Fidelity Bank has announced robust financial results for the third quarter of 2024, showcasing a pre-tax profit of N81.6 billion, a remarkable 135.5% increase from N34.6 billion in the same period last year.
For the nine-month period ending September 30, 2024, the bank’s cumulative pre-tax profit reached N281.4 billion, reflecting a significant year-over-year increase of 153.54%.
Key Financial Highlights
- Gross Earnings: N249.5 billion, up 76.12% YoY
- Net Interest Income: N139.5 billion, up 60.16% YoY
- Credit Loss Expense: N12 billion, down 1.98% YoY
- Fee and Commission Income: N20.7 billion, up 69.19% YoY
- Fee and Commission Expense: N1.4 billion, down 24.73% YoY
- Post-Tax Profit: N63.8 billion, up 114.61% YoY
- Earnings per Share: N1.99, up 114.61% YoY
- Total Assets: N9.5 trillion, up 52.96% YoY
- Cash and Cash Equivalents: N1.1 trillion, up 103.81% YoY
Performance Overview
In Q3 2024, Fidelity Bank’s gross earnings surged by 76.12%, reaching N249.5 billion, compared to N141.6 billion in Q3 2023. The bank’s net interest income also experienced significant growth, climbing to N139.5 billion from N87 billion, a 60.16% increase.
The bank successfully reduced costs in both credit loss expenses and fee and commission expenses, which declined by 1.98% and 24.73%, respectively. Meanwhile, fee and commission income increased by 69.19% to N20.7 billion.
The pre-tax profit of N81.61 billion for Q3 2024 marked a substantial increase from the previous year, while profit after tax rose by 114.61% to N63.8 billion from N29.7 billion in Q3 2023. Earnings per share doubled from N0.93 to N1.99, reflecting strong returns for shareholders.
Asset Growth and Cash Flow
As of September 30, 2024, Fidelity Bank reported total assets of N9.54 trillion, a 52.96% increase year-over-year. This growth was driven by loans and advances totaling N4.25 trillion and cash and cash equivalents of N1.16 trillion, along with an investment securities portfolio valued at N1.84 trillion.
Fidelity Bank also reported increased cash flow for the nine months ending September 30, 2024, with net cash from operating activities rising to N2.11 trillion, up from N418.65 billion in the previous year. Despite net cash outflows of N1.31 trillion in investing activities, the bank concluded the period with a net increase in cash and cash equivalents of N786.7 billion, resulting in total cash reserves of N1.16 trillion.
Overall, Fidelity Bank’s impressive performance highlights its resilience and growth trajectory in a competitive banking environment.
