Fidelity Bank begins 2019 on a high, posts strong Q1 results Fidelity Bank begins 2019 on a high, posts strong Q1 results
Fidelity Bank Plc in its Q1’19 unaudited financial report released to the investing public on Thursday 25th April 2019, recorded an increase of 11.8%... Fidelity Bank begins 2019 on a high, posts strong Q1 results

Fidelity Bank Plc in its Q1’19 unaudited financial report released to the investing public on Thursday 25th April 2019, recorded an increase of 11.8% and 28.4% in Gross Earnings and Profit After Tax (PAT) respectively.

The increase in the group’s Gross Earnings was jointly impacted by a 3% increase in Interest Income (to ₦38.67 billion), 40% increase in Fees & Commission Income (to ₦6.50 billion), 79% increase in Net Gains on Financial Instruments (to ₦777 million), and 349% increase in Other Income (to ₦2.49 billion) compared to the corresponding period of 2018.

As such, PAT rose from Q1’18 level of ₦4.63 billion to ₦5.94 billion, despite a 107% increase in taxation to ₦734 million compared to a corresponding period of 2018.

Furthermore, we noticed that the group’s loan to customers usurped the size of its deposits in Q1’19. The group’s loan book increased by 29% to ₦1.024 trillion compared to the corresponding period of 2018, while deposits size increased by 18.3% to ₦1.015 trillion. This suggests that the group intends to drive its performance for the 2019 financial year through increased loans provision.

In conclusion, the group’s EPS for Q1’19 stood at 18k. This represents an increase of 12.50% compared to the corresponding period of 2018. In the light of this, we anticipate improved dividend payout in 2019 FY barring any dismal performance in the remaining quarters of the year

National Waves

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