Fidelity Bank Plc, a full-fledged commercial bank operating in Nigeria, with over 5 million customers who are serviced across its 250 business offices and various other digital banking channels.
Fidelity Bank Plc, the bank that keeps its words grew its half-year ended June 2020 Profit After Tax (PAT) by 33 percent Year-on-Year (YonY). This was seen in the Nigerian tier-2 lender’s H1 2020 financial statement recently released to the public. The Bank’s PAT grew YonY by N2.8 billion to N11.3 from The N8.5 billion achieved in the same period in 2019.
Fidelity Bank was able to grow its bottom line profit on the increased Earning Assets which resulted in a 31 percent YonY growth in Net Interest Income and on the 152 percent YonY growth in Net Foreign Exchange Gains from N2.95 billion in H1 2019 to N7.44 billion, which spurred the Non-Interest Income by 18 percent YonY.
Here are the other highlights of the H1 2020 results published by Fidelity Bank Plc
- Gross Earnings of N105.8 billion, up 2% YonY, Jun 2019 – N103.7 billion
- The net-interest income of N42.3 billion, up 31% YonY, Jun 2019 – N36.9 billion
- Non-Interest Income up by 18% to N18.3 billion YonY from N15.6 billion
- Net Impairment Charge for Credit Losses of N7.8 billion, up 247% YonY, Jun 2019 – recoveries of N5.33 billion
- Profit Before Tax up 22% YonY to N11.96 billion from N9.81 billion
- Profit After Tax for the period up by 33% YonY to N11.3 billion from N8.5 billion
Statement of Financial Position
The Balance Sheet size of Fidelity Bank also had a 6-month impressive growth for the period ended 30 June 2020. Total Assets grew 14%. Loan and Advances to Customers were up by 7%, and Deposit from Customers was also up by an impressive 15% in the 6 months period. Total Equity grew as well by 7% to close Q2 2020 at N250.7 billion.
- Total Assets up 14% year to date (ytd) to N2.4 trillion from N2.11 trillion in Dec 2019
- Loans and Advances to Customers up 7% ytd to N1.21 trillion from N1.13 trillion
- Deposits from Customers up 15% ytd to N1.41 trillion from N1.23 trillion