Fidelity Bank drives profit to N23bn in nine months

0
503

Fidelity Bank Plc yesterday released details of the 9-month financial results for the period ended September 30, 2019.

The report released at the Nigerian Stock Exchange (NSE) showed profit-before-tax soared by 14.7 per cent from ₦20.1 billion to ₦23.0 billion while gross earnings grew by 16.3 per cent to ₦161.4 billion from ₦138.7 billion reported in the same period in 2018.

In other indices, total assets grew by 14.6 percent to ₦1,970.6 billion from ₦1,719.9 billion in the same period last year.

Total deposits which measure customers’ confidence increased by 14.0 percent to close at ₦1,116.4 billion from ₦979.4 billion recorded in the 2018 financial year.

Non-performing Loans (NPLs) Ratio improved to 4.8 percent from 5.7 percent in the 2018 financial year while absolute NPL declined by 4.9 per cent 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.

Commenting on the strong double-digit growth in revenues, deposits and profitability, the managing director and chief executive officer of the bank, Mr. Nnamdi Okonkwo the bank was on course to achieving the sixth consecutive year of double-digit savings growth.

“We look forward to sustaining the momentum in Q4 2019 and achieving our set targets for 2019 financial year

He said retail banking continued to deliver impressive results as savings deposits increased by 9.2 percent to N248.9 billion adding that “savings deposits now accounts for about 22.3 percent of total deposits, an attestation of our increasing market share in the retail segment.”

He also explained that the growth in deposits was further complemented by the bank’s digital banking push which, according to him, resulted in having over 46.4 per cent 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.

Fidelity Bank Plc is a full-fledged commercial bank operating in Nigeria with over five million customers who are serviced across its 250 business offices and various digital banking channels.

The bank is focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs) and its currently driving its retail banking businesses through its robust digital banking channels.

LEAVE A REPLY

Please enter your comment!
Please enter your name here