- Fidelity Bank Announces 94% Surge in PAT in 2017
One of the Nigerian leading banks, Fidelity Bank Plc, reported 94 percent surged in profit in the year 2017.
The lender on Monday announced 18.3 percent surged in its gross earnings from N152 billion to N179.9 billion, while profit after tax reportedly grew by 93.7 percent to N18.9 billion, up from N9.7 billion recorded in 2016.
Total operating income grew by 9.9 percent to N86 billion from N78.3 billion in the year, while total assets rose by 6.2 percent to N1.4 trillion from N1.3 trillion filed in 2016. Also, other indices of the bank showed improvement with the total expenses in the year declining by 2.2 percent from N67.2 billion to N65.7 billion, while liquidity ratio tick-up to 35.9 percent.
According to the audited report released through the Nigerian Stock Exchange, the lender recorded growth across key indices, following its return to the international capital market and successful issuance of $400 million Eurobond that was over-subscribed by over 200 percent.
Speaking on the results, the Chief Executive Officer of the bank, Mr. Nnamdi Okonkwo, said the bank sustained its performance through a disciplined balance sheet management and strategic cost reduction, coupled with increased focus on the corporate, commercial and small and medium enterprises segments.
“We are delighted at the results, which showed strong growth in key revenue lines, significant traction in our chosen business segments and a corresponding decline in our operating expenses despite the high inflationary environment”, he stated.
