Lagos Nigeria, April 27, 2017:\u00a0Top Nigerian lender, Fidelity Bank Plc
\nrecorded a solid financial performance in the first quarter of 2017,
\nposting appreciable growth in profits and gross earnings for the period
\nended March 31, 2017. This is in spite of the challenging and fiercely
\ncompetitive business environment.<\/p>\n
Details of the unaudited results, released at the Nigerian Stock Exchange
\n(NSE) show that gross earnings rose by 18.8% from N34.4bn in 2016 to
\nN40.8bn for the corresponding period at March 31, 2017. Similarly Fidelity
\nBank profits in the period, surged by 20.5% from N4.bn in 2016 to N4.8bn
\nin 2017, just as it recorded growth in net interest income, deposits,
\nloans and other performance indices.<\/p>\n
Speaking on the results, the Fidelity Bank CEO, Mr. Nnamdi Okonkwo said
\nthe double digits growth in earnings and profits underscores the
\ndisciplined execution of its medium-term strategy and a business model
\nthat enables the bank to continue to deliver improved performance in line
\nwith its 2017 financial year targets. \u201cGross earnings growth was driven by
\na combination of increased yields on earning assets and an absolute growth
\nin the volume of earning assets which led to a 24.1% year-on-year (y-o-y)
\ngrowth in interest income\u201d he said.<\/p>\n
The Fidelity Bank helmsman also spoke about the impact of the bank\u2019s
\nefforts at reducing operating cost. \u201cOur cost optimization initiatives
\ncontinued to deliver cost savings as total operating expenses declined
\ny-o-y by 10.4% to N14.4 billion, this was driven by a decline in over 60%
\nof our operating expense lines in Q1 2017. We will continue to optimize
\nour cost profile without impacting service delivery through the
\ndisciplined execution of the initiatives from our recently completed
\nbusiness optimization project\u201d he explained further.<\/p>\n
Deposits, which is a measure of customer confidence, in the period under
\nreview, grew quarter on quarter (q-on-q) by 0.9% to N800bn in March 2017
\nfrom N793bn as at December 2016, with low cost deposits accounting for
\n79.4% of Total deposits. On the whole the bank\u2019s retail strategy has
\ncontinued to deliver impressive results with savings increasing by 5.6% to
\nN163.7bn as at March 31, 2017.<\/p>\n
Ranked amongst the top Nigerian banks, Fidelity Bank has a strategic
\nretail distribution network with presence in the major cities and
\ncommercial centers across the country. Rising from the recent rebranding
\nexercise, the bank has become one of the most visible bank brands in
\nNigeria, gaining accolades and recognition for its superior e-banking
\nproducts and services and promoting small businesses. Its SME financing
\nstrategy is delivered through a multi-faceted approach that includes
\nrobust business advisory, practical handholding and guidance of aspiring
\nand existing entrepreneurs to building sustainable businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"
Lagos Nigeria, April 27, 2017:\u00a0Top Nigerian lender, Fidelity Bank Plc recorded a solid financial performance in the first quarter of 2017, posting appreciable growth in profits and gross earnings for…<\/p>\n","protected":false},"author":1,"featured_media":57414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-57413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n