GTB 737 banner Yudala banner

Fidelity Bank grows profit by 65.1 per cent

By News Express on 24/10/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 242

•Fidelity Bank CEO Nnamdi Okonkwo
•Fidelity Bank CEO Nnamdi Okonkwo

Following its impressive half year audited financial results, top Nigerian bank, Fidelity Bank has again posted another impressive financial performance for the nine months period ended September 30, 2017. Details of the lender’s nine months financial results, released at the Nigerian Stock Exchange (NSE) on Monday, showed a remarkable growth in key revenue lines and improved efficiency and regulatory ratios.

Gross Earnings grew by 17.9 percent to N130.1 billion from N110.3 billion reported in the same period in 2016, while profit before tax soared by 65.1 percent from N9.8 billion to N16.2 billion. “We are delighted with our 9 months financial performance which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment,” said Mr. Nnamdi Okonkwo, the bank's CEO. 

He attributed the consistent delivery of strong financial results to the disciplined execution of the bank’s medium term strategy, which centred on optimal balance sheet management, strategic cost reduction and increased play in the digital and retail banking space.

“The implementation of the initiatives from our Business Process Review Project continued to impact positively on our operational efficiency as total operating expenses declined by 2.6% to N47.5 billion, leading to our cost-income ratio dropping to 66.8% from 77.3% in 2016 FYE. The combination of the strong net revenue growth of N5.1 billion (8.8% growth) and the decline in total expenses by N1.3 billion (2.6%) translated to a N6.4 billion (65.1%) increase in Profit before Tax (PBT) to N16.2 billion. The 9M 2017 PBT of N16.2 billion is higher than the annual profit numbers in any of the last 4 financial years (2013 to 2016),” he further explained.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 3.8 million customers who are serviced across its 240 business offices and various digital banking channels. The bank has in recent times won accolades as the Best SME Friendly bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognition. The bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in a 93 percent growth in savings deposits over the last three years, 50 percent customer enrollment on debit cards and 30 percent of its customers now using its flagship mobile/internet banking products.

Only last week the bank successfully issued a $400 million Eurobond, which was priced at 10.50% coupon. The transaction regarded as the largest combined new issue and liability management offering by a Nigerian issuer is reopening the international bond markets for Nigerian Tier II banks.

 

 

Source News Express

Posted 24/10/2017 05:26:48 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Dickson proposes N150 billion 2016 budget for Bayelsa...

BREAKING NEWS: INEC declares David Mark winner of...

Nigeria’s UK-based ‘soul prince’ Tavian wins prestigious award...

NotTooYoungToRun Movement urges State Assemblies to pass Bill...

Free of charge!: Organisers throw gates open for...

Buharimeter faults anti-corruption campaign

Oil giant fined $20 billion for huge spill...

Delta Election Petition Tribunal adjourns pre-hearing to July...

You no longer need to carry two phones,...

Develop Olodiama Kingdom, Egbema youths tell Edo Govt...

Troops repel attack, kill 16 Boko Haram terrorists...

EFCC, military finally release Dasuki’s former aide

 

Latest News 7 labour leaders perish in auto crash Fidelity Bank seals partnership deal to empower young entrepreneurs Court orders FG to reinstate NEMA spokesperson 4 years after compulsory retirement Police on red alert over attacks on places of worship Teachers demand transfer of primary school salary to states Yudala commits to best prices nationwide for Black Friday Nigeria very close to achieving self-sufficiency in rice — Minister PDP National Convention: Okowa makes case for ‘free, fair, transparent process’ Mikel, Moses, Martins, Ikeme, Ezenwa, Oshoala, Quadri nominated for Nigerian Awards for Sporting Excellence HURIWA condemns Mubi Boko Haram attack, release of detained terrorists Obiano receives certificate of return, hails Buhari, security agencies for a good job NiMet forecasts cloudy to sunny conditions for today

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (295,521 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (279,042 views) Shameless Genevieve Nnaji exposes breasts in public (225,744 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (189,937 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,509 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (166,539 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (144,395 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,771 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (127,530 views) Lagos plane crash: Journalist releases victims’ names (116,665 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,947 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (108,301 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (31) Business (2,780) Business Verdict (26) Columnists (769) Complaints & Requests (93) Enterprise & Opportunities (187) Entertainment (407) Features (510) Global Business Monitor (192) International (1,652) Interviews (138) Live Commentary (28) Love Matters (84) News (30,450) Opinion (838) Pidgin (9) Politics (4,122) Religion (649) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!