Leading financial institution, Fidelity Bank Plc has announced a 35.7% growth in Profit Before Tax (PBT) to N38.1bn in the 2021 financial year.
The bank’s recently issued financial result shows that Gross Earnings also grew by 21.6% Year on Year (YoY) and 23.2% Quarter on Quarter (QoQ) to N250.8bn driven by a combination of 60.3% growth in non-interest revenue (NIR) and 15.2% increase in interest and similar income.
According to the report, growth in NIR reflects the significant increase in customer transactions resulting in 84.9% growth in trade income, 48.1% in account maintenance charge, and 47.2% increase in digital banking income.
Commenting on the Bank’s impressive performance, MD/CEO, Fidelity Bank Plc Nneka Onyeali-Ikpe, noted “We closed the financial year with strong double-digit growth in profit and across key balance-sheet lines, which reflects the disciplined execution of our strategy and capacity to deliver superior returns to shareholders.
“Profit before tax grew by 35.7% to N38.1bn from N28.1bn in 2020FY, which translates to an increase in RoAE to 12.5% from 10.5% in 2020FY.”
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