Fidelity Bank posts N20.41 billion profit in nine months

Despite the harsh consequences of the coronavirus pandemic on businesses, Fidelity bank, one of Nigeria’s second tier banks, has posted a Profit After Tax worth N20.41 billion for the period ended September 2020.

This is according to the recently released unaudited financial result sent to the Nigerian Stock Exchange today.

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Profit After Tax (PAT) grew by 7.1%, 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%.

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

What you should know

The following are other key financial metrics posted by the bank in its latest financials:

• Gross earnings for the nine-month period ended September 2020 declined by 14.2% Year-on-Year.
• Net interest income appreciated from N58.2 billion to N75 billion within the period under view indicating a gain of 28.8%.
• Profit Before Tax increased by 3.6% within the period under view.
• Profit After Tax increased by 7.1%.
• Earnings Per Share increased from N66 to N70 within the period under review, indicating a gain of about 6.1%.
• Cash and balances with the Central Bank also increased from N4.18 billion to N6.34 billion, indicating an increase of 51.8%

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