Fidelity Bank posts N20.41 billion profit in nine months

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Desite harsh consequences of the coronavirus pandemic on businesses, Fidelity bank, one of Nigeria’s second tier banks, has posted a Profit After Tax worth N20.41 billion for the period ended September 2020.

This is according to the recently released unaudited financial result sent to the Nigerian Stock Exchange today.

Profit After Tax (PAT) grew by 7.1%, from N19.05 billion as at September 2019 to N20.41 billion in the corresponding period this year, as the bank also recorded a gross revenue of N155.03billion in 9 months.

On liquidity related issues, deposits from customers increased from N1.12 trillion as at September 2019 to N1.498 trillion in the corresponding period this year, indicating an increase of 34.21%.

Loans and advances to customers also increased by 18.5% from N1.07 trillion to N1.27 trillion within the period under review.

The following are other key financial metrics posted by the bank in its latest financials

Gross earnings for the nine-month period ended September 2020 declined by 14.2% Year-on-Year.

Net interest income appreciated from N58.2 billion to N75 billion within the period under view indicating a gain of 28.8%.

Profit Before Tax increased by 3.6% within the period under view.

Profitb After Tax increased by 7.1%.E

EarningsPer Share increased from N66 to N70 within the period under review, indicating a gain of about 6.1%.C

Cash and balances with the Central Bank also increased from N4.18 billion to N6.34 billion, indicating an increase of 51.8%

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