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Business News of Thursday, 30 April 2020

Source: www.mynigeria.com

Fidelity Bank posts 1.3% decline in profit for Q1 2020

Fidelity Bank Plc Fidelity Bank Plc

Fidelity Bank Plc has released its condensed unaudited financial statements for first quarter 2020. The financial statements demonstrate unimpressive figures across most financial indicators. The breakdown of the report is shown below:

Gross Earnings: Fidelity Bank generated N51.1 billion in gross earnings as at March 2020, compared to N48.4 billion recorded at the end of the first quarter of 2019. This represents an increase of 5.6%.

Profit Before Tax: As at the end of the first quarter of March 2020, the lender recorded N6.5 billion as profit before tax, down from N6.6 billion at the end of Q1 2019. This represents a decrease of 1.3%.

Profit After Tax: The bank recorded a profit of N5.8 billion for the first quarter of 2020, lower than N5.9 billion recorded at the end of March 2019, representing a 1.3% decrease in profit after tax.

Earnings Per Share: Fidelity Bank recorded an Earnings Per Share of 20 kobo for Q1 2020 as against 21 kobo recorded as at the end of March 2019.