Fidelity Bank to lose N542 million to legal settlements

Fidelity Bank to lose N542 million to legal settlements

One of Nigeria’s second-tier lenders, Fidelity Bank said it made a total provision of N542 million in legal settlements on various cases it is involved in.

The mid-sized lender disclosed in its half-year result disclosed that at the reporting date, the Bank had several claims against it by parties seeking legal compensation in the sum of N5.068 billion at 30 June 2018 (31 Dec 2017: N4.22 billion).

The banks said that based on the estimates of the Bank’s legal team and the case facts, the Bank estimates a potential loss of N544.72 million (31 Dec 2017: N544.72 million) upon conclusion of the cases.

Fidelity Bank said it has made a provision for the potential loss of N544.72 million for the purpose.

The bank said it made a profit after tax of N11 billion compared to N9 billion disclosed in 2017 within the same period.