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Fidelity Bank records N13bn profits in H1’18

By Elizabeth Adegbesan

Fidelity Bank Plc has recorded 27.3 percent growth in its profit before tax (PBT) for the first half ended June 30,  2018 (H1’18) to N13 billion from N10.2 billion.

•Nnamdi Okonkwo, MD/CEO,
Fidelity Bank

 The results of the banks’ audited half year results released at the Nigerian Stock Exchange (NSE) yesterday also showed  that the banks’ Profit After Tax (PAT) rose by 31 percent to N12 billion from N9.03 billion recorded in 2017, while gross earnings rose by 3.6 percent to N88.9 billion from  N85.8 billion in Q1’18.

The banks’ assets grew by 13.7 percent to N1.6 trillion from N1.4 trillion in Q1’18, while its deposits increased by 20 percent to close at N927.9 billion from N775.3 billion in 2017.

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Although total operating expenses grew by 5.7 percent to N32.7 billion, the bank’s cost to income ratio remained relatively stable at 67.7 percent when compared to 67.5 percent reported in 2017.

Commenting on the results, Chief executive Officer, Fidelity Bank , Mr. Nnamdi Okonkwo,  said: “Gross earnings, net fee and commission income all grew primarily due to the increase in transactional activities. Our digital banking initiative continues to gain traction with almost 40 percent of our customers now enrolled on our mobile/internet banking products and over 80 percent of total transactions now done on our digital platforms”

“As shown in recent years, Fidelity Bank’s retail digital banking strategy has continued to positively impact the business. This was again evident in the HI 2018 results as savings deposits increased by 10.6 percent to N197.5 billion. The bank is on track to achieving a 5th consecutive year of double-digit savings growth. Low cost deposits now account for 73.8 percent of total deposits.”

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