Fidelity Bank 2011 Earnings Up 24%, Credit Extension Expands by 61%
Fidelity Bank released its audited financial statements for the 2011 financial year. The company recorded a sharp increase in Earnings, up 25% to N 70 billion from N 56 billion in 2010.
Interest and similar income also grew 20% to N 48 billion from N 40 billion in the preceding year.
Other income was up 25% to N 9.4 billion from N 7.5 billion in the 2010 financial year.
The company increased its provisions for bad debt by 25% to N 4.45 billion from N 3.5 billion in 2010.
Forseeably Profit Before Tax slumped by 11% to N 7.67 billion from N 8.6 billion in 2010.
Net income was also down 12% to N 5.3 billion in 2011 from N 6.1 billion in 2010.
The bank grew its loan book by 61% as credit was N 256.9 billion from N 159.5 billion in 2010.
Its exposure to Treasury bills grew 373% over the 2010 financial year as its holdings stand at N 149 billion from N 31 billion a year ago.
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