Fidelity Bank posts N34.4bn gross earnings

Fidelity Bank Plc has posted gross earnings of N34.4 billion for the first quarter ended March 31, 2016.
This is contained in the first quarter unaudited report issued by the bank and made available to the News Agency of Nigeria NAN in Lagos on Monday.
The report shows that the figure was against the N36.4 billion recorded in the comparative period of 2015.
Its net interest income increased by 30 per cent to N16.1billion from N12.4 billion achieved in the first quarter of 2015.
Also, the bank’s net operating income increased by 6.2 per cent to N20.8 billion from N19.6 billion posted in the preceding period of 2015.
Its profit before tax stood at four billion naira in contrast with N4.7 billion in 2015, a decrease of 14.6 per cent.
The report said the bank’s profit after tax declined by 10.5 per cent to N3.6 billion from four billion naira in 2015.
“The bank’s total expenses increased by 15.7 per cent to N16 billion from N13.9 billion in the first quarter of 2015,’’ it stated.
The report shows that its total assets increased to N1.28 trillion from N1.23 trillion in 2015.
The bank said that the financial performance for the quarter was a reflection of the continued slowdown in business activities.
It stated that lower government revenues arising from depressed oil prices, lower interest rate regime and weaker macro-economic environment contributed to slowdown in business activities.
“We continued to improve the earnings capacity of our balance sheet (fund based income) despite the decline in fee income,’’ the report said.
It explained that the bank’s key objectives for the 2016 full year remained redesigning of its systems and processes to enhance service delivery and cost optimisation initiatives to reduce expenses by per cent.
The report added that the bank would ensure proactive risk management, increased customer adoption and migration to digital platforms and increase retail banking market share.