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Monday, March 20, 2023

Fidelity Bank Rakes in N6.42bn from ATM, Account Maintenance Fees in H1

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If you are a customer or transacted with Fidelity Bank this year, the fees you paid have helped the bank to report a 55% increase in ATM and Account maintenance fees it earned to the tune of N6.42 billion in the first half (H1) of 2022.

The comparable number in the first half of 2021 was N4.123 billion.

Fidelity Bank earned a total of N16.08 billion in fees and commission income in H1, 2022, with the largest chunk coming from ATM and Account maintenance fees, which made up 40% of the total.

Interest income which forms a larger chunk of its gross revenues came in at N136.22 billion, while the bank reported profit for the period of N23.3 billion, up 21% compared to N19.3 billion in H1, 2021.

Fidelity Bank had total deposits from customers of N2.29 trillion as at June 2022. Total loans extended (where the majority of interest income is earned) amounted to N1.912 trillion.

The bank reported that it paid N42.85 billion as penalty for contravening of Central Bank of Nigeria circulars and guidelines relating to Cryptocurrency.

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