Nnamdi Okonkwo led Fidelity Bank has posted an impressive report of 94 percent profit growth for the financial year that ended , December 31, 2017. The bank have also proposed an 11 kobo per share dividend for investors.
Gross earnings increased by 18.3 percent from N152 billion to N179.9 billion and profit after tax (PAT) increased by 93.7 percent from N9.7 billion to N18.9 billion.
Total expenses declined by 2.3 percent to N65.7 billion from N67.2 billion, this is according to a statement from the bank.
Fidelity Bank MD, Nnamdi Okonkwo,, said the bank reported such an impressive results through disciplined balance sheet management, strategic cost reduction, increased focus on the corporate, commercial, SME segments and continued execution of its retail and digital banking strategy.
“We are delighted at the results, which showed strong growth in key revenue lines, significant traction in our chosen business segments and a corresponding decline in our operating expenses despite the high inflationary environment,” he said.
“The combination of the strong net revenue growth of 9.9% to N7.7 billion and the 2.3% decline in total expenses which translated to cost savings of N1.5 billion resulted in our increased profitability.”