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New Naira Note:CBN Records 95% Decline In Banks' Deposit

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The redesign of naira note has led to a 95.9 percent decrease in  Commercial banks’ deposits with the Central Bank of Nigeria (CBN), known as Standing Deposit Facility (SDF). According to the data obtain from the CBN’s website,banks’ deposit with their regulator (CBN) dropped to N4.69 billion as of April 4, 2023 from N112.24 billion in February 10, 2023.  According to CBN,deposit and lending are instrument of liquidity management. On October 26, 2022, the Central Bank of Nigeria (CBN) announced that the high Naira value of N200, N500 and N1,000 would be redesigned and introduced into the economy from December 15, 2022 while commercial banks were directed to return existing denominations to the CBN. The public had until the deadline of January 31 (extended to February 10 and 17) to return the old currency to commercial banks. The CBN also limited over-the-counter cash withdrawal to N100,000 and N500,000 per week for individual and corporate organisations, respectively. This was...
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GTCO input decrease of N214.2 Billion In Pre-tax Profit

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  According to the new report, as of last year, there is a decrease of N214.2 billion in the pre-tax profit of Guaranty Trust Holding Company (GTCO) Plc.  Speaking on the report, there was a decrease of N35.6 billion in the Ghanian sovereign securities, and also at the end of last year, the company records show a decline in the profit before tax from N221.5billion in 2021 to N214billion which make  3.3 percent. According to the company, there is an increase of 4.6 percent in the group's netbook from N1.80 trillion to 1.89 trillion as of last year which make a growth in the investment. According to the report shown, there is also an increase in Deposit liabilities and the total group assets and shareholders' funds. There is a growth in the Capital Adequacy Ratio. According to the Chief Executive Officer Of Guarantee Trust Holding Company, Mr.Segun Agbaje, Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje, talking about the group res...
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Fidelity Bank Records 112 Percent Increase In Profit

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For the 2022 financial period, Fidelity Bank has revealed that it recorded a profit before tax of N53.7 billion, representing 112.9 per cent annual growth. It said this in a statement on Thursday in its 2022 audited financial statements. According to the bank, its gross earnings rose by 34.4 per cent Year-on-Year to N337.1 billion in the 2022 financial period, driven by 45.2 per cent growth in interest and similar income to N295.6 billion. Commenting on the bank’s performance, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe, said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines. “This validates our growth strategy and capacity to deliver superior returns to shareholders.” Further review showed that net interest income increased by 60.9 per cent YoY to N152.7 billion.
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