Fidelity Bank Grows Profit By 67% in H1

Fidelity Bank Plc has released its audited half year result for2017 with improvement in Profit After Tax (PAT) by 65.6 per cent or N3.6 billion to N9.04 billion from N5.46 billion in H1 2016.

The result released on the floor of the Nigerian Stock Exchange showed Fidelity Bank was also able to grow gross earnings by 22.2 per cent to N85.8bn from N70.3bn recorded as gross earnings in the same period of 2016.

The results further indicated that Net Interest income was up 11 per cent to N34.7bn against N31.2bn in 2016 while Non-interest income increased 5.9 per cent to 13.2bn from N12.5bn earned in the same period of 2016.

The bank’s profit before tax soared 66.7 per cent to N10.2bn from N6.1bn recorded in the previous year, while the tax increased by 75.5 per cent to N1.2bn from N674mn in HY 2016.

Despite the impressive performance, the bank’s board of directors declared no interim dividend for the period.

The bank’s balance sheet revealed that in comparison to the 2016 year end results, cash and its equivalents improved by 10.2 per cent to N22.2bn, loans and advances increased slightly by 0.3 per cent to N720.1bn but deposits slid lower by 4 per cent to N761.1bn.

Net assets, maintained a growth of 3.7 per cent during the period to settle at N192.2bn as against N185.4bn recorded as at December 2016.

Performance ratios of the bank revealed a cost to income ratio of 67.3 per cent as against 74.2 per cent in December, while loans to deposits ratio advanced to 80.4 per cent as against 78 per cent recorded six months ago.

Return on Average Equity soared to 9.6 percent from 5.9 per cent as basic and diluted earnings per share appreciated to 31 kobo from 19 kobo as at June 30, 2016.