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Fidelity Bank posts N161.1b gross earnings

Fidelity Bank Plc has posted N161.1 billion gross earnings in the third quarter results released at the Nigerian Stock Exchange (NSE).

Details of the results show improvements in key indices with Profit Before Tax (PBT) of N21.3 billion whilst Profits After Tax (PAT) stood at N20.4 billion in the period under review.

In other indices, Customer Deposits, Net Loans and Total Assets grew in double digits. Total Assets grew by 21 per cent from N2.1 trillion in 2019 to N2.5 trillion; Customer Deposits were up by 22.3 per cent from N1.23 trillion to N1.5 trillion whilst Net Loans rose by 12 per cent from N1.12 trillion to N1.27 trillion to cap the good outing by the top lender

Our nine months results reflect our resilient business model, particularly in a very challenging operating environment.

We worked closely with our customers to gradually recover from the economic impact of the pandemic and the attendant effect of the lockdown” said Fidelity Bank CEO Nnamdi Okonkwo.

He explained that the drop in Gross Earnings was due to the decline in interest and similar income caused by lower yields and drop in fee income. ”Net fee income declined by N1.3 billion largely due to a reduction in FX related income on account of the revaluation gains recorded in first half of 2020.

Fidelity Bank has over the years implemented a retail digital banking strategy and that has continued to deliver, with the bank on course to achieving the seventh consecutive year of double digits growth.

“The growth in Savings Deposits accounted for 40.2 per cent of total growth in in Customer Deposits and Savings Deposits now represent 25.7 per cent of total deposits, up from 22.3 per cent in 2019” he enthused.

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