By Peter Egwuatu
Fidelity Bank Plc has recorded a Profit Before Tax, PBT, of N20.6 billion in the first half year ended 30 June 2021, H1’21, about 74 percent up from N12.0 billion in the corresponding first half of 2020, H1’20.
The Bank’s audited H1’21 results released to the Nigerian Stock Exchange (NGX) Limited showed that gross earnings increased by 6.2 per cent to N112.3 billion on account of 27.8 per cent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1billion.
The NIR was driven by strong growth in commission on banking services at 57.7 per cent, account maintenance charges 50.6 per cent , digital banking income 9.4 per cent and trade income 33.7 per cent as total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 per cent Quarter on Quarter, QoQ.
Speaking on the Bank’s performance, Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc commented, “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. This resulted in 72.4 per cent increase in profit before tax to N20.6bnillion from N12.0billion in H1’20.
“The Bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent Year to Date, YtD to N1,535.4 billion from N1,326.1billionn in 2020 full year.
“We look forward to sustaining the current momentum in H2 2021 by optimizing our balance sheet and lowering our cost – to – serve which will translate to improved earnings while we remain committed to our medium to long-term strategic objectives” concluded Onyeali-Ikpe.