• Business - Companies
  • Updated: August 31, 2022

Fidelity Bank Records N23.307 Billion Profit

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”


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