The shares of Fidelity Bank plc, one of analysts picks for year 2020, may begin to see strong rally following the bank’s impressive full year 2019 scorecard released on the Nigerian Stock Exchange (NSE).
The N2.11 kobo which the share price closed on Thursday January 30 represents 2.9percent increase this year. The bank’s top-to-bottom line figures are all in green as show in the result.
Fidelity Bank plc unaudited financial statements for the year ended December 31, 2019 show profit before tax(PBT) of N32.37billion from year 2018 low of N25.08billion, representing 29percent increase.
The bank’s gross earnings of about N217.30billion in 2019 as against 2018 level of N188.87billion represent an increase of about 15.1percent.
Net Interest Income (NII) increased by 12percent to N82.15billion from N73.35billion in 2018; while non-Interest Income increased by 2.3percent to N28.720billion as against N28.076billion in 2018. Cost to Income Ratio of 72.3percent against 78.2percent in 2018 shows a decline of 5.9percent.
Total Net Loans to Total Deposits increased to 105.1percent from 98.2percent in 2018, representing 6.9percent increase. Its return on average equity (ROAE) which measures the performance of the bank based on its average shareholders’ equity outstanding increased to 13.8percent against 11.6percent in 2020, representing an increase of 2.2percent.
Total Net Loans & Advances increased to N1.287trillion from 2018 low of N961.51billion, which implies an increase of 33.9percent. Total Deposits increased to N1.225trillion as against N979.41billion in 2018, representing 25.1percent increase.
