Fidelity Bank Plc has sustained its impressive run of financial performance with the strong 3rd quarter results as Profit Before Tax (PBT) hit N21.3bn whilst Profits After Tax (PAT) rose by 7% from N19bn to N20.4bn.
Details of the results released to the Nigerian Stock Exchange (NSE) showed improvements in key indices even though Gross Earnings dropped marginally by 3.7% from N161.1bn in 2019 to N155bn.
In other indices, Customer Deposits, Net Loans and Total Assets grew in double digits. Total Assets grew by 21% from N2.1bn in 2019 to N2.5bn; Customer Deposits were up by 22.3%from N1.23bn to N1.5bn whilst Net Loans rose by 12% from N1.12bn to N1.27bn to cap the good outing by the top lender.
- Fidelity CEO commits to ethical practices
- Analysts laud Onyeali-Ikpe’s appointment as Fidelity Bank CEO designate
Fidelity Bank CEO, Mr. Nnamdi Okonkwo said: “Our 9 months results reflect our resilient business model, particularly in a very challenging operating environment. We worked closely with our customers to gradually recover from the economic impact of the pandemic and the attendant effect of the lockdown.”
He explained that the drop in Gross Earnings was due to the decline in interest and similar income caused by lower yields and drop in fee income.
“Net fee income declined by N1.3bn largely due to a reduction in FX related income on account of the revaluation gains recorded in H1 2020.
He further disclosed that the bank has disbursed over N50bn in intervention funds to customers in the last three months, in critical sectors to kick-start the economy after the lockdown.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
