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‘Growth!’ Fidelity Bank increases earnings by 72.4% in H1’21

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‘Growth!’ Fidelity Bank increases earnings by 72.4% in H1’21

Fidelity Bank Plc reported a profit before tax (PBT) of N20.6 billion for the first half of the year ended 30 June 2021, H1’21, up 74 percent from N12.0 billion in the same period of the previous year, H1’20.

The Bank’s audited H1’21 results, which were released to the Nigerian Stock Exchange (NGX) Limited, revealed that total earnings grew by 6.2 percent to N112.3 billion, owing to a 27.8% increase in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion.

As total customer induced transactions across all distribution channels rose by 58.0 percent YoY and 21.2 percent QoQ, the NIR was driven by high rise in commission on banking services (57.7%), account maintenance charges (50.6%), digital banking revenue (9.4%), and trade income (33.7%).

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“We maintained our excellent financial performance with double-digit growth in profit as higher client transactions boosted non-interest revenue while enhanced operational efficiency continued to lower cost – to – serve,” said Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc.

This resulted in 72.4 per cent increase in profit before tax to N20.6bnillion from N12.0billion in H1’20.

“The Bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent Year to Date, YtD to N1,535.4 billion from N1,326.1billionn in 2020 full year.

“We look forward to sustaining the current momentum in H2 2021 by optimizing our balance sheet and lowering our cost – to – serve which will translate to improved earnings while we remain committed to our medium to long-term strategic objectives” concluded Onyeali-Ikpe.

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