economic outlook stoked by falling oil price.
-
Business1 week agoFCCPC floors Air Peace as Court upholds authority to probe airline fare complaints
-
Latest4 days agoLagos NURTW organising secretary Toba Ajiboye dies after gunmen attack
-
Business6 days agoNCC chief highlights trust as key to Nigeria’s digital transformation
-
Politics7 days agoADC urges FG to rescue Borno, Kwara kidnap victims after Oyo schoolchildren’s release
-
Maritime5 days agoLicensed port agents back FG’s Green Tax on imported vehicles
-
Business5 days agoNCC unveils cost-sharing framework to boost broadband rollout, end repeated road excavations
-
Latest7 days agoAtiku slams presidency over Oyo school rescue ‘silence’ claim
-
Aviation5 days agoNCAA, NAMA disagree over proposed revenue sharing formula