Fidelity Bank is not resting on its oars to becoming a tier 1 bank in the country as its latest results show the commitment of its management to attain that status earlier than expected. The existing tier-one banks are First Bank, Guaranty Trust Bank (GTB), Access, Zenith and Africa’s global bank, the United Bank for Africa (UBA).
Fidelity Bank’s gross earnings for the half year ended June 30, 2019 increased by 12.3 percent from N92.3 billion in June 2018 to N103.7 billion in June 2019. Interest income rose by 7.2 percent to N85.8 billion as against N80 billion in similar period in 2018. Profit before tax stood at N15.01 billion, a 15.7 percent increase over N13 billion Fidelity Bank made in similar period in 2018.
Profit after tax rose by 15.6 percent from N11.8 billion to N13.7 billion. Similarly, loans and advances increased by 17.6 percent to N999.3 billion up from N849.9 billion in June last year. Deposits were up by 12 percent from N979.4 billion to N1.09 trillion. Net assets rose by 11 percent to N215.6 billion from N194.4 billion in corresponding period in 2018.
Cost to income ratio for the period was 84.2 percent as against 72.9 percent last year June. Also, loan to deposits ratio rose to 91 percent as against 87 percent in similar period in 2018.
Last week Friday, the share price of Fidelity Bank rallied by 1.2 percent to close at N1.61 per share as investors traded 11.3 million shares worth N18.97 million. Year to date, its share price has declined by 17.2 percent
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