Fidelity Bank reports N4.7bn Q1 PBT

Fidelity Bank plc has reported a Profit before Tax (PBT) of N4.7bn for the first-quarter (Q1) ended March 31, 2015 from N4.4bn in Q1 2014, up by 5.6 percent.
Highlights of the financials released at the Nigerian Stock Exchange (NSE) show Fidelity Bank plc recorded gross earnings increase by 12.5 percent to N34.8bn from N30.9bn in the corresponding first-quarter (Q1) of 2014.
Fee income increased by 54.0 percent to N9.2bn from N6bn in Q1 2014; operating income increased by 14.4 percent to N21.6bn from N18.9bn in Q1 2014; total expenses increased by 12.9 percent to N14.4bn from N12.7bn in Q1 2014; Profit after Tax increased by 5.6 percent to N4bn, from N3.8bn in Q1 2014.
Also, the bank’s net loans increased by 1 percent to N546.9bn from N541.7bn in December 2014; deposits declined by 2.7 percent to N797.5bn from N820.0bn in December 2014; total equity increased by 2.9 percent to N178bn from N173.1bn in December 2014; total assets increased by 0.8 percent to N1.196trn from N1.187trn in December 2014.
While commenting on the results, Nnamdi Okonkwo, managing director /CEO of Fidelity Bank plc stated that: “In the quarter ended March 2015, we built on the successes of the last financial year as we remain committed to delivering sustainable earnings and improved asset quality. Notwithstanding the headwinds witnessed in our industry, we recorded a 5.6 percent growth in Profit before Tax (PBT) to N4.7bn putting us on the right path to achieving our 2015 FYE guidance.”
Deposits declined by 2.7 percent in the quarter under review as we continue to replace more expensive wholesale funds with cheaper retail deposits.