Fidelity Bank Plc total assets grew by 13.7 per cent to N1.6 trillion from N1.4 trillion in the first half ended June 30, 2018.
According to the banks’ audited financial result which was presented to the Nigerian Stock Exchange, deposits grew by 20 per cent to close at N927.9 billion from N775.3 billion in 2017, while profit before tax rose to N13 billion from N10.2 billion.
The bank’s profit after tax also grew by 31 per cent to N12 billion from N9.03 billion recorded in 2017, while gross earnings rose by 3.6 per cent to N88.9 billion from N85.8 billion in H1’18.
Although total operating expenses grew by 5.7 per cent to N32.7 billion, the bank’s cost to income ratio remained relatively stable at 67.7 per cent when compared to 67.5 per cent reported in 2017.
Commenting on the development, Fidelity Bank Chief Executive Officer, Mr. Nnamdi Okonkwo, said: “Gross earnings, net fee and commission income all grew primarily due to the increase in transactional activities. Our digital banking initiative continues to gain traction with almost 40 per cent of our customers now enrolled on our mobile/internet banking products and over 80 per cent of total transactions now done on our digital platforms.”
He said “as shown in recent years, Fidelity Bank’s retail digital banking strategy has continued to positively impact on the business. “
This was evident in the HI 2018 results, as savings deposits increased by 10.6 per cent to N197.5 billion.
He explained that the bank is on track to achieving a 5th consecutive year of double-digit savings growth. Low cost deposits now account for 73.8 per cent of total deposits.
“This is in spite of the double-digit inflationary environment in Nigeria,” he added.
With regulatory ratios such as the capital adequacy ratio at 17 per cent, liquidity ratio at 33.2 per cent, well above required threshold, Okonkwo was optimistic that the bank will sustain this sterling performance in the second half of the year.
