Fidelity Bank Plc, the bank that keeps its words, has reported a 28 percent rise in its Net Profit for the first quarter of 2019.
The fast-growing tier two lender that is currently focused on becoming a tier one Nigerian bank by the year 2022, grew both its top and bottom lines in Q1, 2019 over the figures for the same period in 2018 financial year.
Fidelity bank plc quarter 1, 2019 report shows that the bank had the most growth in the bottom lines among the six banks that has released their first quarter 2019 reports so far. Apart from Access bank that grew its Net profit by 86 percent expectedly because of its acquisition of Diamond bank and UBA that had a 21 percent growth the other banks namely GTBank, Sterling and Zenith has less than 20 percent growth in their Profit After Tax.
- Fidelity Bank Nigeria Plc recorded a 28 percent growth in its Q1, 2019 After Tax Profit from N4.6 billion in Q1, 2018 to N5.9 billion.
- Net Interest Income however dropped by 2.5 percent from N16.2 billion in Q1, 2018 to N15.8 billion in Q1, 2019.
- Net Fee and Commission grew by 48 percent from N3.6 billion in Q1, 2018 to N5.4 billion in Q1, 2019.
- Profit Before Tax also grew by 34% from N4.9 billion in Q1, 2018 to N6.7 billion in Q1, 2019.
Fidelity Bank Plc grew its Asset Base Q on Q to N1.87 trillion in March 2019 from N1.48 trillion in December 2018, representing 9 percent rise. Customer Deposit also increased to N1.02 trillion in Q1, 2019 from N859 billion in FY 2018 end, an increase of 4 percent
Contrary to the norms with other bank’s result so far released, Loan to customer grew by 14 percent from N738 billion in Q4, 2018 to N966 billion as at end of March 2019. Likewise, Fidelity Bank’s Shareholders Funds also increased by 3.9 percent to N202 billion compared to N179 billion in December 2018.