Q3 2022: Fidelity Bank Records 241 Billion Profit

Fidelity Bank Plc has recorded N N241.8 billion gross earnings in the third quarter of 2022.

This reflects 38.73 per cent compared to the N174.354 billion recorded in the same period of 2021.

The bank recorded a 46.32% increase in Interest income from loans and advances, growing from N111.5 billion in 2021 to N163.209 billion in 2022.

Income from loans and advances had an 82% contribution to the interest income for the period.

During the period under review, dee and commission income grew to N25.042 billion from N21.762 billion in 2021.

Fees on ATM charges grew by 70.48% to N6.521 billion from N3.825 billion in Q3 2021.

Profit after tax increased to N34.959 billion in the third quarter of 2022, a 31.86% growth compared to N26.512 billion in 2021.

According to the bank, the increase in revenue was driven by an increase in loans & advances and supported by the higher interest rate environment.

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