Fidelity Bank Grows Profit To N147billion

Fidelity Bank Plc, on Thursday, March 31,  released annual report and financial statements for the year ended 31 December, 2015 with gross earnings of N146.891 billion.

The lender’s gross earnings leaped by N10.797 billion or 7.93 per cent over N136.094 billion it made during the same period of 2014.

Its net interest income jumped by N12.038 billion represented 24.65 per cent from N48.826 billion it made in 2014 to end 2015 financial year wth N60.864 billion.

The bank profit before tax dropped from N15.515 billion of 2014 to N14.024 billion at the end of 2015, its before taxation profit down by N1.491 billion translated to 9.61 per cent in 2015.

However, the profit after tax of Fidelity Bank marginally rose by N108 million or 0.78 per cent when compared with N13.796 billion it retained as a profit to end 2015 with N13.904 billion.

The bank retained lower portion of 9.47 per cent of its gross earnings as profit for the year ended 2015 when compared with 10.14 it retained as after tax during the same period of 2014.

The earnings per share of Fidelity Bank remain the same with 48 kobo it made during the 2014 financial year.
Its total assets stood at N1.232 trillion at the end of 2015 from N1.187 trillion it made in 2014, this represents N44.697 billion increase at the end of current financial year.

The bank’s liabilities increased from N1.014 trillion to N1.048 trillion at the end of 2015.