Fidelity Bank Plc posted profit after tax of N8.214 billion for its second quarter financial year ended June 30, 2015.
The result showed an increase of N197 million or 2.45 per cent compared to N8.017 billion reported in the corresponding period of last year. Also the bank’s revenue moved from N63.258 billion to N71.890 billion, representing an increase of N8.632 billion or 13.64 per cent.
The Bank in its first quarter ended March 31, 2015 recorded a profit before tax (PBT) of N4.7 billion, indicating an increase by 5.6 per cent, compared with the N4.4 billion it reported in the comparable period of 2014. Similarly, its profit after tax climbed by 5.6 per cent to N4 billion, from N3.8 billion in the preceding year.
The bank’s gross earnings according to the results also increased by 12.5 per cent to N34.8 billion, from the N30.9. billion recorded in the first quarter of 2014. Fidelity Bank’s fee income increased by 54 per cent to N9.2 billion, from N6 billion reported in the first three months of 2014, just as its operating income increased by 14.4 per cent to N21.6 billion, from N18.9 billion in Q1 2014.
Commenting on the results, the Managing Director/Chief Executive Officer, Fidelity Bank, Mr. Nnamdi Okonkwo said in the period under review, the bank built on the successes of the last financial year as it remained committed to delivering sustainable earnings and improved asset quality
