Fidelity Bank Plc’s fees and commissions income accounted for 76 percent of profit after tax in the first quarter of 2023, the highest in five years.
Fees and commissions increased by 50 percent in the first quarter of 2023, amounting to N11.9 billion from N7.93 billion in the same period of last year majorly on the back of ATM charges and account maintenance charges.
ATM charges accounted for N2.79 billion from N1.83 billion recorded in the same period of last year, and account maintenance charges accounted for N1.61 billion from N1.23 billion recorded in the same period of last year.
Fee and commission expenses also saw an increase of 21 percent to N3.77 billion in the first quarter of 2023 from N3.1 billion in the same quarter of 2022.
Profit after tax stood at N15.61 billion in the first three quarters of 2023 from N7.9 billion in the same period of 2022.
Interest and similar income using effective interest rate method recorded in the period under review increased by 42.5 percent to N86 billion from N60.4 billion in the same period of last year, on the back of an increase in loans and advances to customers to N73.9 billion.
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Other interest and similar income amounted to N3.78 billion in the first quarter of 2023, from N1.67 billion recorded in the same period of last year.
Other operating income saw a decrease of 427 percent to N26 million in the first quarter of 2023 from N1.37 billion recorded in the same quarter of last year on the back of a decrease in loan recoveries to N46 million from N2.28 billion in the same quarter of last year.
“Loan recoveries represent the amount recovered for previously written-off facilities. The amount is recognised on a cash basis only,” the company said in a statement.
Gross earnings also increased to N101.4 billion in the first three quarters of 2023 from N71.3 billion in the same period of last year.
Furthermore, cash flows from /(used in) operations during the period under review amounting to N4.8 billion, Interest received amounting to N88.5 billion, and Interest paid totalling N46.46 billion, thereby bringing net cash flows from operating activities to N46.89 billion at the first quarter of 2023.
Net cash flow from investing activities for the first three months of 2023 was negative amounting to N54.56 billion from N12.8 billion recorded in the same period of last year.
Net cash flows from financing activities amounted to N43.13 billion in the first quarter of 2023 from N34.72 billion at the end of the same quarter recorded in 2022.
Cash and cash equivalents as of the end of the first quarter of 2023 recorded a decrease of 2.78 percent to N335.78 billion from N345.39 billion recorded in the same period of 2022.
