In its results released at the Nigerian Stock Exchange (NSE), Fidelity Bank has shown resilience to recession by posting strong financial performance in the first half of 2017 with gross earnings of N85.8billion in its audited results.
Otherwise, the first half showed that the gross earnings rose by 22.1 percent from N70.3billion in H1 2016 to N85.8 billion for the corresponding period at June 30, 2017. The growth in Gross Earnings was driven primarily by a 27.8 per cent increase in interest income and a 0.7 percent growth in net fee income to N11.2 billion.
Also, profits surged by 66.7 per cent from N6.1 billion in 2016 to N10.2 billion, just as it recorded significant improvement in other key performance indices such as Net Interest Margin of 7.4 per cent, Cost Income Ratio at 67.3 per cent and Capital Adequacy of 18.4 per cent in the period under review.
Chief executive officer of the bank, Mr. Nnamdi Okonkwo, linked the star performance in earnings and profits to the disciplined execution of the bank’s medium term strategy which focused on deepening its market share in the Small and Medium Enterprises (SMEs), Retail and Digital banking business segments.
Business Hilights recalls that Fidelity bank had in recent time pumped well over N30bn to the support of budding businesses in Nigeria.