Fidelity Bank Records N23.307 Billion Profit

Fidelity Bank Plc has released its unaudited financial report for the 2022 half year, which reflects a profit after tax of N23.307 billion, representing a 20.72% increase year-on-year.

The bank’s gross earnings rose by 37.87% to N154.843 billion from N112.304 billion reported in 2021, driven by a 50% growth in net interest income.

Profit before tax grew from N20.626 billion recorded in 2021 to  N25.079 indicating a growth of 21.57%.

Interest and similar income using the effective interest rate method rose by 48.45% from N 85.090 billion recorded in the first quarter (Q1) of 2021 to N 126.348 billion in the period under review.

Speaking on the bank’s performance in March, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc, said: “Digital Banking gained further traction driven by new initiatives in our retail business and the enhancement of existing digital banking products.

“We now have 56.0% of our customers enrolled on the mobile/internet banking products and 90.0% of total customer-induced transactions done on digital platforms with digital banking business contributing 27.6% to net fee income”