Fidelity Bank Grows Profit by 145% to N225 billion
Fidelity Bank PLC grew profit after tax by 145% year on year to about N225 billion in 12 months, details from the tier-2 lender’s unaudited financial statement for the period ending Sept showed.
Details from its financial statement showed that gross earnings surged by 101.5% year on year to settle at N802.4 billion from N398.3 billion in the equivalent period in 2023. The significant spike in topline performance was spurred by increased income from interest yielding assets and non-interest related revenue.
Reflecting high interest rate environment, Fidelity Bank reported a 117,3% year on year growth in interest income line, from N324.8 billion at the end of Sept. 2023 to N705.8 billion at the end of Sept. 2024.
Interest expenses also grew, reflecting increase payments to funds providers. Details from the earnings scorecard revealed that interest expenses rose by 81.1% to N235.2 billion from N129.90 billion in the comparable period in 2023.
In the result, Fidelity Bank net interest income (NII) grew by 141.5% year on year to N470.6 billion from N194.9 billion in the comparable period in 2023.
Also, non-interest income (NIR) expanded by 31.4% to N96.6 billion, primarily driven by increases in net fee & commission income and improving net gains from financial assets at fair value through profit or loss.
Fidelity Bank operating income rose by 111.3% year on year to N567.2 billion on the back solid growth in core banking business, supported with efficient service deliveries in the period. At the same time, the bank’s operating expenses increased by 89.5% year on year to N237,4 billion from N125.3 billion 12 months ago.
The increased operating expenses of the bank was driven by personnel costs, computer expenses, and regulatory fees. Pretax profit came at about 154% higher than record posted in 2023.
In the period, Fidelity Bank profit before tax was N281.2 billion, 153.8% higher than N110.9 billion it posted in the comparable period in 2023. Profit after tax improved by 65.7% year on year to N63.8 billion. #Fidelity Bank Grows Profit by 145% to N225 billion
