Fidelity Bank’s PAT rose by 65% to N14.45bn

Fidelity Bank has announced 65 per cent increase in Profit in the third quarter (Q3) ended September 30, 2017 to N14.45 billion from N8.7billion reported in third quarter ended September 30, 2016.

Similarly, Profit before tax surged by 65.1 per cent to N16billion in Q3 2017 from N9.8 billion in Q3 2017.

The lender recorded a strong financial performance in the period under review, posting impressive growth in gross earnings and total assets.

Details of the unaudited results, released at the Nigerian Stock Exchange (NSE) on Monday showed that gross earnings rose by 17 per cent from N110.3billion in Q3 2016 to N130 billion in Q3 2017, while Net interest income dropped by 13 per cent to N53.8 billion.

The growth in Gross Earnings was driven primarily by a 20.7 per cent increase in interest income to N110.4 billion in Q3 2017 from N91 billion in Q3 2016.

Fidelity Bank’s total assets increased marginally by 2.3 per cent to N1.3 trillion as at September 30, 2017 from N1.29 trillion in full year ended December 31, 2017.

Key factors to Fidelity Bank performance in total assets include 4.9 per cent increase in Loans and advances to customers and 8.2 per cent increase in total equity.

Meanwhile, the bank’s deposits from customers dropped by 2.3 per cent to N774.38billion as at September 30, 2017 from N792.97 billion in December 31, 2017.

For the half year result and accounts, the Fidelity Bank CEO, Mr. Nnamdi Okonkwo had attributed the double digits growth in earnings and profits to the disciplined execution of the Banks medium term strategy which focused on deepening its market share in the Small and Medium Enterprises (SME), Retail and Digital banking spaces.

With presence in the major cities and commercial centers in the country and reputed for integrity and professionalism, Fidelity Bank is one of Nigerian foremost financial institutions.