Fidelity Bank Grows Profit By 65% To N16.2bn

Fidelity Bank Grows Profit By 65% To N16.2bn

Fidelity Bank Plc, Monday, released its third quarter, Q3, results ended September 30, 2017, recording a Profit Before Tax, PBT, of N16.236 billion, against N9.835 billion in the corresponding period of 2016, thus representing 61.5 per cent growth.

Details of the nine months financial results released on the Nigerian Stock Exchange, NSE, showed a remarkable growth in some key revenue lines and improved efficiency and regulatory ratios.

Gross Earnings grew by 17.9 per cent to N130.1 billion from N110.3 billion reported in the same period in 2016.

“We are delighted with our nine months financial performance, which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment,” said Mr. Nnamdi Okonkwo, Fidelity Bank CEO.

He attributed the consistent delivery of strong financial results to the disciplined execution of the Bank’s medium term strategy which centred on optimal balance sheet management, strategic cost reduction and increased play in the digital and retail banking space.

“The implementation of the initiatives from our Business Process Review Project continued to impact positively on our operational efficiency as total operating expenses declined by 2.6 per cent to N47.5 billion, leading to our cost-income ratio dropping to 66.8 per cent from 77.3 per cent in 2016 FYE.”