· Gross Earnings hit N88.9bn
· 80% of Total transactions now digital
Fidelity Bank Plc posted an impressive half year results for 2018, recording a double-digit growth in key revenue lines and achieving significant traction in her chosen business segments.
Details of the audited half year results, for the period ended June 30, 2018, released at the Nigerian Stock Exchange (NSE) on Wednesday showed a 27.3 percent jump in Profit Before Tax (PBT) from N10.2bn in the previous period to N13bn in the reporting period. Profit After Tax (PAT) rose by 31 percent to close at N11.8 billion from N9.03 billion recorded in 2017, whilst gross earnings rose by 3.6 percent from N85.8bn to N88.9bn.
In other indices, Total Assets grew by 13.7 percent to N1,567.6bn from N1,379.2bn in the previous period. Total Deposits; a measure of customer confidence, increased by 19.7 percent to close at N927.9bn from N775.3bn in 2017.
Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo attributed the impressive performance to the disciplined approach in managing the balance sheet growth of the bank, it’s strategic cost containment initiatives; focused attention to chosen business segments and determined execution of its retail and digital banking strategy.
He stated that “Gross earnings, net fee and commission income all grew primarily due to the increase in transactional activities. Our digital banking initiative continues to gain traction with almost 40 percent of our customers now enrolled on our mobile/internet banking products and over 80 percent of total transactions now done on our digital platforms”.
As shown in recent years, Fidelity Bank’s retail digital banking strategy has continued to positively impact the business. This was again evident in the HI 2018 results as savings deposits increased by 10.6% to N197.5 bn. “The bank is on track to achieving a 5th consecutive year of double-digit savings growth. Low cost deposits now account for 73.8% of total deposits” he explained further.