Fidelity Bank Plc has posted a profit before tax (PBT) of N28.10 billion for the nine months ended September 30, 2021.
Its Chief Executive Officer, Mrs Nneka Onyeali-Ikpe, said this in an unaudited financial statement posted on the website of the Nigerian Exchange (NGX) Ltd., on Tuesday in Lagos.
Onyeali-Ikpe said that the PBT represented an increase of 31.92 per cent when compared with N21.30 billion recorded in the comparative period of 2020.
This was as bank’s gross earnings grew by 12.5 per cent to N174.4 billion from N155.0 billion achieved in the corresponding period of 2020. The bank’s Total assets rose by 15.4 per cent to N3.18 billion from N2.75 billion in the comparative period of 2020, while total deposits increased by 16.1 per cent year-to-date to N1.97 billion from N1.69 billion in 2020.She noted that the developement was driven by increased deposit mobilisation across all deposits types.
“We were able to sustain our performance trend since the start of 2021 with an impressive double-digit growth in profit driven by 69.9 per cent increase in net fee income which compensated for the decline in net interest income as average yield on liquid assets remain low,” She said.