Q3: Fidelity Bank reports 172% growth in pre-tax profit

Fidelity Bank reported its 2023 Q3 results showing pre-tax profits grew by 172.60% year on year, reaching N34.658 billion. 

This took the nine-month pre-tax profit to N110.992 billion versus N37.792 billion in the same period last year. 

The increase in pre-tax profit is primarily attributed to the substantial growth in gross earnings. This growth is fueled by the increased net interest income, net fees and commission income 

Key highlights of the result indicate a  gross earnings of  N141.693bn, Interest Income of N135bn, Interest Expense of N47.8bn, Net interest income of  N87bn.

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Furthermore, the bank reported a net foreign exchange loss of N7.170 billion, in stark contrast to the N3.866 billion gain in the previous period. This moderated the overall foreign exchange gain for the nine-month period to N24.993 billion