FIDELITY BANK PLC POSTS N7.63 BILLION PROFIT IN Q4, 2020

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Fidelity Bank

Fidelity Bank non-Executive Director purchases 3.1 million shares

Fidelity Bank Plc has reported a Profit After Tax of N7.63 billion for the fourth quarter of 2020 (Q4, 2020), compared to N9.4 billion recorded in the corresponding period of 2019, indicates a decline in profit by 18.6% Year-on-Year.

This is according to the firm’s recent financial statement made available on the Nigerian Stock Exchange and seen by Nairametrics.

Fidelity Bank Plc had earlier reported a 7.1% increase in its Profit After Tax for Q3, 2020, which is directly in contrast to the recent figures which dipped. Other key highlights for Q4 2020 are;

Gross earnings declined to N50.15 billion, -7.91% Y-o-Y.
Profit Before Tax declined to N8.9 billion, -9.2% Y-o-Y
Net interest income increased to N29.04 billion,+17.04% Y-o-Y.
Fees and commission income decreased to N5.4 billion, -10.6% Y-o-Y.
Other operating income increased to N1.54 billion, +25.1% Y-o-Y.
Fees and commission expense increased to N1.77 billion, +18.4% Y-o-Y.
Personnel expenses decreased to N6.7 billion, -6.5% Y-o-Y.
Earnings Per Share declined to 26kobo, -18.75% Y-o-Y

Loans and advances to customers increased to N1.33 trillion in FY 2020, +17.8% Y-o-Y.
Deposits from customers increased to N1.7 trillion in FY 2020, +38.7% Y-o-Y
Total assets increased to N2.8 trillion in FY 2020, +30.4% Y-o-Y.
Total liabilities increased to N2.5 trillion in FY 2020, +32.2% Y-o-Y.

Bottom line: A decline in revenue and some income-earning components coupled with an increase in some expenditures like fees and commission expense, income taxes led to a decline in profit recorded by the firm.

It is worthy to note that in line with CBN’s expansionary policy, loans and advances to customers increased by approximately 18%. Deposits from customers also increased for the aforementioned period.

What you should know:
Out of the five banks that have so far released their Q4 2020 results, Fidelity Bank’s Profit After Tax figure of N7.63 billion ranks fourth behind Ecobank (N25.6 billion), Stanbic IBTC (N17.04 billion), and FBN (N11.6 billion). Fidelity Bank PAT figures is however higher than that of Sterling Bank at N4.33 billion.

Fidelity Bank Plc closed trading on Friday 29th of January 2021 with a share price of N2.72, down by 1.45%.
It also exchanged a total volume of 7.4 million units of shares worth N20.41 million

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