Fidelity records N21.3bn profit in 9 months

Fidelity Bank Plc has posted a Profit Before Tax (PBT) of N21.3 billion in the first nine month of 2020.

Its Profits After Tax (PAT) rose by seven per cent, from N19bn to N20.4bn.

The result released to the Nigerian Stock Exchange (NSE) showed improvements in key indices with 3.7% drop in gross earnings, from N161.1bn in 2019 to N155bn.

Its assets grew by 21% from N2.1bn to N2.5bn; customer deposits rose by 22.3% from N1.23bn to N1.5bn while net loans rose by 12% from N1.12bn to N1.27bn.

Commenting, Fidelity Bank CEO, Mr. Nnamdi Okonkwo, said: “Our nine months results reflect our resilient business model, particularly in a very challenging operating environment. We worked closely with our customers to gradually recover from the economic impact of the pandemic and the attendant effect of the lockdown.”

He said the drop in gross earnings was due to the decline in interest and similar.

“Net fee income declined by N1.3bn largely due to a reduction in FX related income on account of the revaluation gains recorded in the first half of 2020.”