Fidelity Bank declares N110.3bn gross earnings in nine months

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Despite the country’s raging economic downturn precipitated by the free-fall in global oil prices, Fidelity Bank Plc, one of the country’s highly diversified financial institutions recorded gross earnings of N110.3 billion in its unaudited financial results for nine months ended September 30, 2016.

The Bank’s gross earnings rose to N110.3 billion from N107 billion, representing a growth of 3.0 percent.

This result is contained in a statement issued by the Bank and made available in Lagos yesterday. Fidelity also said that it grew its deposit base by 3.4 percent to N795.6 billion from N769.6 billion in 2015 Financial Year (FY). According to the lender, the devaluation of the Naira accounted for N53.6 billion of its deposit growth.

Commenting on the financial results, the Managing Director/Chief Executive Officer of the Bank, Nnamdi Okonkwo pointed out that the Bank’s performance was indeed reflective of the recessionary environment characterized by lower government revenues, rising inflation, lower consumer disposable income, significantly tougher operating environment in all sectors and the impact of these headwinds on asset quality and foreign trade transactions.

According to the Fidelity boss, ‘We continued with the disciplined execution of our medium term strategy and recorded decent growth on some key operational metrics while moderating the impact of the headwinds above on other financial indices.’

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