Fidelity Bank’s profit rose by 22% in Q1 2017

Fidelity bank

Fidelity bank plc in uta financial report recorded NGN40.8 million gross earnings for first quarter 2017 compared to NGN34.3 million recorded in the same period 2016.

Fidelity Bank said its interest expense for the period was NGN19.6 million against NGN13.1 million recorded in the previous year.

The bank said its net interest income increased to NGN16.5 million against NGN16.1 million recorded in 2016.While its impairment charges was NGN750 thousand against NGN739 thousand recorded in 2016.

The bank has one of the lowest impairment charges for the quarter. However,  impairment charge for credit losses rose to NGN750 compared to NGN739 million booked last year.

Fidelity bank said its profit before tax for the period in review was NGN4.8 billion compared to NGN4.0 billion recorded in fiscal year 2016.

After settling its tax for the period, the bank profit for the year increased by 22% to NGN4.3 billion in contrast to NGN3.5 billion recorded in the year before.

Fidelity bank plc said in its report that it acquired NGN1.3 trillion assets in q1 2017 against NGN1.2 trillion recorded in 2016 while its total liabilities stood at NGN1.1 trillion against NGN1.0 trillion recorded in 2016.

For more details on the report, click here>>>

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