Inve stor Pre se nta tion Unaudite d IF RS F inanc ial Re sults for the 6 Months E nde d June 2014
Outline 1 F ide lity Ove r vie w (MD/ CE O) 2 Nig e ria n E c o no my Ove rvie w (He a d, Stra te g y) 3 F ina nc ia l Hig hlig hts (He a d, Stra te g y) 4 F ina nc ia l Re vie w (DH, SI BT ) 5 L o o king into the future (DH, SI BT ) 1 12KLD0346_Client template1 22/08/2014 10:08:09
Ove r vie w of F ide lity Bank Bac kgr ound Ke y Highlights A full se rvic e b a nk with I nte rna tio na l Autho risa tio n e sta b lishe d in 1987 a nd lic e nse d b y the Ce ntra l Ba nk o f Nig e ria T otal Asse ts 1,058 millio n T he Ba nk c urre ntly ha s o ve r 400,000 sha re ho lde rs with the ma jo rity b e ing Nig e ria n c itize ns a nd c o rpo ra tio ns. T otal E quity 166.4millio n One o f the hig he st C AR a mo ng st Nig e ria n b a nks a t 27%, we ll a b o ve the CBN re q uire me nt o f 15% 217 Busine ss Offic e s Ove r 85% o f the b ra nc h ne two rk is lo c a te d in ke y b usine ss c e ntre s a nd the mo st e c o no mic a lly via b le re g io ns o f Nig e ria 2.6millio n No of Ac c ounts A le a ding pa rtne r to the Nig e ria n po we r, o il a nd g a s a nd te le c o m industrie s 3,840 T otal He ad Count Distr ibution Ne twor k E le c tr onic Banking Busine ss Offic e s 848 Consume r Sale s Age nts L a g o s 75 AT Ms 640 So uth We st 11 So uth So uth 40 Ratings B/ B (S&P)/ F itc h POS 9,156 So uth E a st 42 No rth We st 15 No rth E a st 7 Auditor s E rnst & Yo ung / PK F No rth Ce ntra l 11 F CT Ab uja 16 2 12KLD0346_Client template1 22/ 08/ 2014 10:08:10
Ove r vie w of F ide lity Bank Re c e nt Awar ds and Re c ognitions De utsc he Bank: Str aight-T hr ough-Pr oc e ssing (ST P) E ur omone y Pr oje c t F inanc e : Afr ic a Oil & Gas De al of the We b Jur ist Awar ds: Be st Bank We bsite Conte nt E xc e lle nc e Awar d Ye ar Busine ssday Banking Awar d: Be st Bank in Suppor t of Gr e at Plac e to Wor k Awar d Busine ssWor ld: Cor por ate Ac hie ve me nt Awar d SME s SE RA Awar d: Most Soc ially Re sponsible Bank Nige r ia T e le c om awar ds: Be st T e le c om financ ing Bank of the Nige r ian Chambe r of Shipping: Most Dynamic Mar itime Ye ar Bank 3 12KLD0346_Client template1 22/08/2014 10:08:10
Outline 1 F ide lity Ove rvie w 2 Nig e ria n E c o no my Ove rvie w 3 F ina nc ia l Hig hlig hts 4 F ina nc ia l Re vie w 5 L o o king into the future 4 12KLD0346_Client template1 22/08/2014 10:08:10
E c onomy: Strong funda me nta ls, solid g rowth He adline Inflation He adline Inflation (2014) He a dline infla tio n inc he d up to 8.2% yr-o n-yr in June 2014, the hig he st sinc e Se p 2013, fro m 8.0% in Ma y 2014 8.2% 8.0% I 8.0% nc re a se in fo o d pric e s a c c o unte d fo r the jump whic h re fle c te d o n the 10b ps 7.9% 7.8% 7.7% rise in fo o d sub -inde x Ac tivitie s a ro und the g e ne ra l e le c tio n a re the b ig g e st upside risk to infla tio n Ja n F e b Ma r Apr Ma y Jun oduc t (GDP) Gr oss Dome stic Pr Re al GDP Growth Rate T he re vise d GDP fig ure puts the size o f Nig e ria 's e c o no my a t $514billio n, ma king 7.9% 7.7% it the la rg e st e c o no my in Afric a Se rvic e Se c to r e me rg e d a s the la rg e st se c to r in the e c o no my; a c c o unte d fo r 6.2% 5.3% 5.5% 4.2% o ve r 52.9% o f GDP in Q1-2014 fro m 51.9% in 2013 Curre ntly, the fa ste st g ro wing industry is Che mic al a nd Pha rma c e utic al a t 41.6% 2009 2010 2011 2012 2013 Q1-2014 E xte r nal Re se r ve s & Cr ude Oil Pr ic e E xte rnal Re se rve s & Oil Pric e E xte rnal re se rve s sta b ilize d in June 2014, g re w a t 1.4% m-o n-m to $37.48b illio n o n E xte r na l Re se r ve s ($bn) Oil Pr ic e 108 a c c o unt o f inc re a se d c rude o il pric e 44 109 43 105 38 40 38 37.5 40 106 37 Nig e ria’ s e xte rnal re se rve s re ma ins so lid and c o uld c o ve r up to 10 mo nths o f 36 105 105 103 104 104 32 100 impo rts Ja n F e b Ma r Apr Ma y Jun Big g e st thre a t to e xte rna l re se rve s is lo w c rude o il pro duc tio n a nd hig h o il the ft E xte rna l Re se rve s Oil Pric e (OPE C Ba ske t Pric e ) xc hange Rate F or e ign E F or e ig n E xc ha ng e Ra te I n the la st 3 mo nths, F X ra te s a c ro ss ma rke ts have b e e n vo la tile e xc e pt in the 174 168 CBN RDAS ma rke t whe re ra te s ha ve re ma ine d re la tive ly sta b le a t N155.73/ $ 162 156 I n the I nte r-bank ma rke t a nd the Pa ralle l Ma rke t, USD F X ra te mo ve d within the 150 b a nd o f N161.74 +/ -1.9%, a nd N168.50 +/ -2.1% re spe c tive ly We ma y witne ss a n uptic k in ra te s a s the e c o no my b e g ins to fe e l e le c tio n sDAS Ra te Inte r-b a nk Mkt Pa ra lle l Mkt pre ssure 5 5 12KLD0346_Client template1 22/08/2014 10:08:10
Outline 1 F ide lity Ove rvie w 2 Nig e ria n E c o no my Ove rvie w 3 F ina nc ia l Hig hlig hts 4 F ina nc ia l Re vie w 5 L o o king into the future 6 12KLD0346_Client template1 22/08/2014 10:08:10
Pe r for manc e Highlight 7th la rg e st b a nk in Nig e ria b y E q uity, 17 th la rg e st in Afric a a nd 622nd in Wo rld One o f the sa fe st Nig e ria n b a nk with stro ng Ca pita l Ba se F ide lity Br and Suc c e ssful issue o f $300 millio n E uro b o nd, whic h wa s o ve r sub sc rib e d Sta b le , e xpe rie nc e d a nd we ll re g a rde d ma na g e me nt te a m Gro ss E a rning s up b y 0.6% to N63.3b illio n in H1- 2014 (H1-2013: N62.9b illio n) Re ve nue Ne t Inte re st Inc o me inc he d up b y 32.3% to N24.8b illio n (H1-2013: N18.7b illio n) and PBT dro ppe d b y 15.7% to N9.4b illio n in H1-2014 (PAT c a me in a t N8.0b illio n) E ffic ie nc y Ratio ROE (pre -ta x) a t 11.4% in H1-2014; ROA (pre -ta x) a t 1.9% in H1-2014 NPL Ra tio : 3.96% a s a t Jun 2014, fro m 3.65% in Jun 2013 a nd 6.10% (Jun 2012) NPL Co ve ra g e o f 95.6% Asse t Quality Asse t Quality E a rning Asse ts re ma ine d hig h a t N718.4b illio n Ca pita l Ade q ua c y Ra tio o f 27.0%, we ll a b o ve re g ula to ry minimum o f 15.0% Capital Ade quac y Go o d L iq uidity Ra tio o f 35.3% c o mpa re d to re g ula to ry minimum o f 30.0% and Impro ve d Ne t L o a ns to Custo me r De po sits to 57.2% fro m 52.1% L iquidity T o ta l E q uity g re w to N166.4b illio n fro m N164.6b illio n 7 12KLD0346_Client template1 22/08/2014 10:08:10
F inanc ial Highlights Summa ry of Inc ome Sta te me nt H1 - 2014 Vs H1 - 2013 H1 - 2014 H1 - 2013 VAR % VAR Gross E arnings 63,258 62,904 354 0.6% Inte re st Inc o me L o a ns 33,487 28,023 5,464 19.5% Inte re st Inc o me L iq uid Asse ts 18,041 17,791 250 1.4% T otal Inte re st Inc ome 51,528 45,814 5,715 12.5% Inte re st E xpe nse Custo me r De po sits (24,971) (26,605) 1,634 -6.1% Inte re st E xpe nse Bo rro wing s (1,770) (469) (1,301) 277.7% T otal Inte re st E xpe nse (26,741) (27,073) 332 - 1.2% Ne t Inte re st Inc ome 24,787 18,740 6,047 32.3% F X Inc o me 5,974 8,528 (2,554) -30.0% COT 2,156 2,331 (174) -7.5% Othe r F e e Inc o me 4,848 4,193 656 15.6% T otal F e e Inc ome 12,978 15,052 (2,073) - 13.8% Ope rating Inc ome 37,765 33,792 3,974 11.8% T otal E xpe nse s (26,247) (23,724) (2,523) 10.6% Ne t g a ins / (lo sse s) fro m F in. Inst (1,248) 2,039 (3,287) -161.2% Ne t Impa irme nt L o sse s (838) (917) 79 -8.6% Profit be fore T ax 9,432 11,190 (1,758) - 15.7% 8 12KLD0346_Client template1 22/08/2014 10:08:10
F inanc ial Highlights Summa ry of Inc ome Sta te me nt Q2 - 2014 Vs Q1 - 2014 (Nair a in million) Q2 - 2014 Q1 - 2014 VAR % VAR Gross E arnings 32,303 30,955 1,347 4.4% Inte re st Inc o me L o a ns 16,763 16,724 40 0.2% Inte re st Inc o me L iq uid Asse ts 8,497 9,544 (1,047) -11.0% T otal Inte re st Inc ome 25,261 26,268 (1,007) -3.8% Inte re st E xpe nse Custo me r De po sits (12,487) (12,484) (3) 0.0% Inte re st E xpe nse Bo rro wing s (886) (884) (2) 0.2% T otal Inte re st E xpe nse (13,373) (13,368) (4) 0.0% Ne t Inte re st Inc ome 11,888 12,899 (1,011) -7.8% F X Inc o me 3,056 2,918 138 4.7% COT 1,015 1,141 (125) -11.0% Othe r F e e Inc o me 2,903 1,945 958 49.2% T otal F e e Inc ome 6,974 6,004 970 16.2% Ope rating Inc ome 18,862 18,903 (41) -0.2% T otal E xpe nse s (13,518) (12,728) (790) 6.2% Ne t g a ins / (lo sse s) fro m F in. Inst 68 (1,316) 1,384 -105.1% Ne t Impa irme nt L o sse s (437) (401) (36) 8.9% Profit be fore T ax 4,975 4,458 517 11.6% 9 12KLD0346_Client template1 22/08/2014 10:08:10
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