FY 2017: Fidelity Bank Records 94% Rise in Profit, Pays 11 Kobo Dividend

By Modupe Gbadeyanka

The management of Fidelity Bank Plc has given shareholders of the company something to cheer about again.

The tier-two lender on Monday finally released its financial statements for the 2017 business year after much anticipation and as expected, it churned out an impressive performance.

In the results analysed by Business Post, the financial institution grew its profit after tax by 93.7 percent to N18.9 billion in FY 2017 from N9.7 billion in FY 2016, while the pre-tax profit appreciated by 83.6 percent to N20.3 billion from N11.1 billion.

Fidelity Bank, which currently trades at N2.55k on the floor of the Nigerian Stock Exchange (NSE), increased its gross earnings in 2017 to N179.9 billion from N152 billion in 2016.

Also, the interest and similar income grew by 22.4 percent to N150.7 billion from N123.2 billion, while the net interest income jumped by 15.4 percent to N71.5 billion from N61.9 billion.

During the period under review, the total assets of Fidelity Bank appreciated by 6.3 percent to N1.4 trillion from N1.3 trillion, while its total liabilities increased last year to N1.2 trillion from N1.1 trillion a year earlier.

However, its shareholders’ fund closed at N203.3 billion as at December 31, 2017 against N185.4 billion as at March 31, 2016, representing 9.7 percent rise.

Also, during the 2017 financial year, the bank’s Earnings Per Share (EPS) grew by 93.7 percent to 65 kobo from 34 kobo two years ago.

Meanwhile, the board of Fidelity Bank Plc has proposed the payment of 11 kobo per share dividend to shareholders. This would be paid when the shareholders approve the proposal at its Annual General Meeting (AGM).