Home » FINANCING » Fidelity Bank Posts N28.10 Billion Pre-Tax Profits 9 Months

Fidelity Bank Posts N28.10 Billion Pre-Tax Profits 9 Months

Fidelity Bank Plc has announced profit before tax (PBT) of N28.10 billion for the nine months ended September 30, 2021.

This represents an increase of 31.92% when compared with the N21.30 billion recorded in the comparable period of 2020.

The Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s unaudited financial statement posted yesterday on the website of the Nigerian Exchange (NGX) Ltd. in Lagos.

Also, the bank’s gross earnings grew by 12.5% to N174.4 billion from N155.0 billion achieved a year ago.

Similarly, Total assets rose by 15.4% to N3.18 billion from N2.75 billion year-on-year, while total deposits increased by 16.1% year-to-date to N1.97 billion from N1.69 billion in 2020.

Onyeali-Ikpe attributed the good fortunes to the bank’s increased deposit mobilisation across all deposit types.

She said: “We were able to sustain our performance trend since the start of 2021 with an impressive double-digit growth in profit driven by 69.9% increase in net fee income, which compensated for the decline in net interest income as average yield on liquid assets remained low.

“Digital banking has continued to gain traction as the bank now has 56.1% of its customers enrolled on digital banking platforms from 52.8% in 2020.

“The bank had recorded a 125% year-on-year increase in total NIP transaction and 24.9%.

We were able to sustain our performance trend since the start of 2021 with an impressive double-digit growth in profit driven by 69.9% increase in net fee income, which compensated for the decline in net interest income as average yield on liquid assets remained low.

“Other regulatory ratios remain well above the minimum requirement: Capital Adequacy Ratio at 18.8% from 18.2% in 2020, while liquidity ratio came in at 34.5%, well above the regulatory threshold of 30.0%.”

Onyeali-Ikpe noted that Fidelity Bank recently completed a highly successful Eurobond offering, raising $400 million from the international capital markets through a five-year tenor Eurobond.

The offering achieved a 7.625% coupon p.a. and recorded a 1.8x over-subscribed order book which peaked at over 700 million dollars.

“The pricing of the senior unsecured notes, underscores the formidable confidence of a diversified range of global and local investors in Fidelity Bank’s growth aspirations and the well-experienced management team,” she said.

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