Fidelity Bank’s 9 Months Profits Hit N23bn, On Course to Deliver its 2019 Financial Target
Fidelity Bankl Plc has posted an impressive financial performance for the 3rd Quarter of 2019 and is on course to finishing strong in the 2019 Financial Year (FY). Details of the 9-months results for the period ended September 30, 2019, released on Tuesday at the Nigerian Stock Exchange (NSE) showed a strong double-digit growth in revenues, deposits and profitability etc.
Gross Earnings grew by 16.3 percent to ₦161.4 billion from₦138.7 billion reported in the same period in 2018 whilst profit-before-tax soared by 14.7 percent from ₦20.1 billion to₦23.0 billion.
In other indices, total assets grew by 14.6 percent to₦1,970.6 billion from ₦1,719.9 billion billion in the same period last year. Total deposits; a measure of customer confidence, increased by 14.0 percent to close at ₦1,116.4 billion from ₦979.4 billion in 2018 FY.
“We look forward to sustaining the momentum in Q4 2019 and achieving our set targets for 2019 Financial Year”, said MD/CEO, Fidelity Bank Plc, Nnamdi Okonkwo. According to him, Retail Banking continued to deliver impressive results as savings deposits increased by 9.2 percent to N248.9 billion, further adding that the bank is on course to achieving the 6th consecutive year of double-digit savings growth. “Savings deposits now accounts for about 22.3 percent of total deposits, an attestation of our increasing market share in the retail segment”.
The growth in deposits is further complemented by its digital banking push which has resulted in having over 46.4 percent of its customers enrolled on the mobile/internet banking products and recording over 82.0 percent of total transactions on digital platforms.
“Digital Banking continued to gain traction driven by the bank’s new initiatives in the retail lending and increased cross-selling of our digital banking products”, he added.
Non-performing Loans (NPLs) Ratio improved to 4.8 percent from 5.7 percent in the 2018FY while absolute NPL declined by 4.9% in Q3 2019 compared to Q2 2019.All other Regulatory Ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 16.4 percent and Liquidity Ratio at 32.6 percent.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 5 million customers who are serviced across its 250 business offices and various digital banking channels. The bank is focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs) and its currently driving its retail banking businesses through itsrobust digital banking channels.