Fidelity Bank Q3 Profit Hit N23b, 16.3% Growth in Gross Earning

Fidelity Bank Q3 Profit Hit N23b, 16.3% Growth in Gross Earning

The Fidelity Bank Plc has announced Gross Earnings of N161.4billion, in the third quarter ended September 30, 2019, an increase of 16.3 per cent when compared to N138.7 billion reported in the same period in 2018.

The Bank’s financials shows that profit-before-tax also increased by 14.7 per cent from N20.1 billion to N23.0 billion.

Details of the nine months results released on Tuesday at the Nigerian Stock Exchange (NSE) showed double-digit growth in revenues, deposits and profitability, among others.

Gross Earnings grew by 16.3 percent to N161.4 billion from N138.7 billion reported in the same period in 2018 whilst profit-before-tax soared by 14.7 percent from N20.1 billion to N23.0 billion.

In other indices, total assets grew by 14.6 percent to N1,970.6 billion from N1,719.9 billion in the same period last year. Total deposits; a measure of customer confidence, increased by 14.0 percent to close at N1,116.4 billion from N979.4 billion in 2018 FY.

“We look forward to sustaining the momentum in Q4 2019 and achieving our set targets for 2019 Financial Year”, said MD/CEO, Fidelity Bank Plc, Nnamdi Okonkwo. According to him, Retail Banking continued to deliver impressive results as savings deposits increased by 9.2 percent to N248.9 billion, further adding that the bank is on course to achieving the 6th consecutive year of double-digit savings growth. “Savings deposits now accounts for about 22.3 percent of total deposits, an attestation of our increasing market share in the retail segment”.

The growth in deposits is further complemented by its digital banking push which has resulted in having over 46.4 percent of its customers enrolled on the mobile/internet banking products and recording over 82.0 percent of total transactions on digital platforms.

 “Digital banking continued to gain traction driven by the bank’s new initiatives in the retail lending and increased cross-selling of our digital banking products”, he added.

Non-performing Loans (NPLs) Ratio improved to 4.8 percent from 5.7 percent in the 2018FY while absolute NPL declined by 4.9% in Q3 2019 compared to Q2 2019.All other Regulatory Ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 16.4 percent and Liquidity Ratio at 32.6 percent.

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