Nigeria: Fidelity Bank’s gross earnings rose 3.5% in 2016 financial year
(Ecofin Agency) - In Nigeria, Fidelity Bank has announced in a statement published on April 9 that its gross earnings amounted to N152 billion for the financial year ended on Dec. 31, 2016. This represents a 3.5% increase compared to N146 billion recorded by the lender over the same period the year before.
In a similar manner, the bank’s interest income rose by 1.7% to N61.9 billion from N60.9 billion while total deposits and total asset respectively rose by 3% and 5.4% to N793 billion (from N769.6bn) and N1.29 trillion (from N.123 trillion). The bank’s management attributes the performance mainly to a growing confidence of its clients.
However, in opposition to the positive trend, Fidelity’s profits before and after tax slumped to N11.1 billion (from N14 billion) and N9.73 billion (against N13.9 billion) respectively over the period under review. Here, the lender says the result was mainly due to rising operating costs, impairment charges and devaluation of naira.
For the 2016 financial year, the bank has proposed a dividend of 14 kobo per share to its shareholders.
Commenting the results, Fidelity Bank’s Chief Executive Officer, Nnamdi Okonkwo said: “our financial performance in full year 2016 reflects the sound fundamentals of our evolving business model as we continued with the disciplined execution of our medium-term strategy which positions the business for improved and sustainable profitability.”