Fidelity Bank Records Double Digit Growth in Earnings, Profit in Q1 Nume Ekeghe Despite the challenging and fiercely competitive environment, Fidelity Bank Plc yesterday reported a solid financial performance in the first quarter of 2017, posting
an appreciable growth in its profit and gross earnings for the period ended March 31, 2017. A statement by the lender showed that in its unaudited result released at the Nigerian Stock Exchange (NSE) the bank’s gross earnings rose
by 18.8 per cent from N34.4 billion in March 2016 to N40.8 billion for the corresponding period in March 2017. Similarly, Fidelity Bank’s profit before tax in the period surged by 20.5 per cent from N4 billion in 2016 to N4.8 billion
in 2017, just as it recorded a growth in net interest income, deposits, loans and other performance indices. Speaking on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo said the double digit growth in earnings and profit
underscored the disciplined execution of the bank’s medium-term strategy and a business model that enables it to continue to deliver improved performance in line with its 2017 financial year targets. “Gross earnings growth was
driven by a combination of increased yields on earning assets and an absolute growth in the volume of earning assets which led to a 24.1 per cent year-on-year (y-o-y) growth Continued on page 10
Naira Strengthens as CBN Offers $100m in Wholesale Forwards… Page 49 Friday 28 April, 2017 Vol 22. No 8044. Price: N250
www.thisdaylive.com TR
UT H
& RE A S O
N
Presidency: Buhari Hasn't Fully Recovered, Doctors Advised He Takes Things Slowly… Page 49
NEC Concedes Natural Resource, Ecological Funds to States, LGs Puts balance of both funds at N104.5bn, ECA at $2.2bn Says security agencies have begun crackdown on armed herdsmen A’Ibom joins Rivers, Bayelsa to challenge oil revenue sharing formula for PSCs at S’Court Omololu Ogunmade and Alex Enumah in Abuja The National Economic Council (NEC) rose from its monthly meeting held yesterday in the Presidential
Villa, Abuja, with cheery news that states and local governments would henceforth keep their share of the natural resource and ecological funds. Continued on page 12
2017 Budget: Police Succumb, Return Items Seized from Goje’s Home Senate, House give conflicting timelines for passage of Appropriation Bill Omololu Ogunmade, Damilola Oyedele, James Emejo and Paul Obi in Abuja After the Nigeria Police initially issued a strongly worded statement yesterday morning denying that they carted away the report on the 2017 budget and related documents from the
residence of the Chairman Senate Committee on Appropriation, Senator Danjuma Goje during a raid on his residence, the police succumbed to subtle armtwisting from the National Assembly forcing the Force to return the items. Continued on page 10
House Asks President to Seek Clarity on EFCC Act from the Court… Page 50
L-R: Chairman, Dangote Sugar Refinery Plc, Aliko Dangote, and acting Group Managing Director, Dangote Sugar Refinery, Mr. Abdullahi Sule, during the annual general meeting of Dangote Sugar Refinery, held in Lagos… yesterday