Fidelity Bank Reports N28bn PAT

• Fidelity Bank Reports N28bn PAT

Fidelity Bank Plc on Tuesday announced a N28.425 billion profit after tax for the financial year ended December 31, 2019.

In the audited financial results released through the Nigerian Stock Exchange (NSE), the banks grew profit after tax by 24 percent from N22.926 billion in 2018 to N28.425 billion in 2019.

The lender’s gross earnings also improve from N189.005 filed in the 2018 financial year to N215.514 billion in 2019. While the total net interest income expanded from N73.356 billion to N83.055 billion.

The bank’s net interest income after credit loss expense rose from N69.141 billion in 2018 to N88.347 billion in 2019.

Profit before tax grew from N25.089 billion in the corresponding year to N30.353 billion in the under review.

Speaking on the bank’s performance, Mr. Nnamdi Okonkwo, the CEO, Fidelity Bank, said “We are delighted at the results which clearly showed that we sustained our performance trajectory and continued to increase our market share driven by significant traction in our chosen business segments,” he said.

Commenting on Digital Banking, the CEO said: “The results were enhanced by new initiatives in the retail lending segment and the deepening of the bank’s existing digital products.

“We now have 47.4 percent of our customers enrolled on the mobile/internet banking products, 82.0 percent of total transactions now done on digital platforms and 31.1 percent of fee-based income now coming from our digital banking business.”