Fidelity Bank declares N7.63bn profit after tax Q4, 2020

Fidelity Bank Plc has declared a Profit After Tax of N7.63 billion for the fourth quarter of 2020 (Q4, 2020), compared to N9.4 billion recorded in the corresponding period of 2019, indicates a decline in profit by 18.6% Year-on-Year.

This was contained in a financial statement of the bank made available on the Nigerian Stock Exchange (NSE).

Earlier, the bank had posted a 7.1% increase in its Profit After Tax for Q3, 2020, which is directly in contrast to the recent figures which dipped.

Other key highlights for Q4 2020 are;

Gross earnings declined to N50.15 billion, -7.91% Y-o-Y.

Profit Before Tax declined to N8.9 billion, -9.2% Y-o-Y

Net interest income increased to N29.04 billion,+17.04% Y-o-Y.

Fees and commission income decreased to N5.4 billion, -10.6% Y-o-Y.

Other operating income increased to N1.54 billion, +25.1% Y-o-Y.

Fees and commission expense increased to N1.77 billion, +18.4% Y-o-Y.

Personnel expenses decreased to N6.7 billion, -6.5% Y-o-Y.

Earnings Per Share declined to 26kobo, -18.75% Y-o-Y

Loans and advances to customers increased to N1.33 trillion in FY 2020, +17.8% Y-o-Y.

Deposits from customers increased to N1.7 trillion in FY 2020, +38.7% Y-o-Y

Total assets increased to N2.8 trillion in FY 2020, +30.4% Y-o-Y.

Total liabilities increased to N2.5 trillion in FY 2020, +32.2% Y-o-Y.