By Stanley Onyeka, Lagos
Fidelity Bank Plc has posted an impressive 120.1% rise in Profit Before Tax to N39.5billion for the first quarter (Q1) 2024 against N17.9billion recorded same period Q1 2023. This was contained in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday.
According to the statement, Gross Earnings increased by 89.9% year-on-year (yoy) to N192.1billion from N101.1billion in Q1 2023.
The lender attributed the increase to a combination of interest income (90.7% yoy), and non-interest income (84.0% yoy).
“Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions,” it added.
Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.
Commenting on the results, the bank’s Managing Director/Chief Executive Officer, Nneka Onyeali-Ikpe, was quoted as saying: “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence.
“Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”
Other highlights
- Net interest income grew by 89.5% yoy to N99.6billion from N52.6bn in Q1 2023
- Yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%).
- Total Deposits increased by 17.2% year-to-date (ytd) to N4.7trillion from N4.0trillion in 2023FY.
- Net Loans and Advances increased by 21.2% to N3.7trillion from N3.1trillion in 2023FY.
“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.
“We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” Onyeali-Ikpe added.
Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels and has won multiple local and international awards.
