Fidelity Bank Posts N152bn Gross Earnings In 2016

Spread the love

By Chinyere Joel-Nwokeoma

Lagos  –  Fidelity Bank has announced gross earnings of N152 billion for the financial year ended Dec. 31, 2016.

According to a statement issued by the bank on Sunday in Lagos, the gross earnings represented an increase of 3.5 per cent when compared with N146 billion achieved in the corresponding period of 2015.

It said that the interest income grew by 1.7 per cent from N60.9 billion to N61.9 billion, while total deposits, a measure of customers’ confidence, grew by three per cent, rising from N769.6 billion in 2015 to N793.0 billion.

In the same vein, total assets increased by 5.4 per cent to N1.29 trillion from N1.23 trillion in the corresponding period of 2015.

Related Story:  Firstbank ATMs dispense N2.8 trillion

The bank’s profit before tax dropped to N11.1 billion from N14 billion posted in the previous year.

The statement stated that profits during the period were moderated by one-off staff cost incurred during the year.

The bank is proposing to pay a dividend of 14k per share to all its shareholders.

The statement quoted Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, as saying that 2016 performance reflected the sound fundamentals of the bank’s evolving business model.

“Our financial performance in full year 2016 reflects the sound fundamentals of our evolving business model as we continued with the disciplined execution of our medium-term strategy which positions the business for improved and sustainable profitability,’’ Okonkwo said.

Related Story:  First Bank says transformation for excellent service reason for awards in 2017

He explained that profits dipped due to N4.8 billion cost incurred as Fidelity Bank discontinued its Legacy Gratuity and Retirement Scheme.

“Excluding this one-off charge, profit before tax for the year would have been at N15.8 billion” Okonkwo said.

He said that the performance was driven by the upgrade of its core banking system which provided a superior architecture that enhanced its operational efficiency and deepened the bank’s electronic banking capabilities.

Spread the love

Leave a Reply

Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: 08033083361, 08094208271 and 092900705
Whatsapp: 08053069436

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143
Dubai Office: PAU Management Suite, Level 23 - Boulevard Plaza Tower 2, Emaar Boulevard,
P. O. Box 124342, Dubai, UAE.
Tel: +971 4 4096849 | Fax: +971 4 409 6850
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate