Fidelity Bank profit grows by 65.1% in nine months

By Chinyere Joel-Nwokeoma

 

Lagos   –         Fidelity Bank Plc on Monday declared 65.1 per cent growth in profit before tax for the nine months ended Sept. 30, 2017.

The bank posted profit before tax of N16.2 billion during the period under review compared with N9.8 billion achieved in the corresponding period of 2016.

The information is in the bank’s nine months financial results released by the Nigerian Stock Exchange (NSE).

Details of the lender’s nine months financial results, released at the Nigerian Stock Exchange (NSE) on Monday showed a remarkable growth in key revenue lines and improved efficiency and regulatory ratios.

Also, its gross earnings grew by 17.9 per cent to N130.1 billion from N110.3 billion reported in the same period in 2016.

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The bank said its operating expenses dropped by 2.6 per cent to N47.5 billion due to implementation of initiatives from its business process review project.

It said that the initiative continued to impact positively on its operational efficiency as total operating expenses declined by 2.6 per cent to N47.5 billion, leading to cost-income ratio dropping to 66.8 per cent from 77.3 per cent in 2016 financial year.

Commenting on the result, Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, was quoted as saying that “the performance was due to optimal balance sheet management strategy.

“We are delighted with our nine months financial performance which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment.”

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He attributed the consistent delivery of strong financial results to disciplined execution of the bank’s medium term strategy which centred on optimal balance sheet management.

Okonkwo added that strategic cost reduction and increased play in the digital and retail banking space contributed to the performance.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 3.8 million customers who are serviced across its 240 business offices and various digital banking channels.

The bank had in recent times won accolades as the Best SME Friendly bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition.

The bank was also ranked the fourth Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

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