FIDELITY BANK GROWS PROFIT AFTER TAX BY 66% TO N9BN IN 6 MONTHS
source : http://www.eyesoflagos.com/2017/08/fidelity-bank-grows-profit-after-tax-by.html

Shareholders of Fidelity Bank Plc should expect a bounteous harvest at the end of the current year given its impressive performance for the half year (H1) ended June 30, 2017.
According to reports gathered by Eyes Of Lagos, The results released to the Nigerian Stock Exchange (NSE) wednesday showed that Fidelity Bank Plc posted gross earnings of N85.8 billion in H1 of 2017, up 22 per cent from N70.2 billion recorded in the corresponding period of 2016. Interest income grew by 27.8 per cent, while interest expenses grew faster by 48 per cent to hit N38.2 billion compared with 25.7 billion in 2016. As a result, net interest income stood at N34.7 billion in 2017 compared with N31.2 billion, indicating a rise of 11 per cent. Impairment charges remained flat at N4.8 billion in 2017 as against N4.79 billion in 2016.
Despite the high inflationary trend, the bank reduced operating expenses by 1.7 per cent to N30.9 billion, from N31.4 billion in the corresponding period of 2016.
Consequently, profit before tax (PBT) rose by 66.6 per cent to N10.2 billion, from N6.131 billion in 2016, while profit after tax (PAT) improved by 65.6 per cent from N5.457 billion to N9.04 billion in 2017. Earnings per share similarly improved to 31 kobo as against 19 kobo in 2016.
When the Fidelity Bank opened the 2017 with similar double digit growth in the first quarter, its managing director/CEO, Mr. Nnamdi Okonkwo had attributed the performance to the disciplined execution of its medium-term strategy and a business model that enables the bank to continue to deliver improved performance in line with its 2017 financial year targets.
“Gross earnings growth was driven by a combination of increased yields on earning assets and an absolute growth in the volume of earning assets which led to growth in interest income,” he had said.
Speaking on the cost efforts to reduce costs, he said the cost optimisation initiatives continued to deliver cost savings.
“We will continue to optimise our cost profile without impacting service delivery through the disciplined execution of the initiatives from our recently completed business optimisation project,” Okonkwo had assured.
Meanwhile, trading at the stock market closed on bearish note yesterday for the third consecutive day as profit taking activities continued.
The Nigerian Stock Exchange All Share Index (NSE ASI) depreciated by 1.48 per cent to close at 35,629.13 to reduce the year-to-date appreciation to 32.5 per cent.

That's great! Kudos to Fidelity Bank.

FTC the third time today!

Lalastica! Abeg, where is my bonus today ooo? At least i try na

Awesome.

Buhari why? -ipob miscreants

The wise keep progressing while the fools keep complaining

Why won't it grow 200% when all they do there is to deduct money from people's account.
This bank will give you interest of 1000 and deduct 2800 from same account all in the name of service charge and other hidden charges.

This is the most useless and thieving bank ever seen in Nigeria.

Let them take the six thousand left in my account since 2010,I dash them.

Igbo owned banks and success are like 5 and 6. You see the same success with Diamond, Zenith, UBA, e.t.c.

Hh

Hmm

liberalsinnerx:
Igbo owned banks and success are like 5 and 6. You see the same success with Diamond, Zenith, UBA, e.t.c.

gerarahere

Crooks at every corner...

hatchy:

Pele tie

While GTB posted over 100billion profit in 6months, poor Fidelity.

If the giant of first bank could doctored their report .....how much more fidelity


They declared wooping profit yearly yet they are laying off hundreds of staff members now relate the 2 scenario together and tell me where their PBT comes to play





Cheers

liberalsinnerx:
Igbo owned banks and success are like 5 and 6. You see the same success with Diamond, Zenith, UBA, e.t.c.

no cause wahala for the owners.
The fear of igbo dominance is real o.

Op, Kindly join us:

https://www.nairaland.com/1131485/nigerian-stock-exchange-market-pick/2576

This bank is small but mighty. Good work.

cstr1000:

no cause wahala for the owners.
The fear of igbo dominance is real o.

They dominating the financial system like their jewish brothers who control the world financial system

Hushpuupy's bank

hatchy:
Why won't it grow 200% when all they do there is to deduct money from people's account.
This bank will give you interest of 1000 and deduct 2800 from same account all in the name of service charge and other hidden charges.

This is the most useless and thieving bank ever seen in Nigeria.

Let them take the six thousand left in my account since 2010,I dash them.

Hahahahah!

Six tasand is a lot of money this period o!

Bros dash me the money na.Make I send my account to you biko.

why would they make profit after all the deductions from the use of ATM and all illegal deductions

Yeye banks robbing people since the days of Azikiwe.

Banks are worse than MMM just that their ponzi is official.

Them try well well....

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danemenike:
Hh

nice one Engr

hatchy:
Why won't it grow 200% when all they do there is to deduct money from people's account.
This bank will give you interest of 1000 and deduct 2800 from same account all in the name of service charge and other hidden charges.

This is the most useless and thieving bank ever seen in Nigeria.

Let them take the six thousand left in my account since 2010,I dash them.

God bless u my brother
stupid set of criminals
without performing any transaction they'll deduct money
they are bunch of thieves

BTW that six thousand you fit reason me small there oh

The bank that is not able to pay the staff their right no wonder they are out with this nonsense report.

Sheun001:


God bless u my brother
stupid set of criminals
without performing any transaction they'll deduct money
they are bunch of thieves

BTW that six thousand you fit reason me small there oh

Hahahahah!

You sef, pity me na!

hatchy:
Hahahahah!

You sef, pity me na!

lol how sallah be for that side nah
heard people are buying chickens and some buy ordinary egg instead of ram this year

Nine billion PROFIT.

After tax.

In 6 months.

In this moribund economy.

What activity are these banks engaged in, drugs?

We are fidelity, we keep our word

Wow! waiting for dividend...

hatchy:
Why won't it grow 200% when all they do there is to deduct money from people's account.
This bank will give you interest of 1000 and deduct 2800 from same account all in the name of service charge and other hidden charges.

This is the most useless and thieving bank ever seen in Nigeria.

Let them take the six thousand left in my account since 2010,I dash them.

All Nigerian banks are virtually the same... Veritable conduit of corruption