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Fidelity Bank beats hostile operating environment to up half year profit to N13bn

At the height of national economic fragility, leading retail banking giant, Fidelity Bank Plc has released its half year (H1) performance, posting a buoyant Profit After Tax (PAT) of N11.8 billion against N9.03 billion recorded same period in 2017.
Further analysis showed that PAT rose by 31 per cent to close at N11.8 billion from N9.03 billion recorded in 2017 just as gross earnings rose by 3.6 per cent from N85.8 billion to N88.9billion.
Besides, the bank’s Profit Before Tax (PBT) stood at N13 billion, representing 27.3 per cent rise compared to N10.2 billion posted a year earlier.
Within the period under review, total assets grew by 13.7 per cent to N1.567 trillion from N1.379.2 trillion last year as total deposits, a measure of customers’ confidence, jumped by 19.7 per cent to hit N927.9 billion from N775.3 billion in 2017.
In his remarks, elated chief executive of the financial group, Mr. Nnamdi Okonkwo linked the feat to disciplined approach in managing the balance sheet, as well as strategic cost containment initiatives in terms of focused attention to chosen business segments, and determined execution of its retail and digital banking strategy.
He averred that gross earnings, net fee, and commission income grew primarily due to the increase in transactional activities.
Continuing, Okonkwo revealed that added improved customer service diplomacy across all its branch network, Fidelity Bank’s digital banking initiative has continued to grow from strength to strength considering the fact that close to 40 per cent of customers ride on mobile/internet banking products as over 80 per cent of total transactions now done on the platforms.
Okonkwo noted that “Fidelity Bank’s retail digital banking strategy has continued to positively impact the business.