Fidelity Bank PLC, one of the tier 2 banks in Nigeria quoted on the NSE said its net profit for the end 0f the third quarter fell to NGN8,7 billion.
The drop in net profit is significant given that the bank recorded a net profit of NGN11,4 billion last year.
Gross interest income for the quarter was on the positive side, rising to NGN110 billion compared to NGN107 billion reported last year.
The bank reduced its interest and similar income to NGN40 billion compared to NGN44 billion.
The result also showed that the bank is not left out in the gale of default that befell in banking sector. Impairment provision went up to NGN7,9 billion compared to NGN3,9 billion reported last year.
The bank has increased its asset value to NGN1,3 trillion compared NGN1,1 trillion recorded last year. However, total liabilities have increased to NGN1,2 trillion compared to NGN978 billion.
These financial statements are the financial statements of Fidelity Bank Plc (the “Bank”), a company incorporated in Nigeria on 19 November 1987. The registered office address of the Bank is at Fidelity Place, 1 Fidelity Bank Close Off Kofo Abayomi Street, Victoria-Island, Lagos, Nigeria.
The principal activity of the Bank is the provision of banking and other financial services to corporate and individual customers. Fidelity Bank Plc provides a full range of financial services including investment, commercial and retail banking