Fidelity Bank recorded N23bn profit in Q3

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Fidelity Bank Plc said its gross earnings grew by 16.3 per cent to N161.4bn at the end of September 2019 from N138.7bn reported in the same period in 2018.

A statement said details of the nine-month results for the period ended September 30, 2019, released on the Nigerian Stock Exchange showed a strong double-digit growth in revenue, deposits and profitability among others.

It stated that its profit-before-tax rose by 14.7 per cent from N20.1bn to N23.0bn in the period under review.

In other indices, total assets grew by 14.6 per cent to N1.97tn from N1.71tn in the same period of 2018.

Total deposits; a measure of customer confidence, increased by 14.0 per cent to close at N1.12tn from N979.4bn in 2018 financial year.

The Managing Director/ Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, said, “We look forward to sustaining the momentum in Q4 2019 and achieving our set targets for 2019 financial year.”

He said retail banking continued to deliver impressive results as savings’ deposits increased by 9.2 per cent to N248.9bn, adding that the bank was on course to achieving the 6th consecutive year of double-digit savings growth.

“Savings deposits now account for about 22.3 per cent of total deposits, an attestation of our increasing market share in the retail segment.”

The bank said the growth in deposits was complemented by its digital banking push which had resulted in having over 46.4 per cent of its customers enrolled on the mobile/Internet banking products and recording over 82.0 per cent of total transactions on digital platforms.

“Digital Banking continued to gain traction driven by the bank’s new initiatives in the retail lending and increased cross-selling of our digital banking products”, he added.

The statement said the non-performing loans ratio improved to 4.8 per cent from 5.7 per cent in the 2018FY while absolute NPL declined by 4.9 per cent in Q3 2019 compared to Q2 2019.

All other regulatory ratios remained above the required thresholds with Capital Adequacy Ratio at 16.4 percent and liquidity ratio at 32.6 per cent.

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