Fidelity Bank grows earnings to N241.8bn in 9 months

Fidelity Bank Plc‘s gross earnings rose by 38.73% to N241.8 billion in the nine months between January and September 2022, up from N174.354 billion during the comparable period in 2021.

Information contained in the bank’s latest earnings report showed that the jump in revenue was driven by an increase in loans & advances and supported by the higher interest rate environment.

Interest and similar income also grew by 49.49% y-o-y, benefitting from strong loan growth and a higher yield environment to N198.306 billion from N132.6 billion in 2021.

Interest income from loans and advances grew by 46.32% to N163.209 billion in 2022 from N111.5 billion in 2021. Income from loans and advances had an 82% contribution to the interest income for the period.

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Fee and commission income grew to N25.042 billion in the third quarter of 2022 from N21.762 billion in 2021 on the back of a rise in credit-related fees and income, electronic banking income, and trade transaction income amongst others.

Fees on ATM charges grew by 70.48% to N6.521 billion from N3.825 billion in Q3 2021.

The bank recorded strong growth in profit after tax at N34.959 billion for the period under review, a 31.86% jump compared to N26.512 billion in 2021.

Interest and similar expenses grew by 35.95% to N98.5 billion in 2022 from N72.4 billion in 2021.

Profit before tax grew by 34.72% to N37.792 billion in 2022 from N28.051 billion in 2021, other interest and similar income grew by 153% to N12.046 billion in 2022 from N4.756 billion in 2021, while other operating expenses grew by 71.92% to N64.522 billion in 2022 from N37.529 billion in 2021.

Income tax expense grew by 84.14% to N2.834 billion from N1.539 billion the previous year.

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