Fidelity Bank's Earnings Fall By 14.1% In 2020 Q3

Fidelity Bank's earnings dropped by 14.1% in the third quarter of this year, as the company couldn't surpass the revenue generated during the same period of 2019 Q3. Fidelity Bank earnings fall below the NGN57.3 billion generated in the third quarter of 2019, after reporting NGN49.2 billion in 2020 Q3.

This was gathered from Fidelity Bank's financial statement for the period of Q3 2020. In the earnings report seen by AllNews, Fidelity Bank's Net Interest Income rose to NGN26.6 billion in the third quarter of this year, surpassing the NGN21.3 billion reported for the corresponding period of 2019.

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The bank also reported NGN3.1 billion as Credit Loss - a debt that a company is not able to collect - for the third quarter of 2020, which falls between July to September. The amount is higher than the NGN483 million reported for the corresponding period of 2019 Q3.

Fidelity Bank's Profit Before Tax also dropped in the three months of 2020 third quarter, as it recorded NGN9.3 billion as PBT, which is lower than the NGN10.7 billion posted as Profit After Tax in the corresponding period of last year third quarter.

The bank's Profit After Tax also followed the same path, as it recorded NGN9.1 billion in the third quarter of this year, failing to surpass the NGN10.5 billion recorded as Profit After Tax in the corresponding period of 2019 third quarter.

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