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Fidelity wins award
Chief Operating Officer, 7even Interactive Media Limited, Taiwo Agboola (left); Managing Director/Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo; Executive Director, Lagos & South West, Nneka Onyeali-Ikpe and Executive Director, Corporate Banking, Adeyeye Adepegba, when 7even Interactive Media Limited presented awards it won at the last Lagos Advertising and Ideas Festival to the management of the bank recently.

Fidelity Bank deepens earnings, hits N85.8bn in half year performance

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.

About Business Hilights

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.

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