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Posted By Admin On November 27th, 2024

The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, has acquired a total of 15 million shares of the bank in a transaction valued at N239.4m.

The transaction, which took place between November 21 and 22, 2024, was executed at an average share price of N15.96 per share.

According to the details disclosed on the Nigeria Exchange Limited on Monday, Onyeali-Ikpe purchased 9 million shares at N16.10 per share and an additional 6 million shares at N15.75 per share.

The purchase, part of an insider trading notification, has been reported in line with regulatory requirements for share dealings by directors of listed companies.

Fidelity Bank Plc reported growth in its financial performance for the third quarter of 2024. Gross earnings surged to N772.5bn, an increase of 98.7 per cent from N388.8bn recorded in the third quarter last year. This rise was primarily driven by higher interest income and other operating income, which contributed to the bank’s performance.

Also, the bank’s net interest income also saw an increase of 141.4 per cent, rising from N194.96bn in Q3 2023 to N470.49bn in the same period of the year.

Additionally, fee and commission income grew by 54.4 per cent, from N36.43bn in Q3 2023 to N56.28bn in Q3 2024, contributing positively to the overall performance.

Profit before income tax for the period grew by 153.9 per cent to N281.41bn, compared to N110.99bn in Q3 2023. The bank also reported a profit after tax of N224.6bn, reflecting a 144.3 per cent increase from N91.75bn recorded in the same period last year. The profit growth was supported by other comprehensive income from fair value gains on equity instruments, which increased by 141.4 per cent to N23.66bn, compared to N9.79bn in Q3 2023.

Source: https://punchng.com/fidelity-bank-ceo-acquires-n239m-shares/