Fidelity Bank Plc disclosed its 9-months results for the period ended September 30, 2021, on Tuesday, at the Nigerian Stock Exchange (NGX). The results showed double-digit growth in revenues, deposits and profitability.
Gross earnings grew by 12.5 percent to N174.4 billion from N155.0 billion in the same period in 2020 while profit before tax (PBT) soared by 31.4 percent to N28.1 billion from N21.3 billion in the first 9 months of 2020.
In other indices, total assets grew by 15.4 percent to N3.18 trillion from N2.76 trillion in the same period last year. Total deposits, a measure of customer confidence, increased by 16.1 percent YTD to N1.97 trillion from N1.69 trillion in 2020FY, driven by increased deposit mobilization across all deposits types.
Commenting on the impressive performance, Fidelity Bank’s CEO, Mrs Nneka Onyeali-Ikpe 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 percent increase in net fee income which compensated for the decline in net interest income as average yield on liquid assets remain low.”
She noted that digital banking has continued to gain traction as the bank now has 56.1 percent of its customers enrolled on its digital banking platform from 52.8 percent in the 2020 financial year
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