Omodele Adigun
Fidelity Bank Plc has made a gross earnings of N188.9 billion in its 2018 financial year.
The bank, which stated this in a statement in Lagos on Monday, said the figure represented 4..8 per cent increase over the N180.2 billion recorded in the previous year.
Its pre-tax profit soared by 30.6 per cent to N25.1 billion as against the N19.2 billion posted in 2017, while profit after tax was up 29 per cent to N22.9 billion, compared with N17.7 billion recorded in the preceding year., while operating income rose by 13.9 per cent, from N85.9 billion, to N97.2 billion. Its customer deposit, which is a measure of consumer confidence, rose by 26.3 per cent from N775.2 billion, to N979.4 billion, just as total Assets grew by 24 per cent, from N1.4 trillion to N1.7 trillion.
The bank is proposing a total divided of N3.2 billion to its shareholders which translated to 11k per share. Commenting on the performance, Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, was quoted in the statement as saying that the 2018 numbers showed a sustained performance trajectory.
“We are delighted by our 2018 numbers, which clearly shows au sustained performance trajectory. We are growing our market share with continued traction in our chosen business segments.
“We recorded double digits growth in interest income on our liquid assets, digital banking, foreign exchange and other income lines,” Okonkwo said. He said that in recent years, the bank’s digital retail banking approach had continued to yield positive results.
Okonkwo said that savings recorded its fifth consecutive year of double digit growth with a 27.7 per cent increase, to peak at N228 billion.
“Savings accounts for over 23 per cent of our total deposits, an attestation of our increasing market share in the retail segment,” he stated.