Business
Fidelity Bank reports a 120.1% surge in PBT to N39.5bn in Q1 2024
Fidelity Bank reports a 120.1% surge in PBT to N39.5bn in Q1 2024
In the dynamic landscape of the financial sector, staying ahead of the curve requires a blend of strategic foresight, operational excellence, and unwavering commitment to customer satisfaction. Fidelity Bank Plc, a prominent player in the Nigerian banking industry, has once again demonstrated its prowess by achieving a remarkable 120.1% growth in Profit Before Tax (PBT) in the first quarter of 2024. This surge, from N17.9bn in Q1 2023 to N39.5bn in Q1 2024, underscores the bank’s resilience and strategic focus on sustainable growth.
The unveiling of Fidelity Bank’s unaudited financial statements on the Nigerian Exchange (NGX) portal on April 30, 2024, revealed a robust performance across key financial metrics. Gross Earnings surged by 89.9% year-on-year to N192.1bn, a testament to the bank’s ability to drive revenue growth through a balanced mix of interest and non-interest income streams. The substantial increase in interest income, up by 90.7% year-on-year, was fueled by a favorable yield environment and a solid earning assets base. Concurrently, non-interest income witnessed an impressive growth of 84.0% year-on-year, propelled by various revenue streams including account maintenance charges, FX-related income, trade services, banking services, and remittances.
Nneka Onyeali-Ikpe, the Managing Director and Chief Executive Officer of Fidelity Bank, expressed her satisfaction with the bank’s performance, attributing it to a strategic focus on customer-centricity, digital innovation, and operational excellence. Despite the challenging macroeconomic conditions, Fidelity Bank remained agile and resilient, delivering double-digit growth across key income lines while advancing its business sustainability agenda.
A closer look at the financial results for the period reveals a robust performance in key areas. Net interest income surged by 89.5% year-on-year to N99.6bn, driven by improved interest and similar income as the yield on financial instruments rose to 14.7%. The bank’s Net Interest Margin (NIM) stood at 8.8%, reflecting a healthy balance between yield on earning assets and funding costs. Total Deposits witnessed a significant uptick, growing by 17.2% year-to-date to N4.7tn, while Net Loans and Advances expanded by 21.2% to N3.7tn.
Fidelity Bank’s commitment to fostering economic growth and empowering individuals and businesses is underscored by its strategic initiatives and unwavering dedication to excellence. With a well-diversified earnings base and a focus on building a resilient business franchise, the bank is poised to navigate the evolving financial landscape with confidence and agility.
As a testament to its commitment to excellence, Fidelity Bank has been recognized with several prestigious awards, both locally and internationally. These accolades, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, underscore the bank’s reputation as a leading financial institution dedicated to driving innovation and customer satisfaction.
In conclusion, Fidelity Bank’s stellar performance in Q1 2024 is a testament to its unwavering commitment to excellence, innovation, and customer satisfaction. As the bank continues on its growth trajectory, it remains poised to deliver sustainable value to its customers, shareholders, and the broader economy.
