Fidelity Bank Profit Increase By 72%

Fidelity Bank Plc has reported a 72.49 per cent increase in its profit before tax in the first half of 2021 to N20.63bn from N11.93bn in the corresponding period of 2020.

According to its interim financial statement, the bank recorded a 6.18 per cent increase in its gross earnings from N105.76bn to N112.30bn in H1 2021.

It said a reduction in its operating expenses and increased earnings from fees and commissions contributed to an increase in its profit before tax.

The Managing Director and Chief Executive Officer of the bank, Mrs Nneka Onyeali-Ikpe, said increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate operating expenses.

She said, “This resulted in 72.4 per cent increase in profit before tax. NIR was driven by strong growth in commission on banking services (57.7 per cent), account maintenance charges (50.6 per cent), digital banking income (49.4 per cent) and trade income (33.7 per cent), as total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 per cent QoQ.”