Fidelity Bank Plc has released its financial report for the first quarter of 2019 showing that gross earnings grew to N48.44 billion representing 11.8 percent from N43.33 billion recorded during the same period in 2018.
The report also showed that profit before tax grew by 34.0 per cent from N5.0 billion in Q1 2018 to N6.67 billion while profit after tax grew by 28.4 per cent to N5.94 billion
Besides, net asset grew by 12.5per cent to N202.03 billion from N179.66 billion as at 31st December, 2018.
Its profit surged by 34.0 per cent from N5.0 billion in Q1 2018 to N6.7 billion in 2019.
The bank’s sterling Q1 performance came on the back of an increase by 230 per cent in the firms other operating income from N556 million in Q1 2018 to N2.5 billion in 2019, and a jump of 47.5 per cent in net fee and commission income to N5.4 billion in Q1 2019 from N3.6 billion the same period in the previous year.
The strong growth in the other income line was supported by net foreign exchange gains of N2.3 billion realised in Q1 2019 compared to N146 million in Q1 2018.
Speaking on the financial results, the managing director and chief executive of the bank, Mr. Nnamdi Okonkwo, said the double digit growth in earnings and profits further demonstrates a positive start for the new financial year.
“We remain focused on the execution of our medium-term strategic objectives and targets for the 2019 full year, while we look forward to sustaining the momentum and delivering another strong set of audited results for 2019
“We recorded double digit growth across key income lines: Foreign exchange income (34.4 per cent), digital banking income (34.6 per cent), account maintenance charge (25.5 per cent) and interest income on liquid assets (10.1 per cent),” he said.
He also said digitalisation and the bank’s retail strategy had continued to positively impact on its fortunes with 43 per cent of customers now enrolled on the mobile/internet banking products.
Okonkwo noted that more than 81 per cent of total transactions were done on digital platforms, resulting in 25 per cent in fee-based income, coming from digital banking.
“Savings deposits which now accounts for 24 per cent of total deposits in the period increased by 6.2 per cent to N242.1 billion indicating that the bank is on a steady march to achieving the sixth consecutive year of double-digit savings growth,” he added.
