Fidelity Bank Makes N20.41Bn Profit 

Yemisi Izuora

Fidelity bank has disclosed a Profit After Tax, PAT, of  N20.41 billion for the period ended September 2020.

This is according to the recently released unaudited financial result it sent to the Nigerian Stock Exchange, NSE.

The banks Profit After Tax (PAT) grew by 7.1 per cent from N19.05 billion as at September 2019 to N20.41 billion in the corresponding period this year, as the bank also recorded a gross revenue of N155.03billion in 9 months.

On liquidity related issues, deposits from customers increased from N1.12 trillion as at September 2019 to N1.498 trillion in the corresponding period this year, indicating an increase of 34.21 per cent.

Loans and advances to customers also increased by 18.5 per cent from N1.07 trillion to N1.27 trillion within the period under review.

The banks gross earnings for the nine-month period ended September 2020 declined by 14.2 per cent Year-on-Year, while net interest income appreciated from N58.2 billion to N75 billion within the period under view indicating a gain of 28.8 per cent.

Also, Profit Before Tax increased by 3.6 per cent within the period under view,,while Earnings Per Share increased from N66 to N70 within the period under review, indicating a gain of about 6.1 per cent whereas cash and balances with the Central Bank of Nigeria, CBN, also increased from N4.18 billion to N6.34 billion, indicating an increase of 51.8 per cent.

Add Comment