Fidelity Retains strong Earnings, Posts N85.8 billion in H1
By NGOZI Onyeakusi
Fidelity Bank Plc, one of the foremost financial institution in the country has recorded an impressive performance for the half year (H1) ended June 30, 2017, as its gross earnings grew 22 per cent to N85.8 billion in H1 of 2017, from N70.2 billion recorded in the corresponding period of 2016.
The results released to the Nigerian Stock Exchange (NSE) wednesday showed that Fidelity Bank Plc posted
According to the lenders filling with the Nigerian Stock Exchange (NSE) Interest income grew by 27.8 per cent, while interest expenses grew faster by 48 per cent to hit N38.2 billion compared with 25.7 billion in 2016.
As a result, net interest income stood at N34.7 billion in 2017 compared with N31.2 billion, indicating a rise of 11 per cent. Impairment charges remained flat at N4.8 billion in 2017 as against N4.79 billion in 2016.
The bank reduced operating expenses by 1.7 per cent to N30.9 billion, from N31.4 billion in the corresponding period of 2016.
Consequently, profit before tax (PBT) rose by 66.6 per cent to N10.2 billion, from N6.131 billion in 2016, while profit after tax
PAT) improved by 65.6 per cent from N5.457 billion to N9.04 billion in 2017. Earnings per share similarly improved to 31 kobo as against 19 kobo in 2016.
Commenting on the performance, the banks CEO, Mr. Nnamdi Okonkwo had attributed the performance to the prudent execution of its medium-term strategy and a business model that enables the bank to continue to deliver improved performance in line with its 2017 financial year targets.
“Gross earnings growth was driven by a combination of increased yields on earning assets and an absolute growth in the volume of earning assets which led to growth in interest income” he had said.