Fidelity Bank Posts N146.9bn Gross Earnings | Independent Newspapers Limited
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Fidelity Bank Posts N146.9bn Gross Earnings

Posted: Apr 5, 2016 at 4:32 am   /   by   /   comments (0)

FIDELITY Bank Plc, one of the country’s most capitalised financial institutions, on Thursday said its gross earnings for the period ended December 31, 2015 grew to N146.9 billion from N136.1 billion recorded in 2014 Financial Year (FY). In the same vein, it promised shareholders N4.6 billion as dividend payout, thus maintaining a tradition of consistent dividend pay-out for the past six years.

According to the lender’s audited financial statements for the period under review, Fidelity Bank posted a rise of 7.9 percent and 0.8 percent in its gross earnings and profit respectively, despite the nation’s harsh operating environment characterised by regulatory and economic headwinds. Profit after Tax (PAT) for the period ended December 31, 2015 rose marginally to N13.9 billion as against N13.8 billion made in the comparable period last year. Whereas total equity increased by 6.0 percent to N183.5 billion from N173.1 billion in 2014 FY, net operating income stood at N83.9 billion, a moderate 12.5 percent rise from N74.6 billion in 2014 FY.

Commenting on the result, Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo 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. He explained that the bank improved the earning capacity of its balance sheet even in the face of decline in fee income precipitated by a N10.0 billion reduction in its foreign exchange income.