Fidelity Bank Increases PAT by 28.5% in FY2019

By InsideBusiness Last updated Sep 19, 2020

UMORU ABDULKADIR

Fidelity Bank Plc has announced a 28.51 per cent rise in Profit for the full year ended 31^st December 2019, growing from N22.9 billion recorded in 2018 to N29.5 billion at the just ended period.

Fidelity Bank also grew its Profit before tax (PBT) by 29.05 per cent to N32.4 billion compared to N25.1 per cent the preceding year.

The bank disclosed this in its full-year unaudited financial statements filed to the Nigerian Stock Exchange (NSE).

An analysis of the financial statements showed that it grew its Gross Earnings by 15.05 per cent to N217.31 billion, up from the N188.87 billion achieved at the end of fourth quarter period of 2018.

While its interest income rose by 17.8 per cent to N181 billion from the preceding year’s N153.7 billion, the bank’s advanced by a higher percentage at 20.3 per cent from N84.1 billion at Q4 2018, to N101.2 billion.

Similarly, the bank’s Earnings Per Share for the period went up by 29 per cent from N0.79 in the full-year period of 2018, to N1.02 in the same period of 2019. This indicates an upward performance for the lender in terms of delivering dividends to the shareholders as well as consolidating on its previous quarters gains.

Equally, during the period in focus, it expanded its loan portfolio by 32.70 per cent, from N849.9 billion at the full year 2018, to N1.13 trillion in the just ended Q4 period of 2019, an indication that it gave out a total of N277.9 billion to customers in the year under review.

It did not just record significant growth in its loan portfolio but also in its Customers’ Deposit, as it increased its deposit from N979.4 billion at the year of 2018, to N1.23 trillion in the corresponding time of 2019, representing a 25.10 per cent expansion in deposits from customers.

Fidelity Bank, also known as Fidelity Bank Plc, is a commercial bank in Nigeria. It is licensed as a commercial bank with international authorization, by the Central Bank of Nigeria (CBN). Now, with over N61 billion market capitalisation, it started operations in Nigeria in 1988 as Fidelity Union Merchant Bank Limited.

Meanwhile, it sold a total of 12.86 million units of shares worth N27.85 billion in 123 deals at the close of trading on Friday, while its price appreciated by 4 kobo to close the week at N2.15 per share.