Fidelity Bank Plc achieved a profit after tax of N5.940 billion in the first quarter ended March 31, 2019, according to its unaudited results for the period.
The profit after tax represents an increase of 28.4 percent from the N4.627 billion posted in first quarter of last year.
Gross earnings rose by 11.8 percent from N43.3 billion in 2018 to N48.4 billion in the period under review, whilst profit before tax surged by 34 percent from N5 billion in Q1 2018 to N6.7 billion in 2019. Similarly, the bank recorded growth in deposits, loans and other performance indices during the period.
Speaking on the Q1 performance, MD/CEO of the bank, Mr. Nnamdi Okonkwo, said the double digit growth in earnings and profits further demonstrates a positive start for the new financial year.
“We remain focused on the execution of our medium-term strategic objectives and targets for the 2019 full year while we look forward to sustaining the momentum and delivering another strong set of audited results for first half of 2019”, Okonkwo said.
He further revealed that the Bank’s earnings grew by 11 percent on the back of growth in fund and fee-based income, saying that “We recorded double digit growth across key income lines, FX income up by 334.4 per cent, digital banking income up by 34.6 per cent, account maintenance charge rose by 25.5 percent and interest income on liquid assets appreciated by 10.1 percent.”
According to the Fidelity Bank boss, digitalization and the bank’s retail strategy continues to positively impact on its fortunes with 43 percent of customers are now enrolled on the mobile/internet banking products and more than 81 percent of total transactions done on digital platforms, resulting in 25 percent in fee-based income, coming from digital banking.
“Savings deposits which now accounts for 24 percent of total deposits in the period increased by 6.2 percent to N242.1 billion indicating that the bank is on a steady march to achieving the 6th consecutive year of double-digit savings growth.”
