BusinessTop Story

HI 2018: Fidelity Bank grows profits by 31%, posts N11.8 in PAT

375
  • As company’s gross earnings hit N88.9bn, digital retailing rose to 80%
An audited half year results for the period ended June 30, 2018 released by Fidelity Bank Plc at the Nigerian Stock Exchange (NSE) on Wednesday shows a double-digit growth in the bank’s key revenue lines.
The bank’s financial statements shows a 27.3% jump in Profit Before Tax (PBT) from N10.2 billion in the previous half year to N13 billion in the reporting period; and Profit After Tax (PAT) rising 31% to close at N11.8 billion from N9.03 billion recorded in 2017, with gross earnings rising by 3.6 percent from N85.8 billion to N88.9 billion on increased “transactional activities.”
“Gross earnings, net fee and commission income all grew primarily due to the increase in transactional activities. Our digital banking initiative continues to gain traction with almost 40 percent of our customers now enrolled on our mobile/internet banking products and over 80 percent of total transactions now done on our digital platforms,” CEO of the bank, Nnamdi Okonkwo said.
While the bank’s total assets grew 13.7% to N1.57 billion from from N1.38 billion in in 2017, total deposits rose 19.7 percent to close at N927.9 billion from N775.3 billion in 2017 and the bank’s savings deposits increased 10.6% to N197.5 billion.
“The bank is on track to achieving a 5th consecutive year of double-digit savings growth. Low cost deposits now account for 73.8% of total deposits,” Okonkwo said.
The bank’s total operating expenses however grew 5.7% to N32.7 billion while it’s cost to income ratio remained relatively stable at 67.7% when compared to 67.5% reported  in the previous year, in spite of the double-digit inflationary environment in Nigeria.
With regulatory ratios such as the Capital Adequacy Ratio at 17%, Liquidity Ratio at 33.2%, well above required threshold, Okonkwo said he’s optimistic that the bank will sustain this “sterling performance” in the second half of the year.
Fidelity Bank is a commercial bank operating in Nigeria with over 4 million customers who are serviced across its 240 business offices and various digital banking channels.

Leave a comment

Related Articles

Updated: UTME Controversy: JAMB Registrar Sobs, Apologizes as Thousands to Re-Take Exam

The Joint Admissions and Matriculation Board (JAMB) has formally accepted full responsibility...

Student Loan Process Improvement: Education Ministry, NELFUND, Stakeholders Inaugurate Committee

To optimize the disbursement process of the National Education Loan Fund (NELFUND)...

#NoNoiseJustSigns: Access Bank Unveils DiamondXtra Season 17, To reward Customers with over N200m

Access Bank has kicked off the 17th season of its DiamondXtra flagship...

Driver’s Licenses, Number Plates to Cost More – JTB

The cost of driver’s licences and number plate for Nigerians is set...

Just in: Akpabio’s Case Takes New Turn as Sen. Akpoti-Uduaghan Faces Contempt Claims

Senator Natasha Akpoti-Uduaghan appeared at the Federal High Court in Abuja on...

Police Crack Down on N452m, $210,000 Fraud Ring, Arrest Canadian, Nigerian Suspects

Two high-profile individuals have been arrested by the Nigeria Police Force for...

FG Takes Steps to Revamp Power Sector, Launches DisCos Overhaul Pilot

By Joycelyn Ellakeche Adah In a bid to revamp Nigeria’s beleaguered electricity...

ASUU election: Prof. Chris Piwuna in, Prof. Victor Osodeke out

      The Academic Staff Union of Universities (ASUU) has elected...

Insecurity: Northern Governors Throw Weight Behind State Police

In a significant move, the Northern States Governors’ Forum, comprising the governors...

Nigeria’s Accountant General Ogunjimi Pushes for Public Finance Bill Passage

Mr. Shamseldeen Ogunijimi, the Accountant General of the Federation, says he is...

Water supply to Abuja satellite towns, top priority of Tinubu govt – Wike

Mr. Nyesom Wike, Minister of the Federal Capital Territory (FCT), has said...

Near Empty Treasury, Chaotic Economy: Tinubu Describes What He Inherited

President Bola Tinubu revealed that his administration inherited a dire financial situation,...

American-born Pope Leo XIV emerges new Catholic Pope

A new leader for world’s 1.5 billion Catholics has emerged. He is...

Breaking: New Pope Emerges as the new pontiff

A new pope has been elected, who is the first American pope...

Breaking: White Smoke Rises, Signaling Papal Successor

White smoke billowed from the chimney of the Sistine Chapel on Thursday,...

Pres. Tinubu Arrives in Anambra State on Official Visit

President Bola Tinubu has arrived in Akwa, Anambra State capital, for an...

Wigwe’s Death: Probe Points to US Helicopter Company and Pilot’s Culpability

Pilot spatial disorientation led to the helicopter crash that killed former Access...

Updated: Tax Reform Bills to Transform Governance, Tax Collection in Nigeria – Akpabio

Senate President Godswill Akpabio has affirmed that the passage of the two...

Breaking: VeryDarkMan regains freedom

Social media activist, Martins Otse, popularly known as VeryDarkMan, has been released...