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Home Business News

Fidelity Bank may raise funds through commercial paper

Onome Ohwovoriole by Onome Ohwovoriole
May 3, 2018
in Business News, Company News
Nnamdi Okonkwo, MD/CEO, Fidelity Bank Plc

Nnamdi Okonkwo, MD/CEO, Fidelity Bank Plc

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Tier two lender Fidelity Bank Plc could be considering floating a commercial paper in the domestic debt market this year. The bank’s Chief Operations and Information Officer Gbolahan Joshua disclosed this in an interview with Reuters.

Prior to this

Fidelity Bank in October last year issued a $400 million Eurobond. $256 million was used to repurchase medium-term notes that were due in May 2018. The remaining proceeds were deployed to trade finance for Small and Medium scale Enterprises.  

What are commercial papers?

Commercial Papers are short-term debt financing securities (no longer than 270 days in tenor) consisting of unsecured and discounted promissory notes issued by large corporations with good credit ratings, which can be readily traded.

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Due to their relatively short maturity period, commercial papers are referred to as low-risk investments, offering competitive returns to investors in compensation for the issuer’s credit risk.

Who stands to gain from this?

Businesses in need of short-term finance would get access to loans at favourable rates. While rates on debt securities have trended lower in tandem with inflation, this has not translated to lower lending rates for most customers

For the bank, it’s an income line, in the absence of high yields prevalent in 2017.

Fidelity Bank closed at ₦2.55 in today’s trading session on the Nigerian Stock Exchange (NSE). Year to date the stock is up 5.69%. 

Earlier this week, the bank released its financial statements for the year ended December 2017. Revenue increased by 18%  from ₦152 of billion for the year ended December 2016 to ₦180 billion in 2017.

Profit Before Tax increased by 83% from ₦11.1 billion in 2016 to ₦20.3 in 2017. Profit after tax for the year jumped 94% from ₦9.73 billion in 2016 to ₦18.86 billion in 2017.

The bank declared a dividend of ₦0.11 per share.


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Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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