Fidelity Bank post 65% rise in profit in nine months

Fidelity Bank post 65% rise in profit in nine months

Fidelity Bank plc is reporting 65% rise in profit to NGN14.4 billion for the nine months ended in the year 2017 compared to NGN8.5 billion reported same period in the financial year 2016.

The financial institution said its gross earnings increased to NGN130.0 billion from NGN110.3 billion posted in the year before while interest and similar income also rose to NGN110.3 million from NGN91.4 billion in the year 2016.

The bank’s net interest income stood at NGN53.8 million against NGN50.5 billion recorded in the year 2016 and impairment charge dropped to NGN7.3 billion from NGN7.9 billion posted in the fiscal year 2016.

Fidelity Bank plc said its total assets for the period under review was NGN1.3 trillion against NGN1.3 trillion posted in the year 2016 while total liabilities was NGN1.1 trillion versus NGN1.2 trillion in the year before.