Fidelity Bank’s Strategic Growth Drives Impressive Profits
Fidelity Bank PLC’s latest financial results highlight a period of strategic growth and robust performance, with profit after tax soaring by 145% year-on-year to reach N225 billion. This achievement underscores the bank’s commitment to creating value amid a dynamic economic environment.
According to the bank’s unaudited financial report for the period ending September 2024, gross earnings surged by 101.5%, totalling N802.4 billion compared to N398.3 billion in the same period last year. This growth was fuelled by increased income from interest-bearing assets and rising non-interest revenue streams.
Reflecting the high-interest rate climate, Fidelity Bank recorded a 117.3% increase in interest income, growing from N324.8 billion in September 2023 to N705.8 billion this year. Alongside this, interest expenses also rose by 81.1%, reaching N235.2 billion—a reflection of the bank’s commitment to sustaining strong relationships with fund providers.
The bank’s net interest income surged by 141.5%, amounting to N470.6 billion, as it capitalised on its interest-yielding assets. Non-interest income also grew by 31.4% to N96.6 billion, driven by increases in net fees, commission income, and gains from financial assets.
Fidelity Bank’s operating income rose by 111.3% to N567.2 billion, bolstered by a strong core banking business and efficient service delivery. Despite the expansion, the bank managed its cost base effectively, with operating expenses increasing by a lower 89.5%, attributed to personnel costs, technological investments, and regulatory fees.
Profit before tax climbed to N281.2 billion, a 153.8% increase from last year’s N110.9 billion. The bank’s Managing Director remarked, “Our impressive results are a testament to our strategic focus and dedication to supporting our clients’ financial ambitions. We are poised to sustain this growth trajectory, delivering value to our stakeholders.”
As Fidelity Bank continues to balance growth with operational efficiency, its latest performance reinforces its role as a reliable player in Nigeria’s banking landscape, well-positioned for sustained success. CBN’s Strategic FX Moves Aim to Stabilise the Naira
