Fidelity Bank Reports N11.303bn Profit After Tax in H1 2020

Fidelity Bank Plc on Friday reported N11.303 billion profit after tax in the period ended June 30, 2020.

This was higher than the N8.498 billion posted in the same period of 2019.

In the interim financial statement released through the Nigerian Stock Exchange, the lender gross earnings stood at N105.755 billion in the period under review, up from the N103.655 billion posted in the first half of 2019.

Net interest income rose from N36.899 billion filed in the corresponding period of 2019 to N48.320 billion.

However, net interest income after credit loss/reversal declined from N42.225 billion in H1 2019 to N40.479 billion in the period under review. This was because of the decrease in credit loss/reversal from N5.326 billion in H1 2019 to -N7.841 billion in H1 2020.

Profit before tax rose to N11.963 billion in the period under review from N9.812 billion in H1 2019 despite operating expenses expanding to N31.621 billion.

Accordingly, profit after tax grew to N11.303 billion in the first half of 2020, up from N8.498 billion posted in the same period of 2019.