FIDELITY BANK 2019 HALF YEAR FINANCIAL PERFORMANCE REVIEW
Gross Earnings: The Bank’s gross earnings for its half year report inched higher in double fold by 12.31% to N103.655Billion compared with the gross earnings of N92.295 Billion earned as at 30th June, 2018, this growth was driven by significant appreciation recorded on other operating income, as it inched higher by 103.42%, this growth was influenced by significant appreciation earned from Net Foreign Exchange Gains, Dividend Income and Profit on Disposal of Asset.
Revenue: The Bank’s Core Revenue was able to deliver just a marginal growth of 7.22%, as it posted a revenue of N85.830 Billion for 2019 half year as against N80.047 Billion for 2018 half year, that was majorly driven by Interest Income on loans and advances to Customers, given a 17% appreciation and a 326% growth on interest income earned from placement and short term funds.
Total Operating Cost: The Banks total operating cost recorded some elevation during its half year operation, the growth recorded where in the area of interest expenses that inched higher by 16.53%, which was influenced by interest expenses incurred on current account and savings account that both appreciated by 51% and 24% respectively.
Bottom Line: The Bank’s recorded significant growth on its PAT, which appreciated by 15.55%, to N13.685Billion that was driven mainly by 6.31% growth on Non-interest Income, 7.22% growth on interest Income as well as significant growth on credit impairment write back.