Fidelity Bank Records 66% Growth in Profit

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The results released to the Nigerian Stock Exchange (NSE) on Wednesday showed that Fidelity Bank Plc posted gross earnings of N85.8 billion in H1 of 2017, up 22 percent from N70.2 billion recorded in the corresponding period of 2016.

Interest income grew by 27.8 percent, while interest expenses grew faster by 48 percent to hit N38.2 billion compared with 25.7 billion in 2016. As a result, net interest income stood at N34.7 billion in 2017 compared with N31.2 billion, indicating a rise of 11 percent. Impairment charges remained flat at N4.8 billion in 2017 as against N4.79 billion in 2016.

profit before tax (PBT) rose by 66.6 percent to N10.2 billion, from N6.131 billion in 2016, while profit after tax (PAT) improved by 65.6 percent from N5.457 billion to N9.04 billion in 2017. Earnings per share similarly improved to 31 kobo as against 19 kobo in 2016.

Fidelity’s managing director/CEO, Mr. Nnamdi Okonkwo had attributed the performance to the disciplined execution of its medium-term strategy and a business model that enables the bank to continue to deliver improved performance in line with its 2017 financial year targets.

“Gross earnings growth was driven by a combination of increased yields on earning assets and an absolute growth in the volume of earning assets which led to growth in interest income” he had said.

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