Fidelity Bank H1 profit up by 2.5%

Fidelity Bank Plc has posted 2.45 per cent increase in net earnings for the first half ended June 30, 2015. According to a notice from the Nigerian Stock Exchange (NSE), the statement of financial position as at the period under review showed that profit after tax rose by 2.45 per cent to N8.214 billion during the sixmonth period to June 30, as against N8.017 billion in the same period of 2014. Its first-half pre-tax profit equally grew 2.45 per cent to N9.664 billion in 2015 from N9.432 billion in 2014. Gross earnings rose to N71.89 billion from N63.25 billion last year, representing a growth of 13.65 per cent.

Fidelity Bank had recorded a 5.6 per cent increase in net earnings for the financial first quarter ended March 31, 2015. The bank’s profit after tax rose by 5.6 per cent to N4.003 billion from N3.790 billion a year ago. Pre-tax profit equally rose by 5.6 per cent to N4.7 billion during the period under review from N4.4 billion in Q1 2014. Gross earnings grew 11.12 per cent during the period to N34.829 billion as against N30.956 billion posted in 2014. The bank raised N30 billion ($151 million) through an unsecured bond at 16.48 per cent, to fund increased lending to small businesses and retail clients.