26 C
Lagos
Tuesday, September 29, 2020
- Advertisement -

Fidelity Bank Announces Slight Growth in Gross Earnings and Profit

Opinion

Development of Nigeria’s Digital Economy Anchored on Eight Pillars – A Speech by Isa Patanmi

I am highly delighted to launch the Digital Nigeria Portal and Mobile App as part of the implementation of our National Digital...

Why I Made TIME100 Most Influential People of 2020

Not every day do you wake up to this —honoured to be named to the 2020 Time100 from TIME. This has been...

Subsidizing the Naira Blocks Nigeria’s Economic Takeoff By Kingsley Moghalu

The Naira should be floated to find its exchange rate value on the market if Nigeria’s economy is to become productive, instead...

Africa, AfCFTA, The Private Sector and The Way Forward By Abdul Samad Rabiu

I start by congratulating African leaders on the opening of the AfCFTA secretariat last month. I believe the secretariat will further help...

Nigerian Tier-2 lender Fidelity Bank has announced gross earnings of N105.8 billion for the first half of 2020, a slight improvement on the N103.7 billion that the bank declared for the same period in 2019.

The bank’s interest income rose to N87.1 billion from N84.3 billion, while interest expenses fell from N48.9 billion to N39.3 billion in 2019, leaving the net interest income at N48.3 billion in the first half of 2020 when compared to N36.9 billion in the second half of 2019.

The results showed that the fees and commission income fell from N13.1 billion to N9.5 billion, while the fees and commission expenses rose from N2.4 billion to N2.8 billion .

In the period under consideration, Fidelity Bank reported N8.6 billion as other operating income compared with N4.8 billion in the corresponding period of 2019, while the personnel expenses jumped to N12.2 billion from N11.8 billion, with the other operating expenses rising to N31.6 billion from N29.2 billion.

However, the profit before tax increased to N12.0 billion from N9.8 billion, while the profit after tax increased to N11.3 billion from N8.5 billion, with the earnings per share closing at 39 kobo versus 29 kobo in H1 2019.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Edefe Ojomo

Edefe Ojomo is a lecturer in the Department of Jurisprudence and International Law at the University of Lagos, Nigeria. She has a...

Afsane Jetha

Afsane Jetha is the Managing Partner and CEO of Alta Semper Capital, which she co-founded in 2015 alongside Ronald Lauder (Chairman of...

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...