Earnings ReportFeatured

Fidelity To Take 100% Equity Stake in UBN UK, Announces First Time H1 Interim Dividend

 

Coy: Fidelity Bank Plc (FIDELITYBK)
Rating: Buy
Current Market Price: N3.19
Year High: N4.05
Year Low: N2.40
Fair Value: N6.51
By: Jeariogbe Tunde Segun (Equity Analyst)

 

Introduction

  • Only a day after the management of Fidelity Bank announced its bidding agreement to acquire 100% equity stake in Union Bank UK, it hit the market with another news of interim dividend.
  • The management of Fidelity Bank had announced that it entered into a bidding agreement to take 100% equity stake in Union Bank UK, according to the report released to the investment public through the exchange platform, the Central Bank of Nigeria already issued a letter of no objection to the move.
  • Following this report was the released of its audited financials for the period ended 30th June, 2022. For the first time, the management of Fidelity Bank announces the payment of interim cash dividend payment of 10k per share.
  • The closure date for the said interim cash dividend is 13th September, 2022, thus, the qualification date is 12th September, while the said dividend will be credited to investors’ account from 20th September, 2022
  • Kindly see below for the details of the said results along ratio estimates;
FIDELITY
Bourse Nigerian Stock Exchange
Code Name FIDELITYBK
Sector FINANCIAL SERVICES
Market Classification Main Board
Nature of Business Commercial Banking
Date of Incorporation Nov-19-1987
Date Listed May-17-2005
End of Accounting Year 31st December
Website www.fidelitybank.ng
Registrar FIRST REGISTRARS LTD
Auditor Deloitte & Touche
Share Price@Relsd (N)                                                          3.19
Earnings per Share                                                          0.80
Intrinsic Value(N)                                                          6.51
Share Outstanding 28,974,797,023
Market Capitalisation                                        92,429,602,503

 

FIDELITY
Statement of Comprehensive Income
  2022(Mill) 2021(Mill) %CHG
GROSS EARNINGS                154,843            112,304 37.88
INTEREST INCOME                136,225               89,121 52.85
INTEREST EXPENSES                  60,587               38,824 56.06
NET INTEREST INCOME                  75,638               50,297 50.38
OPEX                  58,649               38,762 51.31
DEPRECIATION                     3,379                 3,485 3.04
PBT                  25,079               20,628 21.58
TAX                     1,772                 1,322 34.04
PAT                  23,307               19,306 20.72
TOTAL COMP INCOME                  24,096                 6,211 287.96
Statement of Financial Position
Total Assets            3,692,763         3,110,835 18.71
Total Liabilities            3,381,032         2,837,463 19.16
Net Assets                311,731            273,372 14.03
Property Plan & Equipment                  40,699               38,361 6.09
Retained Earnings                  68,190               46,503 46.64
Total Deposits            2,290,127         1,980,187 15.65
Total Loans and Advances            1,912,686         1,711,538 11.75

 

Financial Strength/Solvency Ratio
TICKERS 2022 2021 %CHG
Debt Ratio 91.56% 91.21% 0.38
Total Debt to Equity Ratio (MRQ)                                     10.85                                  10.38 4.49
Equity Ratio 8.44% 8.79% 3.94
Beta Value                                        0.80                                    1.11 27.93

 

PROFITABILITY RATIOS
TICKERS 2022 2021 %CHG
EBITDA MARGIN 52.17% 49.07% 6.33
PRE-TAX MARGIN 16.20% 18.37% 11.82
EFFECTIVE TAX RATE 7.07% 6.41% 10.25
IE TO GE 39.13% 34.57% 13.18
ROAE 7.48% 7.06% 5.87
ROAA 0.63% 0.62% 1.70

 

EFFICIENCY RATIOS
TICKERS 2022 2021  
OPEX TO GE 37.88% 34.52% 9.74
GE TO TA 4.19% 3.61% 16.15
LDR 83.52% 86.43% 3.37

 

FIDELITY
Investment/Valuation Ratios
Tickers 2022 2021 %Chg
EPS 0.80 0.67 20.72
TCIP/SHARE 0.83 0.21 287.96
P/E-Ratio 0.99 0.86 14.89
Earnings Yield 25.22% 28.97% 12.96
BV/Share 10.76 9.43 14.03
PBV 0.30 0.24 21.63

 

DIVIDEND INFORMATION
Tickers 2022 2021 %Chg
Latest Final Dividend                                        0.10                                         –   #DIV/0!
Final Dividend Pay-Out Ratio 12.43% 0.00% #DIV/0!
Final Dividend Yield 3.13% 0.00% #DIV/0!

 

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Earnings ReportFeatured

Fidelity To Take 100% Equity Stake in UBN UK, Announces First Time H1 Interim Dividend

 

Coy: Fidelity Bank Plc (FIDELITYBK)
Rating: Buy
Current Market Price: N3.19
Year High: N4.05
Year Low: N2.40
Fair Value: N6.51
By: Jeariogbe Tunde Segun (Equity Analyst)

 

Introduction

  • Only a day after the management of Fidelity Bank announced its bidding agreement to acquire 100% equity stake in Union Bank UK, it hit the market with another news of interim dividend.
  • The management of Fidelity Bank had announced that it entered into a bidding agreement to take 100% equity stake in Union Bank UK, according to the report released to the investment public through the exchange platform, the Central Bank of Nigeria already issued a letter of no objection to the move.
  • Following this report was the released of its audited financials for the period ended 30th June, 2022. For the first time, the management of Fidelity Bank announces the payment of interim cash dividend payment of 10k per share.
  • The closure date for the said interim cash dividend is 13th September, 2022, thus, the qualification date is 12th September, while the said dividend will be credited to investors’ account from 20th September, 2022
  • Kindly see below for the details of the said results along ratio estimates;
FIDELITY
Bourse Nigerian Stock Exchange
Code Name FIDELITYBK
Sector FINANCIAL SERVICES
Market Classification Main Board
Nature of Business Commercial Banking
Date of Incorporation Nov-19-1987
Date Listed May-17-2005
End of Accounting Year 31st December
Website www.fidelitybank.ng
Registrar FIRST REGISTRARS LTD
Auditor Deloitte & Touche
Share Price@Relsd (N)                                                          3.19
Earnings per Share                                                          0.80
Intrinsic Value(N)                                                          6.51
Share Outstanding 28,974,797,023
Market Capitalisation                                        92,429,602,503

 

FIDELITY
Statement of Comprehensive Income
  2022(Mill) 2021(Mill) %CHG
GROSS EARNINGS                154,843            112,304 37.88
INTEREST INCOME                136,225               89,121 52.85
INTEREST EXPENSES                  60,587               38,824 56.06
NET INTEREST INCOME                  75,638               50,297 50.38
OPEX                  58,649               38,762 51.31
DEPRECIATION                     3,379                 3,485 3.04
PBT                  25,079               20,628 21.58
TAX                     1,772                 1,322 34.04
PAT                  23,307               19,306 20.72
TOTAL COMP INCOME                  24,096                 6,211 287.96
Statement of Financial Position
Total Assets            3,692,763         3,110,835 18.71
Total Liabilities            3,381,032         2,837,463 19.16
Net Assets                311,731            273,372 14.03
Property Plan & Equipment                  40,699               38,361 6.09
Retained Earnings                  68,190               46,503 46.64
Total Deposits            2,290,127         1,980,187 15.65
Total Loans and Advances            1,912,686         1,711,538 11.75

 

Financial Strength/Solvency Ratio
TICKERS 2022 2021 %CHG
Debt Ratio 91.56% 91.21% 0.38
Total Debt to Equity Ratio (MRQ)                                     10.85                                  10.38 4.49
Equity Ratio 8.44% 8.79% 3.94
Beta Value                                        0.80                                    1.11 27.93

 

PROFITABILITY RATIOS
TICKERS 2022 2021 %CHG
EBITDA MARGIN 52.17% 49.07% 6.33
PRE-TAX MARGIN 16.20% 18.37% 11.82
EFFECTIVE TAX RATE 7.07% 6.41% 10.25
IE TO GE 39.13% 34.57% 13.18
ROAE 7.48% 7.06% 5.87
ROAA 0.63% 0.62% 1.70

 

EFFICIENCY RATIOS
TICKERS 2022 2021  
OPEX TO GE 37.88% 34.52% 9.74
GE TO TA 4.19% 3.61% 16.15
LDR 83.52% 86.43% 3.37

 

FIDELITY
Investment/Valuation Ratios
Tickers 2022 2021 %Chg
EPS 0.80 0.67 20.72
TCIP/SHARE 0.83 0.21 287.96
P/E-Ratio 0.99 0.86 14.89
Earnings Yield 25.22% 28.97% 12.96
BV/Share 10.76 9.43 14.03
PBV 0.30 0.24 21.63

 

DIVIDEND INFORMATION
Tickers 2022 2021 %Chg
Latest Final Dividend                                        0.10                                         –   #DIV/0!
Final Dividend Pay-Out Ratio 12.43% 0.00% #DIV/0!
Final Dividend Yield 3.13% 0.00% #DIV/0!

 

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