Fidelity Bank Plc has reported a significant Profit Before Tax (PBT) surge for the first quarter of 2024, marking a remarkable 120.1% increase from N17.9 billion in Q1 2023 to N39.5 billion.
The bank disclosed this in its unaudited financial statements, which were released on the Nigerian Exchange (NGX) issuer portal on April 30, 2024.
The statement highlighted a robust performance in Gross Earnings, which soared by 89.9% yearly to N192.1 billion from N101.1 billion in Q1 2023.
Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, attributed the impressive results to the bank’s strategic focus on customer-centricity, digital innovation, and operational excellence despite the challenging macroeconomic environment.
The bank’s Net interest income also witnessed a substantial increase of 89.5% year on year to N99.6 billion from N52.6 billion in Q1 2023, driven by improved yields on financial instruments.
Moreover, Total Deposits experienced a notable growth of 17.2% year to date, reaching N4.7 trillion from N4.0 trillion in 2023FY, propelled by double-digit growth across all deposit types.
Net Loans and Advances also surged by 21.2% to N3.7 trillion from N3.1 trillion in 2023FY, reflecting the bank’s commitment to supporting individuals, businesses, and economies.
Onyeali-Ikpe expressed confidence in the bank’s strategy and outlook for 2024, emphasizing Fidelity Bank’s dedication to building a resilient business franchise with a well-diversified earnings base.
The impressive financial performance underscores Fidelity Bank’s resilience and agility in navigating market challenges while delivering value to stakeholders and driving sustainable growth.
