Home Business Fidelity Bank Announces 22% Growth in Profit Before Tax to N12.0bn

Fidelity Bank Announces 22% Growth in Profit Before Tax to N12.0bn

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Fidelity Bank Plc on Friday announced its Audited Results, for the half year ended June 30, 2020 with profit before Tax gaining 22 per cent to N12.0billion from N9.8billion reported in prior half year results.

The results submitted to the Nigerian Stock Exchange (NSE) showed gross earnings increasing by two per cent to N105.8billion from N103.7billion in H1 2019

Net Interest Income increased by 31per cent to N48.3billion from N36.9billion in H1 2019, while Impairment increased by 1,363per cent to N7.8billion from a write-back of N0.6billion in H1 2019

The bank’s net loans increased by 7.3per cent to N1,209.1billion from N1,127.0billion in 2019 Financial Year  (FY) as Total Deposits increased by 14.8 per cent to N1,405.9billion from N1,225.2bn in 2019 (FY).

Total Assets increased by 13.7per cent to N2,403.2billion from N2,114.0billion in 2019FY.

The MD/CEO of Fidelity Bank, Nnamdi Okonkwo in a statement said “Our financial performance for the period reflects the resilience of our business model in a very challenging operating environment.

“Due to the global and domestic headwinds witnessed in H1 2020, we proactively increased our cost of risk as the impact of the pandemic slowed down economic activities whilst adapting our business model to the new risks and opportunities of the new normal.

“We re-stated our H1 2019 Numbers from N15.1bn to N9.8bn to reflect the impact of IFRIC 21- Levies, which was adopted for the first time on our H1 2020 Financials.

“The key impact of IFRIC 21 was that our 2020FY AMCON Cost was recognized 100% in our H1 2020 Accounts rather than been amortized over 12 months as was done previously on our financials. The PBT for H1 2020 would have come in at N17.9billion Vs N15.1billion for H1 2019 without the adoption of IFRIC 21.”

He added that “We believe most of the affected sectors have seen the worst of the pandemic and the new phase of normalcy will unveil some growth opportunities.

“We will continue to monitor and pro-actively manage any evolving risk s as the Nigerian economy gradually reopens and economic activities pick-up in key sectors”.

 

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