Fidelity Bank Plc has posted an impressive half year results for 2018 by recording a double-digit growth in key revenue lines.
Details of the audited half year results, for the period ended June 30, 2018, released at the Nigerian Stock Exchange (NSE) yesterday showed a 27.3 per cent jump in Profit Before Tax (PBT) from N10.2b in the previous period to N13 billion in the reporting period.
Profit After Tax (PAT) rose by 31 per cent to close at N11.8 billion from N9.03 billion recorded in 2017, while gross earnings rose by 3.6 per cent from N85.8 billion to N88.9 billion
In other indices, Total Assets grew by 13.7 per cent to N1,567.6 billlion from N1,379.2 billion in the previous period. Total Deposits; a measure of customer confidence, increased by 19.7 percent to close at N927.9 billion from N775.3 billion in 2017
Chief Executive of the bank, Mr. Nnamdi Okonkwo, attributed the impressive performance to the disciplined approach in managing the balance sheet growth of the bank, its strategic cost containment initiatives; focused attention to chosen business segments and determined execution of its retail and digital banking strategy.
He said: “Gross earnings, net fee and commission income all grew primarily due to the increase in transactional activities. Our digital banking initiative continues to gain traction with almost 40 per cent of our customers now enrolled on our mobile/internet banking products and over 80 per cent of total transactions now done on our digital platforms.”