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Earnings: Fidelity Reports N13.1 billion Profit After Nine Months, 117% year-on-year improvement

By on October 25, 2012

Reginald Ihejiahi, MD and CEO of Fidelity Bank Plc

Mid-tier bank, Fidelity, reported its earnings to the Nigerian Stock Exchange before the close of business yesterday.

The bank declared gross earnings of N80.4 billion, a remarkable growth of 75% from the N46.1 billion it made over the same period in 2011.

In line with recent sector trend, the bank saw its provisions for bad debts decrease by 24% from N1.45 billion to N1.11 billion over the beginning of the year to September.

Income from Fees and Commissions jumped 78% from N14.1 billion after 3Q, 2011 to N25.1 billion at the end of the last quarter.

Profit before tax was N16.32 billion, up 123% from N7.31 billion on a year-on-year scale.

Net income arrived at N13.1 billion, up 117% from the N6 billion it made over the same period last year.

The company’s share price closed at N2.19 up 53% from the onset of the year.