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Fidelity Bank records N20.1bn profit in 9 months

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FIDELITY Bank has recorded a profit after tax of N20.1 billion in the nine months period ended September 2018, up 23.6 percent from the N16.2 billion in the corresponding period of 2017.

The Bank disclosed this in its nine months financial statement released last week, which showed that gross earnings grew by 6.9 percent to N139 billion from N130.1 billion reported in the same period in 2017.

Furthermore, total assets grew by 21.9 percent to N1.68 trillion from N.38 trillion in the same period last year. Total deposits; a measure of customer confidence, increased by 27.3 percent to close at N986.8 billion from N775.3 billion in 2017.

Commenting, Chief Executive Officer, Fidelity Bank,  Mr. Nnamdi Okonkwo said: “We are delighted with our nine months financial performance with the continuing execution of our medium-term strategy which has further yielded positive results, leading to impressive growth across key performance indices including profitability, total deposits and balance sheet size’’.

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He noted the bank has continued to grow its market share driven by significant traction in its chosen business segments such as Corporate, Commercial, SME and digitally led Retail Banking.

“Gross earnings increased y-o-y by 6.9 percent  to close at N139.0 billion primarily driven by the growth in earning assets by 19.2 percent which led to a 9.1 percent increase in interest income to N120.4 billion”, he explained.

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