Fidelity Bank Plc on Thursday announced gross earnings of N48.4 billion for the first quarter ended March 31, 2019. The gross earnings represented a growth of 11.8 per cent when compared with N43.3 billion achieved in the comparative period of 2018. Its profit surged by 34.0 per cent from N5.0 billion in Q1 2018 to N6.7 billion in 2019.

Similarly, the bank recorded growth in deposits, loans and other performance indices during the period. Speaking on the financial results, Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, said the double digit growth in earnings and profits further demonstrates a positive start for the new financial year.

“We remain focused on the execution of our medium-term strategic objectives and targets for the 2019 full year, while we look forward to sustaining the momentum and delivering another strong set of audited results for 2019,” Okonkwo stated. 

He said that the bank’s earnings grew by 11 per cent on the back of growth in fund and fee-based income. “We recorded double digit growth across key income lines: Foreign exchange income (34.4 per cent), digital banking income (34.6 per cent), account maintenance charge (25.5 per cent) and interest income on liquid assets (10.1 per cent )”, Okonkwo said.

According to the Fidelity Bank CEO, digitalisation and the bank’s retail strategy continues to positively impact on its fortunes with 43 per cent of customers now enrolled on the mobile/internet banking products. He noted that more than 81 per cent of total transactions were done on digital platforms, resulting in 25 per cent in fee-based income, coming from digital banking. “Savings deposits which now accounts for 24 per cent of total deposits in the period increased by 6.2 per cent to N242.1 billion indicating that the bank is on a steady march to achieving the sixth consecutive year of double-digit savings growth,” Okonkwo added.

Fidelity Bank is a Full-fledged commercial bank operating in Nigeria, with over 4.2 million customers who are serviced across its 240 business offices and various other digital banking channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognitions. – Agency Report