Top Nigerian lender, Fidelity Bank recorded a very strong financial
\nperformance in the first half of 2017, posting impressive growth in
\nprofits, gross earnings and other indices for the six months period ended
\nJune 30, 2017.<\/p>\n
Details of the audited results, released at the Nigerian Stock Exchange
\n(NSE) today showed that gross earnings rose by 22.1 percent from
\nN70.3billion in H1 2016 to N85.8 billion for the corresponding period at
\nJune 30, 2017.<\/p>\n
The growth in Gross Earnings was driven primarily by a 27.8% increase in
\ninterest income and a 0.7 percent growth in net fee income to N11.2
\nbillion. Similarly profits surged by 66.7 percent from N6.1 billion in
\n2016 to N10.2 billion, just as it recorded significant improvement in
\nother key performance indices such as Net Interest Margin of 7.4%, Cost
\nIncome Ratio at 67.3% \u00a0and Capital Adequacy of 18.4% in the period under
\nreview.<\/p>\n
Fidelity Bank CEO, Mr. Nnamdi Okonkwo attributed the double digits growth
\nin earnings and profits to the disciplined execution of the Banks medium
\nterm strategy which focused on deepening its market share in the Small and
\nMedium Enterprises (SME), Retail and Digital banking business segments.<\/p>\n
\u201cOur balance sheet optimization initiatives continued to deliver improved
\nresults as Net Interest Margin (NIM) increased by 7.4% in H1 2017 from
\n6.4% (2016FY), just as the growth in the yield on our earning assets
\noutpaced the increase in funding costs.<\/p>\n
The process improvement and digital banking initiatives in the period
\nhelped to optimize our cost profile as total expenses declined by 1.8%
\n(despite the high inflationary environment) leading to a reduction in our
\nCost to Income Ratio (CIR) to 67.3%\u201d he stated.<\/p>\n
Fidelity Banks\u2019 retail strategy continued to deliver impressive results in
\nHI2017 as savings deposits; a measure of customer confidence, increased by
\n3.9% to N161.1 billion in June 2017 on the strength of improved cross
\nselling of its digital banking products with about 30% of customers now
\nenrolled on our flagship mobile (*770#) and internet banking products\u201d he
\nexplained.<\/p>\n
With presence in the major cities and commercial centers in the country
\ncomplemented by innovative digital banking products and channels, Fidelity
\nBank was rated as one of the Top 4 banks in the retail segment in the
\nrecently published KPMG BICSS.<\/p>\n
The bank which is managed by a highly professional team and a reputable
\nBoard of Directors commenced the interim audit of its financials in 2017
\nin line with its emphasis for continuous process and governance
\nimprovement<\/p>\n","protected":false},"excerpt":{"rendered":"
Top Nigerian lender, Fidelity Bank recorded a very strong financial performance in the first half of 2017, posting impressive growth in profits, gross earnings and other indices for the six…<\/p>\n","protected":false},"author":1,"featured_media":59348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-59347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n