Fidelity Bank Grows Asset By 22.8%, Hits N2.893trn In Q1 2021

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Fidelity Bank Grows Asset By 22.8%, Hits N2.893trn In Q1 2021 -

Fidelity Bank Plc has grew its total asset by 22.8 percent to hit N2.893 trillion from N2.246 trillion in the first three months of 2021.

 

The Bank also recorded a Profit After Tax (PAT) of N9.590 billion in Q1 2020 up from N5.859 billion year on year, representing a 63.7 percent growth.

 

According to its Consolidated Unaudited Financial Statements for the period ended March 31st 2021 released on Tuesday, Fidelity Bank reported a 53.9 percent rise in Profit Before Tax, which stand at N10.134 billion March 2021 compared to the N6.583 billion it posted in Q1 2020.

 

The lender’s Gross Earnings climbed to N55.122 billion from N51.159 billion, indicating a 7.74 percent surge. Its Revenue however, declined by 7.44 percent to close at N39.149 in the first three months of 2021 down from N42.297 billion.

 

According to the Unaudited Financials, the bank’s Net interest income jumped to N28.797 billion in March 2021 from N24. 600 the previous year, showing a 17.1 percent appreciation, while its Net operating income rose by 17.3 percent to stand at N33.097 billion from N28. 212 billion, year on year.

According to Fidelity Bank, the Q1 2021 report shows that N714. 318 billion Cash and balances is with the Central Bank of Nigeria, a sum that soared by 30.6 percent to N546.898 billion it posted in the previous year.

 

 

According to InsideBusiness, the period in review, the lender’s Loans and advances to customers stood at N1.426 trillion up from N1.165 trillion, representing a 22.4 percent increase.

 

Although its total asset climbed by 22.8 percent, Fidelity bank’s total Liabilities also moved upward by 31.15 percent, which is currently at N2.628 trillion up from N2. 004 trillion, while Total Equity is put at N264. 424 billion from N242.384 billion, indicating a 9.1 percent leapt.

 

The bank’s good performance for the quarter was also significant in its Deposit from customers, which jumped to N1.751 trillion from N1.352 trillion, a growth of 29.5 percent.

 

The Q1 2021 report also shows the bank spent N543 million on Income tax expense, a figure which declined by 25 percent from N724 million in March 31st 2020. While the bank’s Earnings per share is at 33 Kobo up from 20 Kobo the previous year.

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