Fidelity Bank Records Impressive Third Quarter 2017 Growth Earnings Growth

Against all odds, Fidelity Bank Plc has posted an impressive third quarter earnings, at both top and bottom line for the period ended September 30, 2017.

A breakdown of the company financial report shows that the bank was able to grow its gross earnings by 17.89 percent from N110,346 billion in 2016 to N130,086 billion in 2017.

Profit before income tax was up by 65.09 percent to N16,237 billion which is above N9,835 billion that was reported same period in 2016. Profit for the period grew by 65.10 percent from N8,753 billion in 2016 to N14,451 billion in 2017. Earnings per share was up by 67.50 percent from 40 kobo in 2016 to 67 kobo in the period under consideration.

The result is coming barely a week, the bank successfully issued a $400 million Eurobond, which was priced at 10.50 per cent coupon. The transaction regarded as the largest combined new issue and liability management offering by a Nigerian issuer has reopened the international bond markets for Nigerian Tier II banks.

Commenting on the bank third quarter performance, the bank Chief Executive Officer Nnamdi Okonkwo said “ We are delighted with our nine months financial performance which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment,”

He attributed the consistent delivery of strong financial results to the disciplined execution of the bank’s medium term strategy, which centered on optimal balance sheet management, strategic cost reduction and increased play in the digital and retail banking space. Adding that “the implementation of the initiatives from our Business Process Review Project continued to impact positively on our operational efficiency”.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 3.8 million customers who are serviced across its 240 business offices and various digital banking channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank, among several industry awards and recognitions.

The bank was also ranked the Fourth Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG. Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital-based retail banking strategy which has resulted in a 93 per cent growth in savings deposits over the last three years, 50 per cent customer enrollment on debit cards, and 30 per cent of its customers now using its flagship mobile/internet banking products.