(Ecofin Agency) - Nigeria-based Fidelity bank reported last April 30 a post-tax profit of NGN18.9 billion ($52.5 million) achieved in 2017, up 94% from 2016.

The bank’s operating incomes rose to NGN179.9 billion, increasing by 18.3% compared to 2016 while operating expenses dropped by 2.3% to NGN65.7 billion. It’s total assets grew by 6.2 % to NGN1, 400 billion.

Moreover, the NSE-listed bank indicated that the surge in profit was achieved through a cost reduction strategy, increased focus on the corporate segments and positive outcomes of digitalization strategy.

Let’s note that the bank’s board suggested the distribution of 3.19 billion naira dividends, worth 11 kobos each (1 naira = 100 kobos).