Okonkwo, Fidelity Bank CEO

Adebayo Obajemu

Fidelity Bank in its first quarter financial report for 2020 declared a profit after tax of N5.86 billion.

In the unaudited financial statement of the three months ended 31, March 2020, the financial institution reported gross earnings of N51.16 billion, up by 5.65% when compared to the gross earnings  of 48.42 billion reported in first quarter of 2020.

Profit before tax (PBT) for Q1 2020 closed at N6.58 billion, down by 1.36% when compared to the PBT of N6.67 billion in Q1 2019.

Profit after tax for the period under review dropped by 1.35%, closing the first quarter with N5.86 billion as against 5.94 billion reported in Q1 2019.

The earnings per share of the firm stands at 20 kobo, down by 1.35% when compred to the earnings per share of 21 kobo reported in Q1 2019.

With reference to the share price of N1.82, the P.E ratio of Fidelity Bank stands at 9.00x with earnings yield of 11.11%.