Fidelity bank posts 66% rise in profit for half year

Fidelity bank

Fidelity Bank plc is reporting 66% increase in profit to NGN9.0 billion for the half quarter of the year compared to NGN5.4 billion profit recorded same period in the financial year 2016.

The bank’s interest income was higher at NGN72.8 million in contrast to NGN57.0 million posted in the previous year while net interest income was NGN34.7 billion against NGN31.2 billion in the year before.

Impairment charges for the period wasNGN4.8 billion versus NGN4.7 billion in the fiscal year 2016.

Fidelity Bank’s total assets for the period under review increased to NGN1.3 trillion from NGN1.2 trillion in the year 2016 while total liabilities have remained at NGN1.1 trillion against NGN1.1 trillion in the year before.

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