Fidelity Bank posts N6bn pre-tax profit in Q2 2016

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Fidelity Bank Plc has reported a profit before tax of N6.284 billion for the second quarter ended June 30, 2016 as against N9.664 billion in Q2 2015, representing a decline of 34.95 per cent.
Profit after tax declined by 31.92 per cent to N5.593 billion from N8.215 billion in Q2 2015,while gross earnings decreased marginally by 2.59 per cent to N70.415 billion from N72.291 billion in Q2 2015. However, net interest income increased by 16.47 per cent to N31.268 billion from N26.846 billion in Q2 2015.
Fidelity Bank reported a profit before tax of N4 billion for the first quarter ended March 31, 2016 as against N4.7 billion in Q1 2015, representing a decline of 14.6 per cent.
Profit after tax fell by 10.5 per cent to N3.6 billion from N4.0 billion in Q1 2015, while gross earnings decreased by 5.5 per cent to N34.4 billion from N36.4 billion in Q1 2015.
However, net interest income increased by 30 per cent to N16.1 billion from N12.4 billion in Q1 2015 and net operating income equally increased by 6.2 per cent to N20.8 billion from N19.6 billion in Q1 2015.
Speaking recently at the lender’s AGM in Lagos, Deputy Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mohammed Balarabe, said that the bank’s 2015 FY performance reflects the disciplined execution of the management’s medium-term strategy and the resilience of evolving business models despite the extremely challenging business environment in 2015.