Following an impressive full year result for 2018 released recently, Fidelity Bank Plc again started the new financial year strongly, posting good first quarter result. Details of the top lender’s first quarter results released at the NSE at the weekend showed appreciable growth in earnings and profit for the period ended March 31, 2019.
Gross earnings for instance rose by 11.8 per cent from N43.3 billion in 2018 to N48.4 billion in the period under review, while profit surged by 34 per cent from N5 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 Chief Executive Officer, 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 per cent on the back of growth in fund and fee-based income. “We recorded double digit growth across key income lines: Forex income (334.4 per cent), digital banking income (34.6 per cent), account maintenance charge (25.5 per cent) and interest income on liquid assets (10.1 per cent)” he disclosed.
According to the Fidelity Bank CEO, digitalisation and the bank’s retail strategy continues to positively impact on its fortunes with “43 per cent of customers are now enrolled on the mobile/internet banking products and more than 81 per cent of total transactions done on digital platforms, resulting in 25 per cent in fee-based income, coming from digital banking.”
Savings deposits, which now account for 24 per cent of total deposits in the period increased by 6.2 per cent to N242.1 billion indicating that the bank is on a steady march to achieving the 6th consecutive year of double-digit savings growth.