Amidst turbulence economic weather Fidelity Bank PLC has started the year on a very impressive note. Details of the top lender’s first quarter results released at the NSE on Thursday show appreciable growth in earnings, profits for the period ended March 31, 2019.
Gross earnings rose by 11.8 percent from N43.3 billion in 2018 to N48.4 billion in the period under review, whilst profits surged by 34.0 percent from N5.0 billion in Q1 2018 to N6.7 billion in 2019. Similarly, the bank recorded growth in deposits, loans and other performance indices during the period.
Speaking on the financial results, the Fidelity Bank MD/CEO, Mr. Nnamdi Okonkwo, said the double digit growth in earnings and profits further demonstrates a positive start for the new financial year. “We remain focused on the execution of our medium-term strategic objectives and targets for the 2019FY while we look forward to sustaining the momentum and delivering another strong set of audited results for H1 2019FY,” Okonkwo stated.
He further revealed that the bank’s earnings grew by 11 percent on the back of growth in fund and fee-based income. “We recorded double digit growth across key income lines: FX income (334.4%), digital banking income (34.6%), account maintenance charge (25.5%) and interest income on liquid assets (10.1%),” he disclosed.
According to the Fidelity Bank CEO, digitalization and the bank’s retail strategy continues to positively impact on its fortunes with “43 percent of customers are now enrolled on the mobile/internet banking products and more than 81 percent of total transactions done on digital platforms, resulting in 25 percent in fee-based income, coming from digital banking.”
Savings deposits which now accounts for 24 percent of total deposits in the period increased by 6.2 percent to N242.1bn indicating that the bank is on a steady march to achieving the 6th consecutive year of double-digit savings growth.