By Peter Egwuatu
Fidelity Bank Plc has posted yet another impressive financial performance for the third quarter of 2021, Q3’21 as its Profit Before Tax, PBT soared by 31.4 per cent to N28.1billion from N21.3 billion in the corresponding period of 2020, Q3’20.
The bank also recorded remarkable total deposits of N1.973 trillion in the period under review.
Details of the nine months results for the period ended September 30, 2021, released on Tuesday at the Nigerian Exchange Limited (NGX) showed a double-digit growth in revenues, deposits and profitability.
Gross earnings grew by 12.5 per cent to N174.4 billion from N155.0 billion in the same period in 2020 while total assets grew by 15.4 per cent to N3,182.7 billion from N2,758.1 billion in the same period last year. Total deposits, a measure of customer confidence, increased by 16.1 per cent Year to Date , YtD to N1.973.0 billion from N1,699.0billion in 2020 full year, driven by increased deposit mobilization across all deposits types.
Commenting on the impressive performance, Fidelity Bank’s CEO, Mrs. Nneka Onyeali-Ikpe said, “We were able to sustain our performance trend since the start of 2021 with an impressive double-digit growth in profit driven by 69.9 per cent increase in net fee income which compensated for the decline in net interest income as average yield on liquid assets remain low.”
She noted that digital banking has continued to gain traction as the bank now has 56.1 percent of its customers enrolled on digital banking platform from 52.8 per cent in 2020.