Fidelity Bank recorded 34.0 per cent growth in its its profit to N6.7 billion in 2019, from N5.0 billion in Q1 2018.
The bank financial statement released on Thursday showed that its gross earnings was up 11.8 per cent to N48.4 billion in the first three months of the year, instead of N43.3 billion in the corresponding period in 2018.
It also grew deposits, loans and other performance indices during the period.
Speaking on the financial results, Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, said the double digit growth in earnings and profits further demonstrates a positive start for the new financial year.
“We remain focused on the execution of our medium-term strategic objectives and targets for the 2019 full year, while we look forward to sustaining the momentum and delivering another strong set of audited results for 2019,” Okonkwo stated.
He said that the bank’s earnings grew by 11 per cent on the back of growth in fund and fee-based income.
“We recorded double digit growth across key income lines: Foreign exchange income (34.4 per cent), digital banking income (34.6 per cent), account maintenance charge (25.5 per cent) and interest income on liquid assets (10.1 per cent )”, Okonkwo said.
According to the Fidelity Bank CEO, digitalisation and the bank’s retail strategy continues to positively impact on its fortunes with 43 per cent of customers now enrolled on the mobile/internet banking products.
He noted that more than 81 per cent of total transactions were done on digital platforms, resulting in 25 per cent in fee-based income, coming from digital banking.
“Savings deposits which now accounts for 24 per cent of total deposits in the period increased by 6.2 per cent to N242.1 billion indicating that the bank is on a steady march to achieving the sixth consecutive year of double-digit savings growth,” Okonkwo added.