Fidelity Bank Plc, has planned to sell 3.04 billion shares through a private placement and that the shareholders will vote on September 29, 2022 on this.
In a statement to the Nigerian Exchange yesterday, the bank said the voting will take place at an Extraordinary General Meeting of shareholders in Lagos.
The shareholders will be considering resolutions that include members waiving their pre-emptive rights in respect of the 3,037,414,308 unissued Ordinary Shares of 50 kobo each, to be issued by the Company by way of Private Placement.
The announcement came after Fidelity announced a 21 per cent rise in half-year profit after tax. Net income in the first six months of the year rose to N23.3bn from N19.3bn in the first half of 2021.
Gross earnings rose by 45% to N155.7bn, up from N107.3bn in the same period of last year.
Commenting on the result, Vetiva Capital Management, noted that the growth was driven by a 53% increase in Interest Income, which rose to N136.2bn. This, in turn, came from a 43% growth in income from loans and advances.
Fidelity’s Interest Expense for the period rose by 56% to N60bn, following an increase of 54% rise on interest paid on deposits, which rose to N38bn.
It recorded a 10% decline in Non-Interest Revenue, which fell to N13bn. Vetiva attributed this to a decline in trading income and net foreign exchange losses worth N1.5bn.
Fidelity lost 3kobo to close trading at N3.33k in Lagos.
