Fidelity Bank Plc gross earnings hit N141.6bn in Q3 2023

Fidelity Bank Plc gross earnings hit N141.6bn in Q3 2023Fidelity Bank Plc has recorded an improvement in its gross earnings amounting to N141.6 billion in the third quarter of 2023.

This growth was disclosed in the company’s Q3 financial result made available.

Fidelity Bank also recorded an impressive 172.60 percent year-on-year growth in pre-tax profit for the third quarter of 2023, reaching an impressive N34.658 billion. This substantial increase has contributed to a nine-month pre-tax profit of N110.992 billion, compared to N37.792 billion during the same period last year.

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The increase in pre-tax profit can be primarily attributed to the substantial growth in gross earnings, fueled by the increased net interest income and net fees and commission income.Interest Income witnessed a remarkable growth of 82.01 percent year-on-year, amounting to N134.915 billion.

Interest Expense increased by 26.03 percent year-on-year, totaling N47.785 billion while Net interest income experienced a substantial growth of 140.61 percent year-on-year, reaching N87.129 billion.

The Bank also recorded a credit loss expense spiked by a remarkable 621.81 percent year-on-year, amounting to N12.650 billion whilst Net interest income after credit loss expense witnessed an impressive growth of 116.94 percent year-on-year, totaling N74.869 billion.Fees and commission income also showed positive growth, increasing by 37.15 percent year-on-year to reach N12.286 billion.

On the other hand, fees and commission expenses decreased by 42.09 percent, totaling N1.981 billion.Fidelity Bank experienced a net foreign exchange loss of N7.170 billion, in contrast to a gain of N3.866 billion in the previous period. The bank’s profit for the period witnessed a remarkable growth of 155.39 percent year-on-year, amounting to N29.758 billion.Earnings per share also experienced an impressive growth of 132.50 percent year-on-year, reaching 93 kobo. Loans and advances to customers increased by 25.46 percent year-on-year, totaling N2.655 trillion.

Cash and Cash equivalents witnessed a growth of 89.35 percent year-on-year, reaching N568.708 billion.Fidelity Bank’s total assets also increased by 35.71 percent year-on-year, amounting to N5.414 trillion.Impressively, customers’ deposits also increased by 33.30 percent year-on-year to reach N3.44 trillion.