Fidelity Bank Plc continues its impressive growth trajectory with a remarkable 120.1% increase in Profit Before Tax, soaring from N17.9bn in Quarter One (Q1) 2023 to N39.5bn in Q1 2024.
The unaudited financial statements, released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024, showcase the bank’s outstanding performance.
Gross Earnings surged by 89.9% year on year (you) to N192.1bn from N101.1bn in Q1 2023, driven by robust growth in both interest income (90.7% yoy) and non-interest income (84.0% yoy).
The growth in interest income was fueled by a higher yield environment and a strong earning assets base, while the increase in non-interest income was led by double-digit growth in various revenue streams such as account maintenance charges, FX-related income, trade, banking services, and remittances.
Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, expressed satisfaction with the results, attributing the success to the bank’s strategic focus on customer-centricity, digital innovation, and operational excellence.
Despite the challenging macroeconomic environment, the bank remained resilient and agile, achieving double-digit growth in key income lines while advancing its business sustainability agenda.
Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved.
The Net Interest Margin (NIM) increased to 8.8% compared to 8.1% in 2023FY, reflecting the bank’s strong performance.
Total Deposits rose by 17.2% year to date to N4.7tn from N4.0tn in 2023FY, with Net Loans and Advances increasing by 21.2% to N3.7tn from N3.1tn in 2023FY.
Fidelity Bank’s commitment to helping individuals grow, inspiring businesses to thrive, and empowering economies to prosper is evident in its strategic direction for 2024.
As a leading financial institution in Nigeria, Fidelity Bank serves over 8.5 million customers through its 251 business offices in Nigeria and the United Kingdom, as well as digital banking channels.
The bank’s accolades include Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, Best SME Bank Nigeria 2022, and more, highlighting its excellence in the industry.
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