Fidelity Bank Grows Profit by 65%, Records PBT of N16.2bn
Nigerian lender, Fidelity Bank Plc, has again posted another impressive financial performance for its third quarter, Q3, results ended September 30, 2017
The Details which was released at the Nigerian Stock Exchange (NSE) Monday showed growth in key revenue lines and improved efficiency and regulatory ratios.
A statement by the bank said gross earnings grew by 17.9 per cent to N130.1 billion, from N110.3 billion reported in the same period in 2016 while profit before tax rose by 65.1 per cent, from N9.8 billion to N16.2 billion
“We are delighted with our nine months financial performance, which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment,” said Mr. Nnamdi Okonkwo, Fidelity Bank CEO.
He attributed the consistent delivery of strong financial results to the disciplined execution of the Bank’s medium term strategy which centred on optimal balance sheet management, strategic cost reduction and increased play in the digital and retail banking space.
“The implementation of the initiatives from our Business Process Review Project continued to impact positively on our operational efficiency as total operating expenses declined by 2.6 per cent to N47.5 billion, leading to our cost-income ratio dropping to 66.8 per cent from 77.3 per cent in 2016 FYE.”
“The combination of the strong net revenue growth of N5.1 billion (8.8 per cent growth) and the decline in total expenses by N1.3 billion (2.6 per cent) translated to a N6.4 billion (65.1 per cent) increase in profit before tax (PBT) to N16.2 billion.
“The 9M 2017 PBT of N16.2 billion is higher than the annual profit numbers in any of the last fourt financial years (2013 to 2016),” he further explained.