• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, July 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Fidelity Bank Posts 120.1% Growth in Pre-tax Profit In Q1

by Leadership News
1 year ago
in Business
Fidelity Bank
Share on WhatsAppShare on FacebookShare on XTelegram

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted a 120.1 per cent growth in Profit Before Tax from N17.9 billion at the end of first quarter (Q1) of 2023 to N39.5 billion for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

Advertisement

According to the statement, Gross Earnings increased by 89.9 per cent year-on-year (yoy) to N192.1 billion from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7 per cent yoy) and non-interest income (84.0 per cent yoy).

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5 per cent yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7 per cent from 10.1 per cent in Q1 2023 (2023FY: 11.6 per cent). In line with the steady rise in interest rates through the year, average funding cost increased by 80 basis points ytd to 5.2 per cent.

RELATED

Tech Upgrades That Ensure Faster Player Settlements

Tech Upgrades That Ensure Faster Player Settlements

3 minutes ago
BAT Nigeria Calls For Export Reforms To Boost Economic Growth

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

5 hours ago

However, NIM came in at 8.8 per cent compared to 8.1 per cent in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1 per cent from 13.3 per cent in Q1 2023 (2023FY: 13.5 per cent).
Similarly, Total Deposits increased by 17.2 per cent ytd to N4.7 trillion from N4.0 trillion in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2 per cent to N3.7 trillion from N3.1 trillion in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Fidelity Bank
SendShareTweetShare
Previous Post

Quickteller, Verve Partner Multichoice On African Creativity

Next Post

FCMB Group’s Gross Revenue Rises To N179.1bn In Q1

Leadership News

Leadership News

You May Like

Tech Upgrades That Ensure Faster Player Settlements
Business

Tech Upgrades That Ensure Faster Player Settlements

2025/07/28
BAT Nigeria Calls For Export Reforms To Boost Economic Growth
Business

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

2025/07/28
nigeria, flag
Business

Cross-border Ticket Sales Shrink Domestic Travel Market By 40%

2025/07/28
Electricity: No Political Will To Demolish 4,000 Structures Under Power Line – NEMSA
Business

NEMSA, NISO Partner To Enhance Power Sector Safety, Metering Accuracy

2025/07/28
Eunisell Reaffirms Commitment To Viable Energy Sector In Nigeria
Business

Eunisell Reaffirms Commitment To Viable Energy Sector In Nigeria

2025/07/28
Afrinvest Raises N15bn Working Capital Through Commercial Paper
Business

Afrinvest Unveils Halal Fund For Interest-free, Ethical Investing

2025/07/28
Leadership Conference advertisement

LATEST

Tech Upgrades That Ensure Faster Player Settlements

Federal Gov’t Welcomes Falcons, Hails WAFCON Triumph As National Pride

How To Find A Great Lawyer Before You Ever Need One

BREAKING: Super Falcons Arrive Abuja With WAFCON Trophy

SDP Ban: Presidency Mocks El-Rufai, Says Ex-Gov ‘Internally Displaced’

PICTORIAL: INEC Hosts ECOWAS Team To Track Progress Of Election Reforms

EU Accuses Temu Of Selling Illegal, Dangerous Products

IAWPA To Launch Africa Food Club In Ethiopia

UN Summit: Nigeria Banking on AI to End Food Insecurity — Shettima

JUST-IN: Lagos APC Members Storm Assembly To Demand Removal Of State Chair

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.