Fidelity Bank Grows Profit After Tax By 604%

[Shola Sholaz]

Fidelity Bank plc yesterday declared a profit after tax of N18.2 billion for its financial year ended December 31, 2012, just as it approved a dividend of 21 kobo per share to its shareholders.
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The bank's profit after tax for the year under review rose significantly by 604 per cent, compared to the N2.6 billion it posted in 2011.
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The bank's chairman, Dr, Christopher Ezeh, who announced the results at its 25th Annual General Meeting, AGM, in Abuja, said Profit after Tax, PAT, rose by 604 per cent to N18.2 billion in 2012 from N2.6 billion recorded in 2011.
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Ezeh said in addition to the huge expansion recorded in non- interest income and net interest and discount income, the rise in PAT resulted from a significant proportion of income from tax exempt assets and transactions.