Under the new leadership of Nneka Onyeali-Ikpe as MD/CEO, Fidelity Bank Plc profits before tax in the first 3 months of 2021 grew by 53.9 per cent from N6.6 billion in 2020 to N10.1 billion for the corresponding period of March 31, 2021.
Onyeali-Ikpe assumed the leadership of the bank in January 2021 following the retirement of Nnamdi Okonkwo in December, 2020.
Commenting on the results, Onyeali-Ikpe, said the bank commenced the year showing impressive double-digit growth in profitability and improved performance across key efficiency indices whilst ensuring its business model continued to deliver strong positive results in line with our guidance for the 2021 financial year.
In the unaudited results released to the Nigerian Stock Exchange, Net revenue in the period increased by 13.4 per cent from N30.3 billion in First quarter of 2020 to N34.4 billion in 2021, just as the bank recorded growth in other performance indices.
Gross Earnings increased by 7.7 per cent Year-on-Year (YoY) to N55.1 billion on account of 66.7 per cent growth in non-interest revenue to N12.1 billion from N7.2 billion in Q1 2020.
