Fidelity Bank profit hit N37.8bn in 9 months

Fidelity Bank Plc has posted a 34.7% growth in profits from N28.1bn at the end of Q3 2021 to N37.8bn for nine months in 2022.

This was made known in the bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX).

• Oil firms paid N138bn petroleum tax, 2 others in June
• On new naira notes

According to the statement, Net Interest Margin improved to 6.2% from 4.7% in 2021FY, due to increased market yields while average funding cost remained unchanged YTD.

Commenting on the results, MD/CEO, Fidelity Bank Plc, Nneka Onyeali-Ikpe said, “We are happy to report sustained growth across key financial indices in our nine months 2022 results. Gross Earnings increased by 38.7% YoY to N241.9bn on account of 53.1% growth in interest and similar income to N210.4bn from N137.4bn in nine months in 2021.