Fidelity Bank Plc has posted Profit Before Tax (PBT) of N21.3 billion and Profits After Tax (PAT) of N20.4 billion in the third quarter of 2020.
Details of the results show improvements in key indices though Gross Earnings dropped marginally by 3.7 per cent from N161.1 billion in 2019 to N155 billion.
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 forex related income on account of the revaluation gains recorded in first half 2020.