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Fidelity Bank’s Q1 2012 Earnings Hit N 22 billion, Net Income up 48%

By on May 28, 2012

Fidelity Bank, one of Nigeria’s mid-sized banks reported its first quarter earnings to the Nigerian Stock Exchange today.

Gross Earnings improved by 43% to N 22.4 billion from N 15.7 billion recorded in Q1, 2011.

Interest Income swelled by an impressive 70% to N 17.6 billion from N 10.3 billion in Q1, 2011.

Provisions for bad debts shrunk by 50% to N 725 million from N 1.4 billion in Q1, 2011.

Profit before tax was N 4.2 billion, up a steep 63% from N 2.6 billion in Q1, 2011.

Net Income came in at N 3.4 billion, up 48% from N 2.29 billion over the same period in 2011.

Credit growth shrunk  to N 232.9 billion, down 17% from N 281 billion over the same period in 2011.