Leading financial institution, Fidelity Bank Plc has recorded 35.7% growth in Profit Before Tax for its 2021 financial year to close the year at N38.1bn according to the bank’s recently issued financial result.
Analysis of the results indicates that the bank grew Gross Earnings by 21.6 per cent Year-on-Year (YoY) (23.2 per cent Quarter-on-Quarter ( QoQ)) to N250.8 billion driven by a combination of 60.3 per cent growth in non-interest revenue (NIR) and 15.2 per cent increase in interest and similar income. The growth in NIR reflects the significant increase in customer transactions resulting in 84.9 per cent growth in trade income, 48.1 per cent in account maintenance charge, and 47.2 per cent increase in digital banking income.
Commenting on the Bank’s impressive performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We closed the financial year with strong double-digit growth in profit and across key balance-sheet lines, which reflects the disciplined execution of our strategy and capacity to deliver superior returns to shareholders. Profit before tax grew by 35.7 per cent to N38.1 billion from N28.1 billion in 2020FY, which translates to an increase in RoAE to 12.5 per cent from 10.5 per cent in 2020FY.”
Other areas of the financial result recorded significant increases in the period under review with total interest and similar income increasing by N26.8 billion. Similarly, Total Deposits increased by 19.2 per cent to N2.025tr from N1.699tr in 2020FY, Local currency deposits grew by 16.0 per cent and account for 80.3 per cent of Total Deposits while foreign currency deposits increased by 33.9 per cent and accounts for 19.7 per cent of Total Deposits from 17.5 per cent in 2020FY.
