Fidelity Bank’s earnings grew by 12.5% to N174.4bn from N155bn

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Mrs Onyeali-Ikpe, Managing Director/Chief Executive, Fidelity Bank Plc.

 

Fidelity Bank Plc has published gross earnings grew by 12.5% to N174.4 billion from N155.0 billion in the previous year’s recorded

 

According to the bank’s unaudited financial statement posted on the website of the Nigerian Exchange (NGX) Ltd, yesterday.

 

This represents an increase of12.5% resulted to N174.4 billion in the period under review when compared with previous recorded of N21.30 billion in 2020.

 

Other indicators like the profit before tax (PBT) recorded a N28.10 billion figures for the nine months ended September 30, 2021.

 

Similarly, Total assets rose by 15.4% to N3.18 billion from N2.75 billion year-on-year, while total deposits increased by 16.1% year-to-date to N1.97 billion from N1.69 billion in 2020.

 

When commenting: Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, attributed the good fortunes to the bank’s increased deposit mobilisation across all deposit types.

 

She said: “We were able to sustain our performance trend since the start of 2021 with an impressive double-digit growth in profit driven by 69.9% increase in net fee income, which compensated for the decline in net interest income as average yield on liquid assets remained low.

“Digital banking has continued to gain traction as the bank now has 56.1% of its customers enrolled on digital banking platforms from 52.8% in 2020.

 

“The bank had recorded a 125% year-on-year increase in total NIP transaction and 24.9%.

 

Managing director further stressed that we were able to sustain our performance trend since the start of 2021 with an impressive double-digit growth in profit driven by 69.9% increase in net fee income, which compensated for the decline in net interest income as average yield on liquid assets remained low.

 

“Other regulatory ratios remain well above the minimum requirement: Capital Adequacy Ratio at 18.8% from 18.2% in 2020, while liquidity ratio came in at 34.5%, well above the regulatory threshold of 30.0%.”

 

Onyeali-Ikpe noted that Fidelity Bank recently completed a highly successful Eurobond offering, raising $400 million from the international capital markets through a five-year tenor Eurobond.

 

The offering achieved a 7.625% coupon p.a. and recorded a 1.8x over-subscribed order book which peaked at over 700 million dollars.

“The pricing of the senior unsecured notes, underscores the formidable confidence of a diversified range of global and local investors in Fidelity Bank’s growth aspirations and the well-experienced management team,” she said.

 

The AmehNews recalled that Mrs Nneka Onyeali-Ikpe, assumed office on January 1, 2021 as Managing Director/CEO of Fidelity Bank Plc officially, barely eleven months ago


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