Fidelity Bank grows profit by 65%

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By Amaka Ifeakandu


Fidelity Bank Plc has recorded a significant growth at the end of its third quarter financial year as its profit increased by 65.09 per cent. The bank’s nine months operations submitted at the Nigerian Stock Exchange showed that the profit for the year rose by N5.697 billion to N14.450 billion from N8.753 billion reported the same period last year. The profit before tax from continuing operations surged from N9.835 billion achieved in the preceding period of 2016 to N16.236 billion at the end of September this year. The gross earnings of the bank climbed to N130.089 billion from N110.346 billion made in the comparative period, representing a growth of 17.89 per cent. An analysis of the Bank’s nine months financial result showed that net interest income inched up to N53.805 billion from N50.520 billion in the preceding year, Loan and advances from customers grew to N753.799 billion from N729.023 billion, Deposit from Customers went down to N774.381 billion from N795.592 billion. The result showed that impairment charge for credit loses stood at ( N7.323 billion) against (-7.960 billion) recorded in 2016. Fees and commission declined to N13.775 billion from N15.944 billion reported in the comparable period while total liabilities went down to N1.127 trillion from N1.211 trillion in the comparative period of 2016. Total assets dropped marginally to N1.327 trillion from N1.396 trillion recorded in the same period of 2016.

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