Fidelity Bank Grows Profit to N9.6 Billion in Q1 2021

Fidelity Bank Plc grew profit after tax from N5.859 billion recorded in the first quarter (Q1) of 2020 to N9.590 billion in the first quarter of 2021.

In the unaudited financial statements released on Tuesday, the bank gross earnings rose to N55.122 billion in the quarter under review, up from N51.159 billion posted in the corresponding quarter of 2020.

Net interest income expanded from N24.600 billion in Q1 2020 to N28.797 billion in Q1 2021.

Similarly, the bank grew net fee and commission income to N4.174 billion in the same quarter from N4.015 billion in Q1 2020.

Net operating income rose to N33.097 billion in Q1 2021 from N28.212 billion in Q1 2020.

Profit before income tax expense increased to N10.134 billion in the first quarter of 2021 from N6.583 billion in the same quarter of 2020.

Also, earnings per share rose from 20 kobo in Q1 2020 to 33 kobo in Q1 2021.