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Fidelity Bank hits the bull, posts impressive reports


Bank records growth outcome in profits, gross earnings and income

By Nsikan Ikpe

Nigeria’s Fidelity Bank Plc has hit the bull in its compounded 2018 full year financial outcome, a statement from the deposit money bank has disclosed.

IN the details of its performance made available to The Difference at the weekend, the bank posted profit before tax (PBT) growth figures of 30.6 percent as its tally on that score rose to N25.1 billion in the financial year ended December 31, 2018, up from N19.2 billion in the corresponding period in 2017.

In addition, the statement also revealed that the bank also recorded a 4.8 percent growth in gross earnings from N180.2 billion to N188.9 billion while profit after tax grew by 29 percent from N17.7 billion in 2017 to N22.9 billion in 2018.

Equally, operating income rose by 13.9 percent from N85.9 billion to N97.2 billion even as customer deposits grew by 26.3 percent from N775.2 billion to N979.4 billion year on year.

As for total assets, it grew by 24 percent from N1.4 trillion to N1.7 trillion and Non-Performing Loans (NPLs) Ratio dropped to 5.7 percent from 6.4 percent in the 2017 full year (FY)

In the same vein, other regulatory ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 16.7 percent and Liquidity Ratio at 39.0 percent.

The bank is proposing a N3.2 billion dividend payout which translates to 11 kobo on every share held by shareholders.

In his remarks on the performance, Fidelity Bank’s Chief Executive Officer, Nnamdi Okonkwo, said, “We are delighted by our 2018 numbers, which clearly shows a sustained performance trajectory. We are growing our market share with continued traction in our chosen business segments. We recorded double digits growth in interest income on our liquid assets, digital banking, FX and other income lines.”

“As seen in recent years, the bank’s digital retail banking approach has continued to yield positive results. Savings recorded its 5th consecutive year of double digit growth with a 27.7 percent increase to peak at N228 billion.

”Savings accounts for over 23 percent of our total deposits, an attestation of our increasing market share in the retail segment”, he said.

In other assuring statistics, over 42 percent of customers are now enrolled on the bank’s mobile/ internet banking products and more than 81 percent of total transactions done on digital platforms, resulting in 25 percent of fee-based income, coming from digital banking.

Fidelity Bank CEO, Nnamdi Okonkwo

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