Connect with us
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Financial Services

Fidelity Bank notifies stakeholders on 2020 financial statement audit

Fidelity Bank has notified investors, the general public, and stakeholders of the commencement of its 2020 Annual Financial Statement audit.

Published

on

Fidelity Bank Plc

In compliance with its corporate governance practice, Fidelity Bank Nigeria Plc has notified investors, the general public, and other relevant stakeholders of the commencement of its 2020 Annual Financial Statement audit.

This was announced through a notification signed by the bank’s Secretary, Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange market, as seen by Nairametrics.

READ: BOC Gases Nigeria Plc announces proposed divestment by major shareholder, BOC Holdings

READ: Fidelity Bank announces closed period ahead of H2 financial statements release

What they are saying: A part of the recently released press statement reads thus: “This is to inform the Nigerian Stock Exchange (The Exchange) and the general public that the audit of Fidelity Bank Plc’s (the Bank) 2020 Annual Financial statements has commenced in line with the Bank’s corporate governance practice.”

What you should know: In lieu of the already outlined facts, the bank further posited that the trading window of its shares would be closed to all insiders from December 1, 2020, until 24 hours after the release of the bank’s audited statements for the year ended December 31, 2020.

READ: Before you transfer RSA: Best Pension Fund managers in Nigeria (1)

READ: FRC issues guidelines on Code of Corporate Governance compliance

What to expect: The bank, through its press release, revealed that upon the completion of the audit, the financial statements would be forwarded to the Central Bank of Nigeria for approval, and subsequently published in accordance with the Nigerian Stock Exchange Rule Book and other relevant laws.

Hence, the bank expects to publish its Audited Financial Statements for the year ended December 31, 2020, on or before March 31, 2021.

READ MORE: Insurance companies plead for extension of December 31, 2020 recapitalization deadline

READ MORE: Another Fidelity Bank Non-Executive Director purchases 1 million shares worth N2.75million

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

1 Comment

1 Comment

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Financial Services

    PayPal post its strongest Q1, with net profits of $1.10 billion

    PayPal currently has 392 million active accounts with net profit in Q1 rising to $1.10 billion.

    Published

    on

    PayPal acquires shopping browser extension company for $4 billion

    The fintech juggernaut posted impressive growth in its revenues in Q1 bolstered by the growing usage of the digital economy. PayPal stated it had revenues of $6.03 billion in Q1 and earnings per share of $1.22, which outperformed market analysts’ forecast of $1.01.

    Altogether PayPal currently has 392 million active accounts with net profit in Q1 rising to $1.10 billion from $84 million a year earlier.

    The company is riding high taking into consideration that online shopping hit a record high spurred by COVID-19, though some market pundits argue that such could change as the pandemic eased. Still, PayPal’s stellar performance does not look likely to succumb to that prediction anytime soon.

    Highlights of PayPal Q1 earning results

    • Earnings per share: $1.22, adjusted, vs. $1.01 per share expected in a Refinitiv survey of analysts.
    • Revenue: $6.03 billion vs. $5.90 billion expected by Refinitiv.
    • Total payment volume: $285 billion vs. $265 billion expected in a FactSet survey.

    “Our strong first-quarter results demonstrate sustained momentum in our business as the world shifts into the digital economy,” said CEO Dan Schulman in a statement.

    The company’s impressive performance was also reflected in the addition of 14.5 million new active accounts, with 1.5 million new merchant accounts included, bringing the total merchant accounts to 31 million globally.

    “Our record-breaking first quarter results underscore the ongoing strength, diversification, and relevance of our scaled, two-sided, global payments platform. We are raising our FY’21 guidance based on these strong results.” John Rainey the CFO added.

    Consequently, Paypal has upgraded its service offerings with the option of the ability for splitting up purchases and paying them off for a period of time as well as the ability to purchase and sell, Bitcoin, Ethereum, Litecoin, Bitcoin Cash.

    Recent price actions reveal PayPal rose as high as $259.55 in extended New York trading after the announcement was made thereby posting gains of 4.65%.

    Continue Reading

    Business News

    Sterling Bank posts gains amid dip in GT Bank and Zenith

    The NGX Banking Index saw another decline for the second time in the month of May.

    Published

    on

    Top banks’ stocks plunge, as bears overwhelms Nigerian tier-2 banks’ rally, Financial Institutions generate N24.77 billion VAT in 2020, up by 44.4% Y-o-Y.

    The NGX Banking Index saw another decline for the second time in the month of May. The index points dropped to 345.00 depicting a loss of -1.69%. Technical analysis shows that the bears dominated the trading session from start to finish. The NGX Banking Index saw 4 gains opposing 5 losses with 1 stalemate.

    Sterling Bank’s performance was outstanding again today with a profit of +8.11% pushing the price upwards from its previous close of N1.53 to N1.60. Technical analysis shows that bullish momentum was maintained throughout the trading session. Access bank also posted a profit of +3.36% pushing the price upwards to N7.70 from N7.45 from its previous day’s close.

    Jaiz bank posted a profit of +1.67% pushing the price upward from N0.60 to N0.61. Ecobank was also saved from the claws of the bears as it held profits of +0.97% pushing the price to N5.20. Technical analysis says that the price went up to meet selling pressure plunging it downwards. However, the fall was not sufficient as Ecobank still closed in profit.

    Guarantee Trust BANK saw its shares crashing down as it took a -3.65% loss plunging the price downwards from N30.10 at the previous day’s close to N29.00. Technical analysis shows that there was a steady sell-off as the bearish trend was maintained with minimal interruptions.

    Zenith Bank was the 2nd biggest loser as it saw its share price crash down by -3.18% pushing price downwards from N22.00 to N21.30. Technical analysis shows that consolidation was maintained almost throughout the trading session before breaking to the selling pressure at the end of the trading session.

    Wema Bank saw a dip of -1.64% pushing the price from N0.61 to N0.60. Union bank also posted similar losses of -1.02% to settle the price at N4.85 from N4.90. Fidelity bank was not left out of the loss as it plunged -0.44% settling price at N2.24.

    UBA held a stalemate, settling its price N7.20.

    Outlook

    • Market sentiments trend bearish as 5 losses were held with 4 gains and 1 stalemate.
    • Nairametrics advises cautious participation amid growing uncertainties.

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.