Fidelity bank records 172% pre-tax profit growth in Q3 2023

Bisola David
Bisola David
Fidelity Bank extends GMD/CEO contract

Fidelity Bank announced its 2023 Q3 results, revealing that pre-tax profits increased by 172.60% year on year, reaching N34.658 billion.

According to The Times, the pre-tax profit for the first nine months was N110.992 billion, up from N37.792 billion at the same time the previous year.

The significant expansion in gross earnings is the main cause of the increase in pre-tax profit. The higher net interest income, net fees, and commission income are what are driving this expansion.

It’s crucial to recall that the bank’s credit loss expenditure increased to N12.260 billion, a 621.18% increase.

Additionally, the bank revealed an N7.170 billion net foreign exchange loss, which is a sharp contrast to the N3.866 billion gain recorded during the prior period. Due to this, the nine-month foreign exchange gain was only N24.993 billion in total.

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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