Fidelity Bank declares N11.4b profit in Q3

For the third quarter ended September 30, 2015, Fidelity Bank Plc recorded Profit After Tax (PAT) of N11.4billion and  gross earning of N106 billion, indicating an increase of  1.8 per cent and 11.0 percent respectively.
According to the bank, Gross earnings grew from N96.0 billion to N106.6billion while profit after tax (PAT) went up by 1.8 percent to N11.4 billion as against N11.2 billion made in the corresponding period in 2014.
Also, total equity  increased by 4.2 percent to N180.3 billion from N173.1billion as at December 2014, while  operating income stood at N62.0 billion, a 9.7 percent rise compared to N56.5 billion in the nine month period.
The Managing Director and Chief Executive Officer of the bank , Nnamdi Okonkwo explained that business operations during the period under review were constrained by regulatory and economic pressures.
He said: “Despite  challenges we continued with the disciplined execution of our medium term strategy. Profit before Tax (PBT) increased to N13.8billion”.