NIGERIA:Fidelity Bank Records N20.6bn Gross Profit

  • 14 September 2021 / News / 137 / Fares RAHAHLIA

NIGERIA:Fidelity Bank Records N20.6bn Gross Profit

Fidelity Bank Plc has recorded a profit before tax of N20.6 billion for the half-year ended 30 June 2021, showing an increase of 72.4 per cent from N12bn in H1 2020.

This was contained in the Bank’s audited first-half results released to the Nigerian Exchange (NGX).

The financial result also indicates that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3bn on account of 27.8% growth in Non-Interest Revenue (NIR) to N23.8bn from N18.1bn in H1 2020.

the non-interest revenue was driven by growth in Commission on Banking Services (57.7%), Account Maintenance Charges (50.6%), Digital Banking Income (49.4%) and Trade Income (33.7%) etc, as total customer-induced transactions across all distribution channels increased by 58% YoY and 21.2% Quarter-on-Quarter.

Commenting on the bank’s performance, the MD/CEO, Mrs Nneka Onyeali-Ikpe said: “We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost – to – serve.”

She explained that digital Banking gained further traction with 55.1% of its customers enrolled on the mobile/internet banking products.

“89.3% of customer-induced transactions were done on digital platforms,” the CEO added.

source: daily trust

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