NSE  Building

Thursday was the turn of  Fidelity Bank Plc and Sterling Bank Plc to send their score card  for the half year ended June 30, 2012, to the stock market.

They joined United Bank for Africa (UBA) Plc, Diamond Bank Plc, Skye Bank Plc, First Bank Plc, Zenith Bank Plc and Stanbic IBTC to fulfill the statutory obligation as mandated by the regulatory authorities.

The two banks also recorded improved financial results like the six forerunning banks.

The unaudited results showed improved performances with Fidelity Bank growing its profit by 163 per cent while Sterling Bank witnessed a jump of 42 per cent in profit.

Specifically, Fidelity Bank reported gross earnings of N51.8billion in 2012, showing an increase of 79 per cent above the N28.9 billion posted in the corresponding period of 2011.

Profit for the year stood at N7.63billion, indicating a big leap of 163 per cent from the N2.9 billion recorded in 2011.  Earnings per share rose from 20 kobo to 26 kobo.

The improved result of the bank was well received at the   stock market as its share price appreciated by six kobo or 4.4 per cent to close at N1.43 per share.

On the other hand, Sterling Bank Plc posted gross earnings of N32.6 billion for the half year ended June 30, 2012, up by 59 per cent from N20.5 billion in 2011. Profit after tax grew by 42 per cent from N2.1 billion to N3 billion in 2012. The shares of the bank also closed in green at N1.13 per share.

Meanwhile, the market fell for the third day running with the Nigerian Stock Exchange (NSE) All-Share Index declining from 23,129.82 to 23,116.60.  Conoil Plc led the price losers with N1.31 to close at N24.99 trailed by Nigerian Breweries Plc with a loss of N0.50 to close at N117 per share.
On the other hand, Presco Plc led the price gainers’ table, chalking up N0.70 to close at N15.35 just as Access Bank Plc chalked up N0.35 to be at N7.46 per share.