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H1’19: Fidelity Bank declares double digit growth in earnings, profitability

By Peter Egwuatu

DESPITE the country’s challenging and fiercely competitive business environment, Fidelity Bank has recorded improved performance in the first half of 2019, HI’19, recording double-digit growth in key revenue lines whilst achieving significant traction in digital banking uptake.

Details of the audited half-year result for the period ended June 30, 2019, released at the Nigerian Stock Exchange, NSE, weekend, showed a 15.7 percent rise in Profit Before Tax, PBT, period to N15.1 billion in the reporting period from N13.0 billion in H1’18. Profit After Tax, PAT, rose by 15.6 percent to close at N13.6 billion from N11.8 billion recorded in H1’18, whilst gross earnings increased by 12.3 percent to N103.7 billion from N92.3 billion.

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Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo, expressed delight with the bank’s financial performance. According to Okonkwo, the bank remained focused on the execution of its medium-term strategic goals and targets for the 2019 financial year whilst promising that the bank would continue to sustain the momentum and deliver another strong set of results for the nine months, 2019.

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