Fidelity Bank Plc has recorded gross earnings of N110.3 billion in its unaudited financial results for nine months ended September 30.
The bank’s gross earnings rose to N110.3 billion from N107 billion, representing a growth of 3.0 percent. This is contained in a statement by the bank issued in Lagos yesterday.
The result showed that Fidelity grew its deposit base by 3.4 percent to N795.6 billion from N769.6 billion in 2015 Financial Year (FY).
According to the lender, the devaluation of the naira accounted for N53.6 billion of its deposit growth.
Commenting on the financial results, the Managing Director/Chief Executive Officer of the bank, Nnamdi Okonkwo, pointed out that the performance was reflective of the recessionary environment characterised by lower government revenues, rising inflation, lower consumer disposable income, significantly tougher operating environment in all sectors and the impact of these headwinds on asset quality and foreign trade transactions.
The Fidelity boss said: “We continued with the disciplined execution of our medium term strategy and recorded decent growth on some key operational metrics while moderating the impact of the headwinds above on other financial indices.”
The bank’s gross earnings rose to N110.3 billion from N107 billion, representing a growth of 3.0 percent. This is contained in a statement by the bank issued in Lagos yesterday.
The result showed that Fidelity grew its deposit base by 3.4 percent to N795.6 billion from N769.6 billion in 2015 Financial Year (FY).
According to the lender, the devaluation of the naira accounted for N53.6 billion of its deposit growth.
Commenting on the financial results, the Managing Director/Chief Executive Officer of the bank, Nnamdi Okonkwo, pointed out that the performance was reflective of the recessionary environment characterised by lower government revenues, rising inflation, lower consumer disposable income, significantly tougher operating environment in all sectors and the impact of these headwinds on asset quality and foreign trade transactions.
The Fidelity boss said: “We continued with the disciplined execution of our medium term strategy and recorded decent growth on some key operational metrics while moderating the impact of the headwinds above on other financial indices.”
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