Fidelity Bank Plc Reports Impressive 120.1% Increase in Profit Before Tax

By Jemimah Wellington, JKNMedia Reporter

FIDELITY Bank Plc, in its leading stride as a financial institution, known for its commitment to excellence and innovation, has announced a remarkable 120.1% growth in Profit Before Tax for the first quarter of 2024.

The impressive financial results were revealed in the bank’s unaudited financial statements released on the Nigerian Exchange (NGX) issuer portal on Tuesday, April 20, 2024.

In the report, Fidelity Bank experienced a significant surge in Gross Earnings, which increased by 89.9% year-on-year to N192.1 billion from N101.1 billion in the first quarter of 2023.

This growth was attributed to a robust performance in both interest and non-interest income streams.

Interest incomes surge by 90.7% year-on-year, driven by a higher yield environment and a strong earning assets base.

Additionally, non-interest income increased by by 84.0% year-on-year, propelled by double-digit growth in various revenue sources such as account maintenance charges, FX-related income, banking services and remittances.

Nneka Onyeali-Ikpe, Managing Director/Chief Executive Office (MD/CEO), Fidelity Bank, expressed satisfaction with the bank’s financial performance amidst a challenging macroeconomic environment, highlighting the bank’s strategic focus on customer-centricity, digital innovation, and operational excellence as key drivers of its success.

During the period under review, Fidelity Bank saw significant growth in Net Interest Income, which surged by 89.5% year-on-year to N99.6 billion.

This growth was fueled by an improvement in the yield financial instruments, coupled with a steady rise in interest rates throughout the year.

Total Deposits also witnessed a notable increase of 17.2% year-to-date, reaching N4.7 trillion, while Net Loans and Advances grew by 21.2% to N3.7 trillion.

Onyeali-Ikpe reiterated the bank’s commitment to its strategic objectives of fostering individual growth, supporting business expansion, and driving economic prosperity, emphasizing the bank’s determination to maintain a resilient business franchise with a well-diversified earnings base in the coming year.

Fidelity Bank, noted as one of the top banks in Nigeria, serves over 8.5 million customers through its 251 business offices in the country, and the United Kingdom (UK), as well as digital banking channels.

It has received numerous accolades both locally and internationally emphasizing its excellence in service delivery and commitment to driving economic development.

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