Fidelity Bank Plc has reported a 94 per cent growth in profit for the year ended December 31, 2017 and is proposing to pay 11 kobo dividend per share to shareholders.
The lender, in its full year audited results, filed with the Nigerian Stock Exchange on Monday, said it recorded growth in all key indices, following the bank’s return to the international capital markets and successful issuance of a $400m Eurobond that was over-subscribed by over 200 per cent.
Its gross earnings grew by 18.3 per cent to N179.9bn from N152bn in 2016, while profit after tax surged by 93.7 per cent to N18.9bn compared to N9.7bn recorded in the previous year. Net interest income increased by 15.4 per cent to N71.5bn in 2017, net operating income rose by 9.9 per cent from N86bn to N78.3bn while total assets grew by 6.2 per cent from N1.3tn to N1.4tn in the period under review.
In other indices, total expenses declined by 2.3 per cent to N65.7bn from N67.2bn while liquidity ratio stood at 35.9 per cent compared with 33.2 per cent in the previous year.
Commenting on the results, the Chief Executive Officer of the bank, Mr. Nnamdi Okonkwo, expressed delight at the performance. According to him, the bank sustained its performance through a disciplined balance sheet management, strategic cost reduction, increased focus on the corporate, commercial, small and medium enterprises segments and continued execution of its retail and digital banking strategy.
“We are delighted at the results, which showed strong growth in key revenue lines, significant traction in our chosen business segments and a corresponding decline in our operating expenses despite the high inflationary environment”, he stated.
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