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%.
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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
- 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