• Gross Earnings: N249.5 billion, an increase of 76.12% YoY
  • Net Interest Income: N139.5 billion, an increase of 60.16% YoY
  • Credit Loss Expense: N12 billion, a decrease of 1.98% YoY
  • Fee and Commission Income: N20.7 billion, an increase of 69.19% YoY
  • Fee and Commission Expense: N1.4 billion, a decrease of 24.73% YoY
  • Pre-tax profit: N81.6 billion, an increase of 135.50% YoY
  • Post-tax profit: N63.8 billion, an increase of 114.61% YoY
  • Earnings per Share: N1.99, an increase of 114.60% YoY
  • Total Assets: N9.5 trillion, an increase of 52.96% YoY
  • Cash and Cash Equivalents: N1.1 trillion, an increase of 103.81% YoY

Fidelity Bank has announced its financial performance for the third quarter of 2024, revealing a pre-tax profit of N81.6 billion, which represents a remarkable increase of 135.5% compared to the N34.6 billion reported during the same quarter last year.

For the nine months ending September 30, 2024, the bank's total pre-tax profit reached N281.4 billion, reflecting a substantial year-over-year growth of 153.54% from 2023.

The net interest income for the third quarter also saw a significant rise, increasing by 60.16% to N139.5 billion, up from N87.1 billion in the previous year.

Moreover, earnings per share doubled, showing a year-over-year increase of 114.61% to reach N1.99, indicating enhanced profitability.

In the third quarter of 2024, Fidelity Bank's gross earnings rose by 76.12%, reaching N249.5 billion, a significant increase from N141.6 billion in the same quarter of 2023.

The bank's net interest income increased to N139.5 billion from N87 billion in Q3 2023, reflecting a year-over-year growth of 60.16%. Additionally, the bank successfully reduced costs in credit loss and fee and commission expenses, which fell by 1.

Profit after tax experienced remarkable growth, surging by 114.61% to N63.8 billion, up from N29.7 billion during the same period in 2023.

This positive trend was mirrored in the bank’s earnings per share, which increased from N0.93 to N1.99, indicating a strong return for shareholders.

As of September 30, 2024, Fidelity Bank reported total assets amounting to N9.54 trillion, representing a 52.96% increase compared to the previous year. This growth was fueled by loans and advances to customers totaling N4.25 trillion, alongside cash and cash equivalents of N1.16 trillion.

Additionally, Fidelity’s investment securities portfolio, valued at N1.84 trillion, played a significant role in its income generation. On the liabilities front, the group reported total liabilities of N8.85 trillion.

Fidelity Bank also noted an increase in cash flow for the nine months ending September 30, 2024, with net cash from operating activities rising to N2.11 trillion, compared to N418.65 billion in the prior year. 

In terms of investing activities, the group recorded net cash outflows of N1.31 trillion, mainly due to investments in debt instruments and properties. 

Financing activities also saw cash outflows related to dividend payments. Ultimately, the group concluded the period with a net increase in cash and cash equivalents of N786.7 billion, resulting in total cash reserves of N1.16 trillion.