Nigeria’s Fidelity Bank rakes in $33m profit in the first half of 2018

Nigeria’s Fidelity Bank PLC, Wednesday, announced an N11.8 billion ($32.6 million) profit after tax for the six months ended 30 June 2018. The bank recorded gross earnings of N88.9 billion up from 85.8 in the same period the previous year and a Net interest income after credit loss expense of 28.2 billion ($78 million).

This year’s profit before tax stood at N13 billion compared to 10.2 billion ($28.2 million) recorded within the same period in 2017. Financial assets to the bank totalled N322.2 billion ($891.4 million) meanwhile the bank’s financial liabilities which include debt issued and other borrowed funds totalled N1.2 billion ($ 3.3 million) following its exposure to foreign currency exchange risk.

As of December 2017, Fidelity Bank had total assets estimated at over $4.2 billion (over N1.4 trillion) and shareholders’ equity worth over N203 billion ($610 million).

Fidelity Bank was incorporated in Nigeria on 19 November 1987 and currently has over four million customers, 240 business offices and 774 ATMs. The bank secured its Universal Banking License in February 2001. Later that year, it obtained its International Banking License.

Following the realease of its half year result, the bank’s shares listed on the Nigerian Stock Exchange traded at N1.68, 1.82 percent higher than how it started the day.