#Fidelity Bank Triumphs with Stellar 120% #PBT Surge to N39.5 Billion in Q1 #2024
#Fidelity Bank Triumphs with Stellar 120% #PBT Surge to N39.5 Billion in Q1 #2024
Fidelity Bank Plc, a premier financial powerhouse in Nigeria, has announced a remarkable 120.1% surge in Profit Before Tax (PBT), climbing from N17.9 billion in Q1 2023 to a robust N39.5 billion in the first quarter of 2024. The bank’s unaudited financials, unveiled on the Nigerian Exchange (NGX) issuer portal on April 30, 2024, reflect its consistent growth momentum.
The bank’s Gross Earnings witnessed an 89.9% year-over-year (yoy) increase, reaching N192.1 billion, up from N101.1 billion in the corresponding quarter of the previous year. This significant rise is attributed to a 90.7% yoy leap in interest income and an 84.0% yoy boost in non-interest income. The interest income benefited from a favorable yield environment and a robust asset base, while the non-interest income growth was propelled by substantial gains in account maintenance charges, foreign exchange earnings, trade, banking services, and remittances, buoyed by heightened customer activity.
Nneka Onyeali-Ikpe, the Managing Director/CEO of Fidelity Bank Plc, commented on the financial outcomes, stating, “This quarter’s exceptional performance underscores our unwavering commitment to customer satisfaction, digital innovation, and operational excellence. Amidst economic challenges, our bank has shown resilience and adaptability, achieving significant growth in key revenue streams and furthering our sustainability initiatives.”
During the reviewed period, Net interest income escalated by 89.5% yoy to N99.6 billion, up from N52.6 billion in Q1 2023. This was driven by an uptick in interest and similar income, with the yield on financial instruments improving to 14.7%, compared to 10.1% in the same quarter of the previous year (FY 2023: 11.6%). Despite a steady increase in interest rates, which saw the average funding cost rise by 80 basis points year-to-date to 5.2%, the Net Interest Margin (NIM) improved to 8.8%, outpacing the funding cost increase with a yield on earning assets of 15.1% (Q1 2023: 13.3%, FY 2023: 13.5%).
The bank also reported a 17.2% year-to-date growth in Total Deposits, which now stand at N4.7 trillion, up from N4.0 trillion at the end of FY 2023. This growth spanned all deposit categories, including demand, savings, and term deposits. Furthermore, Net Loans and Advances saw a 21.2% increase, reaching N3.7 trillion, up from N3.1 trillion in FY 2023.
Onyeali-Ikpe further elaborated, “Launching into 2024 with such inspiring results reaffirms our strategic direction, which is centered on fostering individual growth, invigorating businesses, and bolstering economic prosperity. We remain steadfast in our commitment to our strategic goals as we fortify our business against future uncertainties and diversify our revenue streams.”
Fidelity Bank, acclaimed as one of Nigeria’s top banking institutions, serves over 8.5 million customers through its extensive network of 251 business offices across Nigeria and the United Kingdom, as well as its digital banking platforms.
#Fidelity Bank Triumphs with Stellar 120% #PBT Surge to N39.5 Billion in Q1 #2024
The bank’s excellence has been recognized with numerous accolades, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards, Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023, and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
