Fidelity Bank Profits up 33% to N11.3bn in Half Year, 2020

Fidelity Bank has reported Half Year results showing a 33 percent growth in the bottom-line to N11.3 billion even as revenues came in flat.

Gross earnings were N105.7 billion up marginally from N103.6 billion in the earlier 2019 period.

Net interest Income was up 31 percent to N48.32 billion.

There was however a surge in credit loss expenses to N7.841billion from a credit position of N5.32 billion in 2019 as the coronavirus induced lockdowns meant a lot of businesses were unable to service loans.

Fidelity bank did not announce an interim dividend. The stock is up 27 percent in the past year.