Fidelity Bank Profit Declined by 18.6 Percent Year-on-year

Fidelity Bank Plc profit after tax declined by 18.6 percent from N9.4 billion recorded in the fourth quarter of 2019 (Q4, 2020) to N7.63 billion in the fourth quarter of 2020.

In the financial statements released through the Nigerian Stock Exchange and seen by Investors King, the lender gross earnings declined by 7.91 percent year-on-year to N50.15 billion while net interest income grew by 17.04 percent year-on-year to N29.04 billion.

Fees and commission income declined by 10.6 percent to N5.4 billion in the fourth quarter of 2020.

Other operating income expanded by 25.1 percent to N1.54 billion during the period under review.

Fees and commission expense grew by 18.4 percent to N1.77 billion in the quarter while personnel expenses declined 6.5 percent year on year to N6.7 billion.

Earnings Per Share also dipped by 18.75 percent year-on-year to 26kobo.

The lender’s loans and advances to customers during the period grew by 17.8 percent to N1.33 trillion in Q4 2020. Customers’ deposits expanded by 38.7 percent to N1.7 trillion.

Fidelity bank’s total assets rose by 30.4 percent to N2.8 trillion in Q4 2020 while total liability grew by 32.2 percent year-on-year to N2.5 trillion in Q4 2020.

Profit before tax declined by 9.2 percent year-on-year to N8.9 billion in Q4 2020.