Fidelity Bank Plc has released its half-year 2019 audited financial report showing a 15.7 per cent rise in profit before tax (PBT) from N13 billion in the earlier period to N15.1 billion during the reporting period.
Details of the report for the period ended June 30, 2019 released by the Nigerian Stock Exchange (NSE) also show that profit after tax (PAT) rose by 15.6 per cent to close at N13.6 billion from the N11.8 billion recorded in 2018.
During the period in review, gross earnings increased by 12.3 per cent from N92.3 billion to N103.7 billion.
Besides, the bank’s total assets rose by 12.8 per cent to N1.940 trillion, from N1.720 trillion the previous period while total deposits grew by 12 per cent to close at N1.097 trillion from N979.4 billion in 2018 financial year (FY).
In addition, total deposits increased by 12 per cent to N1.097 trillion, from N979.4 billion, driven by double-digit growth in both local and foreign currency deposits.
Also, non-performing loans (NPLs) ratio improved to 5.4 per cent from 5.7 per cent in 2018 full year, due to the growth in the loan book.
Commenting on the results, the bank’s managing director and chief executive officer, Mr. Nnamdi Okonkwo, expressed delight with the bank’s financial performance.
He said bank remained focused on the execution of its medium-term strategic goals and targets for the 2019 full-year.
He promised that the bank would continue to sustain the momentum and deliver another strong set of results for the nine-month 2019.
“Gross Earnings increased by 12.3 per cent to N103.7 billion, driven by a 52.4 per cent growth in our fee-based income and a 7.2 per cent growth in interest income,” he said.
He also said digital banking had continued to gain traction, driven by new initiatives in retail lending segment and increased cross-selling of its digital banking products.
“We now have 45 per cent of our customers enrolled in the bank’s mobile/internet banking products, 82 per cent of total transactions now done on digital platforms and 29 per cent of fee-based income now coming from digital banking,” he added.
Okonkwo also stated that retail loans were steadily on the rise after the launch of the bank’s new digital lending product dubbed Fidelity Fastloan.
He further said the bank had deepened lending partnerships with select Financial Technology (FinTechs) companies.
