BY OLUSHOLA BELLO, BUKOLA IDOWU |
Fidelity Bank Plc, said its profit before tax grew by 53.9 per cent to N10.1 billion in the first quarter (Q1) ended March 31, 2021.
The bank’s results released on the Nigerian Exchange Limited (NGX) recorded a strong financial performance in the first three month of the year, posting appreciable growth in profits for the period.
Details of the unaudited results, showed that gross earnings up by 7.5 per cent to N55.122 billion as against N51.159 billion in 2020. Net interest income appreciated by17.06 per cent to N28.797 billion compared to N24.600 billion achieved in 2020.
Profit after tax rose to N9.591 billion from N5.860 billion, an increase of 63.67 per cent, while earnings per share also up by 65 per cent to 33 kobo from 20 kobo.
Also, net interest margin remained unchanged at 6.3 per cent compared to 2020 full year as the drop in average funding cost offset the decline in average yields on earning assets. Average funding cost dropped to 2.5 per cent from 3.6 per cent in 2020 due to a combination of improved deposit mix and a slight moderation in average borrowing cost.
Loans and Advances up by 7.55 per cent to N1.426 trillion as against N1.326 trillion in 2020, while customers deposit rose by 3.08 per cent from N1.699 trillion to N1.751 trillion in the period under review.
The bank’s total asset stood at N2.893 trillion higher than N2.758 trillion achieved in 2020, while total shareholders’ equity was down by 3.33 per cent to N264.424 billion from N273.533 billion.
Speaking on the results, MD/CEO of Fidelity Bank, Nneka Onyeali-Ikpe, stated that, “we commenced the year showing impressive double-digit growth in profitability and improved performance across key efficiency indices whilst ensuring our business model continued to deliver strong positive results in line with our guidance for the 2021 financial year.”
Promising that the bank was committed to sustaining its growth trajectory and achieving the long-term strategic aspirations, he stressed that they look forward to delivering another set of good results in the next quarter.