According to the bank’s unaudited financial statement posted
on the website of the Nigerian Exchange (NGX) Ltd, yesterday.
Details of the 9-months results for the period ended
September 30, 2021, released on Tuesday at the Nigerian Stock Exchange (NGX)
showed a double-digit growth in revenues, deposits and profitability.
Profit before tax (PBT) soared by 31.4 percent to N28.1
billion from N21.3 billion in 9M 2020.
In other indices, total assets grew by 15.4 percent to
N3,182.7 billion from N2,758.1billion in the same period last year. Total
deposits: a measure of customer confidence, increased by 16.1 percent YTD to
N1,973.0 billion from N1,699.0 billion in 2020FY, driven by increased deposit
mobilization across all deposits types.
Commenting on the impressive performance, Fidelity Bank’s
CEO, Mrs. Nneka Onyeali-Ikpe said, “We were able to sustain our performance
trend since the start of 2021 with an impressive double-digit growth in profit
driven by 69.9 percent increase in net fee income which compensated for the
decline in net interest income as average yield on liquid assets remain low.”
She noted that digital banking has continued to gain
traction as the bank now has 56.1 percent of its customers enrolled on digital
banking platform from 52.8 percent in 2020 full year.
While stating that the bank had recorded a 125 percent
year-on-year (YoY) increase in total NIP transaction and 24.9 percent, she
stated that 24.9 percent of fee-based income currently comes from digital
banking.
“Other regulatory ratios remain well above the minimum
requirement: Capital Adequacy Ratio (CAR) at 18.8 percent from 18.2 percent in
2020FY while liquidity ratio came in at 34.5 percent, well above the regulatory
threshold of 30.0 percent”, she noted.
Fidelity Bank recently completed a highly successful
Eurobond offering, raising US $400 Million from the international capital
markets through a five-year tenor Eurobond. The offering achieved a 7.625
percent coupon p.a. and recorded a 1.8x over-subscribed orderbook which peaked
at over $700 million.
“The pricing of the Senior Unsecured Notes, underscores the
formidable confidence of a diversified range of global and local investors in
Fidelity Bank’s growth aspirations and the well-experienced management team”,
explained Mrs. Onyeali-Ikpe.
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