Fidelity Bank posts N161.1bn gross earnings in Q3

Access Bank

FIDELITY Bank Plc has posted N161.1 billion gross earnings in the third-quarter results. Details of the results show improvements in key indices with Profit Before Tax, PBT, of N21.3 Billion, whilst Profits After Tax, PAT, stood at N20.4 billion in the period under review.

In other indices, Customer Deposits, Net Loans and Total Assets grew in double digits. Total Assets grew by 21 percent from N2.1 trillion in 2019 to N2.5 trillion; Customer Deposits were up by 22.3 percent from N1.23 trillion to N1.5 trillion, whilst Net Loans rose by 12 percent from N1.12 trillion to N1.27 trillion to cap the good outing by the top lender.

“Our nine months results reflect our resilient business model, particularly in a very challenging operating environment. We worked closely with our customers to gradually recover from the economic impact of the pandemic and the attendant effect of the lockdown,” Nnamdi Okonkwo, CEO, Fidelity Bank, said.

Okonkwo explained that the drop in Gross Earnings was due to the decline in interest and similar income caused by lower yields and drop-in fee income. “Net fee income declined by N1.3 billion largely due to a reduction in FX related income on account of the revaluation gains recorded in the first half of 2020. Fidelity Bank has over the years implemented a retail digital banking strategy and that has continued to deliver, with the bank on course to achieving the seventh consecutive year of double digits growth.

“The growth in Savings Deposits accounted for 40.2 percent of the total growth in Customer Deposits and Savings Deposits now represent 25.7 percent of total deposits, up from 22.3 percent in 2019,” he enthused.

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