Fidelity Bank reported its 2023 Q3 results showing pre-tax profits grew by 172.60% year on year, reaching N34.658 billion.
This took the nine-month pre-tax profit to N110.992 billion versus N37.792 billion in the same period last year.
Key highlights Q3 2023 vs. Q3 2022:
Gross earnings N141.693 billion +62.77% YoY
Interest Income N134.915 billion +82.01% YoY
Interest Expense; N47.785 billion +26.03% YoY
Net interest income; N87.129 billion +140.61% YoY
Credit loss expense N12.650 billion +621.81% YoY
Net interest income after credit loss expense N74.869 billion +116.94% YoY
Fees and commission income: N12.286 billion +37.15% YoY.
Fees and commission expense: N1.981 billion -42.09%
Net foreign exchange loss: N7.170 billion -285.46% YoY
Profit for the period N29.758 billion +155.39% YoY.
Earnings per share 93 kobo +132.50% YoY
Loans and advances to customers N2.655 trillion +25.46%.
Cash and Cash equivalents N568.708 billion +89.35%
Total Assets N5.414 trillion +35.71%.
Customers’ deposits N3.44 trillion +33.30%.
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The increase in pre-tax profit is primarily attributed to the substantial growth in gross earnings. This growth is fueled by the increased net interest income, net fees and commission income
However, it is important to note that the bank’s credit loss expense surged by 621.18% to N12.260 billion.
Furthermore, the bank reported a net foreign exchange loss of N7.170 billion, in stark contrast to the N3.866 billion gain in the previous period. This moderated the overall foreign exchange gain for the nine-month period to N24.993 billion
Nairametrics
