Fidelity Bank grows PBT by 35.7% to N38.1bn for FY 2021

……Proposes dividend of 35 kobo per share

Fidelity Bank Plc has recorded 35.7per cent growth in Profit Before Tax (PBT) for its 2021 financial year to close the year at N38.1 billion according to the bank’s recently issued financial result.

Analysis of the results indicates that the bank grew Gross Earnings by 21.6per cent YoY (23.2per cent QoQ) to N250.8 billion driven by a combination of 60.3per cent growth in non-interest revenue (NIR) and 15.2per cent increase in interest and similar income.

The growth in NIR reflects the significant increase in customer transactions resulting in 84.9per cent growth in trade income, 48.1per cent in account maintenance charge, and 47.2per cent increase in digital banking income.

Commenting on the Bank’s impressive performance, MD/CEO, Nneka Onyeali-Ikpe said: “We closed the financial year with strong double-digit growth in profit and across key balance-sheet lines, which reflects the disciplined execution of our strategy and capacity to deliver superior returns to shareholders.

“Profit before tax grew by 35.7per cent to N38.1billion from N28.1billion in 2020, which translates to an increase in RoAE to 12.5per cent from 10.5per cent in 2020.”