Fidelity Bank reported its 2023 Q3 results showing pre-tax profits grew by 172.60% year on year, reaching N34.658 billion. 

This took the nine-month pre-tax profit to N110.992 billion versus N37.792 billion in the same period last year. 

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%. 

  

More Insights

The increase in pre-tax profit is primarily attributed to the substantial growth in gross earnings. This growth is fueled by the increased net interest income, net fees and commission income 

Other News

  • However, it is important to note that the bank’s credit loss expense surged by 621.18% to N12.260 billion. 
  • Furthermore, the bank reported a net foreign exchange loss of N7.170 billion, in stark contrast to the N3.866 billion gain in the previous period. This moderated the overall foreign exchange gain for the nine-month period to N24.993 billion