Fidelity Bank Plc, one of Nigeria’s fastest growing and profitable tier 2 lenders has announced a Post Tax Profit of N21.49 billion for Q3 2019. The Bank that is poised to join the group of Nigeria’s tier 1 banks by 2020 posted an interesting double-digit growth in both its the top and bottom lines in the Q3 2019 result released to the public.
The bank’s 9 months impressive 20% growth in profit was propelled by 24% rise in Fee and Commission Income, 89% growth in Other Operating Income and N4.8 billion net recovery on Credit Losses as opposed to N3.3 billion Credit Loss provision in the same period in 2018
Here are the highlights of the Q3 2019 results released by Fidelity Bank Plc
- Gross Earning up by 16% from N139 billion to N161.1 billion in Q3 2019
- Net-interest income down by 9% from N215.2 billion to N195.4 billion in Q3 2019
- Net Fee and Commission Income flat at N58.2 billion in Q3 2019
- Other Operating Income up by 89% from N3.5 billion to N6.7 billion in Q3 2019
- Net Credit Loss Expense was down by 240% from -N3.3 billion to +N4.8 billion in Q3 2019.
- Other Operating Expenses up by 15% from N30.2 billion to N39.9 billion in Q3 2019
- Profit Before Tax up by 15% to N23 billion from N20.1 billion in Q3 2018
- Post Tax Profit also up by 20% from N17.9 billion to N21.5 billion in Q3 2019.
The Earning Per Share of Fidelity Bank Plc also increased Year-on-Year by 19% from 62 kobo per share in September 2018 to 74 kobo per share in September 2019.
- Fees to the rescue as Interest Income thins out for banks in Q2
- How FUGAZ banks rakes in N522 billion in Q3 2019
The Balance Sheet size of Fidelity Bank also had an impressive 9 months growth for the period ended 31stSeptember 2019.
- Total Assets up by 15% from N1.72 trillion in December 2018 to N1.97 trillion in Q3 2019
- Customer deposits also up by 14% from N0.97 trillion to N1.12 trillion in Q3 2019.
- Customer loans and advances up by 27% from N0.85 trillion in December 2018 to N1.07 trillion in September 2019
- Total Equity was also up by 14% from N194 billion to N221 billion in Q3 2019.