Fidelity Bank Nigeria Plc, the bank poised to join Nigeria’s tier 1 lenders by 2022, has announced N13.7 billion Profit After Tax (PAT) for H1 2019 representing a 16 percent growth over N11.8 billion PAT for same period last year.
The tier 2 lender which has also been consistent in growth of both the top and bottom lines recorded most growth in its Fee and Commission Income and Other Operating Income to boost its profits for H1 2019.
- Net Interest Income down by 3% from N38.1bn to N36.9bn
- Net Fee and Commission up by 30% from N8.2bn to N10.7bn in H1 2019
- Other Operating Income up by 103% from N2.3bn to N4.8bn
- Gross Earning up by 12% from N92.3bn to N103.7bn in H1 2019
- Profit Before Tax up by 15% from N13.0bn to N15.0bn
- PAT up by 16% from N11.8bn to N13.7bn in H1 2019
Fidelity Bank Nigeria grews it Balance Sheet by double digit in the 6 months under review as Loans to Customer grwe by 18 percent from N849.9 billion in December 2018 to N999.3 billion in June 2019. While the Bank’s Asset also grew by 13 percent from N1.72 trillion to N1.94 trillion in H1 2019
Customer Deposit grew by 12 percent from N979.4 billion in December 2018 to N1.09 trillion in June 2019. The Bank’s Total Equity also grew by 11 percent from N194.4 billion as at end of 2018 to N215.6 billion in H1 2019.
Read also: Fidelity bank Q1 2019 results