Fidelity Bank declares N22.9bn profit in 2018

Fidelity Bank Plc
Fidelity Bank Plc

By Chinyere Joel-Nwokeoma

Fidelity Bank Plc has posted a 29 per cent increase in profit after tax for the financial year ended Dec. 31, 2018.

The bank, in a statement in Lagos, said that the profit after tax during the period under review stood at N22.9 billion, compared with N17.7 billion realized in the comparative period.

Also, its profit before tax soared by 30.6 per cent to N25.1 billion in contrast with the N19.2 billion posted in 2017.

The bank reported gross earnings of N188.9 billion against N180.2 billion in the corresponding period, an increase of 4.8 per cent, while operating income rose by 13.9 per cent, from N85.9 billion, to N97.2 billion.

Its customer deposit, which is a measure of consumer confidence, rose by 26.3 per cent from N775.2 billion, to N979.4 billion, just as total Assets grew by 24 per cent, from N1.4 trillion to N1.7 trillion.

The bank is proposing a total divided of N3.2 billion to its shareholders which translated to 11k per share.

Commenting on the performance, Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, was quoted by the statement as saying that the 2018 numbers showed a sustained performance trajectory.

“We are delighted by our 2018 numbers, which clearly shows au 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, foreign exchange and other income lines,” Okonkwo said.

He said that in recent years, the bank’s digital retail banking approach had continued to yield positive results.

Okonkwo said that savings recorded its fifth consecutive year of double digit growth with a 27.7 per cent increase, to peak at N228 billion.

“Savings accounts for over 23 per cent of our total deposits, an attestation of our increasing market share in the retail segment,” he stated.

He said that 42 per cent of customers were now enrolled on the bank’s mobile /Internet banking products.

Okonkwo said that more than 81 per cent of total transactions were done on digital platforms, resulting in 25 per cent of fee-based income, coming from digital banking.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 4.2 million customers who are serviced across its 240 business offices and various other digital banking channels.

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