Fidelity Bank’s Profits Soar By 120.1 Percent In First Quarter

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Fidelity Bank, a major financial institution, has seen a significant increase in its profits before tax, soaring from £17.9 billion in the first quarter of 2023 to £39.5 billion in the same period of 2024, marking a remarkable 120.1 percent growth. This growth was reported in the bank’s unaudited financial statements released on the Nigerian Exchange (NGX) on Tuesday, 30th April 2024.

 

The statement also highlighted an 89.9 percent increase in gross earnings, rising from £101.1 billion to £192.1 billion year-on-year in the first quarter of 2023. This growth was attributed to both interest and non-interest income, with interest income up by 90.7 percent and non-interest income by 84.0 percent.

 

Nneka Onyeali-Ikpe, the MD/CEO of Fidelity Bank, attributed the strong financial performance to the bank’s focus on customer-centricity, digital innovation, and operational excellence despite a challenging economic environment.

 

Key highlights include a surge in net interest income by 89.5 percent, reaching £99.6 billion, and an increase in total deposits by 17.2 percent to £4.7 trillion. Additionally, net loans and advances grew by 21.2 percent to £3.7 trillion.

 

Onyeali-Ikpe expressed the bank’s commitment to its strategy of fostering individual growth, supporting business prosperity, and contributing to economic empowerment, aiming to build a more resilient business franchise in 2024.

 

Recognised for its outstanding performance, Fidelity Bank serves over 8.5 million customers across Nigeria and the United Kingdom through its 251 business offices and digital banking channels.

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