At the Nigerian Stock Exchange (NSE) yesterday, Fidelity Bank plc released its consolidated statement of comprehensive income for the first-quarter (Q1) ended March 31, 2014.
With the release of its Q1’2014 result, Fidelity Bank plc joined others in the financial services subsector that released their Q1 result. Others are GTBank plc, Stanbic IBTC Holdings, and UBA plc.
In the period under review (Q1’2014) Fidelity Bank plc reported gross earnings of N30.956billion against N31.432billion in the corresponding period of 2013.
The bank’s net interest income rose to N12.901billion in Q1’14 from N6.584billion in Q1’13.
Also in the Q1’14 period under review, Fidelity Bank plc reported operating profit of N4.458billion, against N5.945billion in corresponding Q1 period of 2013. The bank’s profit after income tax from continuing opera
tion in Q1’2014 stood at N3.789billion against N4.750billion in Q1’2013.
It will be recalled that Renaissance Capital (RenCap) analysts in their report titled: “New CEO: It’s all about execution,” had advised Fidelity Bank to ensure that it delivers consistently on targets by matching action with numbers; create shareholder value by getting the Return-on-Equity (RoE) up to the high double digits in the medium term; and improve the quality of reporting and investor communication.
