Fidelity Bank Plc records 72.4% increase in Profit Before Tax for H1 2021

Fidelity Bank has released its audited half year financial statements, recording a 72.4% growth in Profit Before Tax from N12billion in the first half of 2020 to N20.6billion in the first half of 2021. 

These outstanding financial results reflect Fidelity Bank’s dedication and commitment to lowering operating cost and optimizing its balance sheet with a view to achieving its medium to long term objectives.

“We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost – to – serve,” said Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc while commenting on the results.

In addition to the double-digit Profit Before Tax, Fidelity Bank Plc also recorded an increase in Total Deposits as well as foreign currency deposits, which now accounts for 18.5% of total deposits. This growth is a direct result of the Bank’s renewed drive to harness the benefits present in the Diaspora Banking space.

Amongst other increases recorded, total customer induced transactions across all Fidelity Bank Plc’s distribution channels increased by 58.0% on a year-on-year basis.

“We look forward to sustaining the current momentum in H2 2021 by optimizing our balance sheet and lowering our cost–to–serve which will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,” Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc added.

The Bank’s Digital Banking operations gained further traction as it now has more than half of its customers enrolled on mobile/internet banking products and 89.3% of customer-induced transactions made on digital platforms.

These giant strides are arriving on the heels of laudable initiatives introduced by the bank’s current Managing Director, one of which was the issuance of a 10-year N41.2 billion local corporate bond – the largest corporate bond ever issued by a Nigerian Bank. The bonds are currently being listed on the Nigerian Stock Exchange and the FMDQ OTC Securities Exchange, and will allow bond investors to trade on the securities.

Fidelity Bank Plc has sustained an impressive run of results year-on-year by maintaining focus on strategic leadership, innovative banking, best-in-class performance, and operational excellence.