✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Fidelity Bank records N20.6bn gross profit

Fidelity Bank Plc has recorded a profit before tax of N20.6 billion for the half-year ended 30 June 2021, showing an increase of 72.4 per…

Fidelity Bank Plc has recorded a profit before tax of N20.6 billion for the half-year ended 30 June 2021, showing an increase of 72.4 per cent from N12bn in H1 2020.

This was contained in the Bank’s audited first-half results released to the Nigerian Exchange (NGX).

The financial result also indicates that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3bn on account of 27.8% growth in Non-Interest Revenue (NIR) to N23.8bn from N18.1bn in H1 2020.

the non-interest revenue was driven by growth in Commission on Banking Services (57.7%), Account Maintenance Charges (50.6%), Digital Banking Income (49.4%) and Trade Income (33.7%) etc, as total customer-induced transactions across all distribution channels increased by 58% YoY and 21.2% Quarter-on-Quarter.

Commenting on the bank’s performance, the MD/CEO, Mrs Nneka Onyeali-Ikpe said: “We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost – to – serve.”

She explained that digital Banking gained further traction with 55.1% of its customers enrolled on the mobile/internet banking products.

“89.3% of customer-induced transactions were done on digital platforms,” the CEO added.

Nigerians are now earning dollars with premium domains, these domains can be acquired for $1500-$2000 profit margin can be as much as $15,000 to $20,000. Click here to learn how to earn dollars.
Click here to learn more.