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Home Business News

4 takeaways from the Fidelity Bank 9 month results tweet chat

Onome Ohwovoriole by Onome Ohwovoriole
November 19, 2017
in Business News, Company News
Fidelity Bank restructures its dollar debt

Nnamdi Okonkwo Chief Executive officer Fidelity Bank

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Fidelity Bank’s investor relations team recently had a tweet chat relating to their 9 months result with Nairametrics. During the chat, members of the team, discussed a wide variety of issues ranging from why single didgit interest rate hasn’t ocured yet, the bank’s views on fintech and how it had meet its targets for the year in respect of tis operational ratios.

Why single digit borrowing rates haven’t happened yet

Responding to a question on when single digit interest rates might be feasible, reps of the bank stated that this was dependent on a lower Monetary Policy Rate, as well as operating costs.

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We will like to but the inflation rate and MPR needs to be low-single digit with much lower operational costs e.g diesel #Fidelity9mResults

— Fidelity Bank (@fidelitybankplc) October 30, 2017

On its recent Eurobond and a possible devaluation

Proceeds from a recent Eurobond raise will be used to fund its trade finance business
The bank’s investor relations team also stated that any likely devaluation of the country’s exchange rate would have a positive effect on its bottom line.

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The funds will be deployed to our trade finance biz with transaction cycles of 90 – 120 days in line with SME strategy#Fidelity9mResults

— Fidelity Bank (@fidelitybankplc) October 30, 2017

Positively, that is a devaluation of about N30.5, It will currently lead to a growth in PBT by a minimum of N3bn.#Fidelity9mResults

— Fidelity Bank (@fidelitybankplc) October 30, 2017

Fintech is not a threat

In the bank’s opinion, Fintech is not a threat, but an opportunity which the bank intends to take maximize. The bank was one of the first to introduce a USSD code, and has other fintech products in the pipeline.

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Yes there will innovative new features added to existing products and also new products introduced.The future is digital#Fidelity9mResults

— Fidelity Bank (@fidelitybankplc) October 30, 2017

Shareholders may have bumper returns on the way

The bank also hinted at bumper returns for investors as it was on track to doubling its 2017 Profit Before Tax as well as maintain its steady record of dividend payment.

Definitely, as we are on track towards doubling our PBT in 2017 & we've consistently paid dividends in the last 11yrs#fidelity9mresults

— Fidelity Bank (@fidelitybankplc) October 30, 2017

Here is a link to the entire thread.

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Tags: Fidelity Bank 9 months result Tweetchat

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