Despite the economic challenges occasioned by the COVID-19 pandemic, Fidelity Bank has sustained the financial performance trajectory of recent years, with another set of impressive financial results.
Details of the audited half-year results ending June 30, 2020 for the top Nigerian lender, released on the Nigerian Stock Exchange, NSE, on Thursday September 3, 2020, showed strong growth in profits and other indices
The bank recorded a surge in Profit Before Tax of N12.0bn from N9.8bn in 2019, which translated to a 22% growth.
Net profits for Fidelity Bank grew by 33% from N8.5bn to N11.3bn in the reporting period. In other indices, Total Assets rose by 13.7% from N2.1trillion in 2019 to N2.4trillion this year whilst Total Deposits rose by 14.8% from N1.2trillion to N1.4trillion during the same period.
Commenting on the results, Fidelity Bank CEO, Nnamdi Okonkwo, said the performance for the period reflected the resilience of the bank’s business model.
“Due to the global and domestic headwinds witnessed in H1-2020, we proactively increased our cost of risk as the impact of the pandemic slowed down economic activities whilst adapting our business model to the new risks and opportunities of the new normal,” he stated.
According to him, Fidelity Bank re-stated its H1-2019 figures from N15.1bn to N9.8bn to reflect the impact of IFRIC 21- Levies, which was adopted for the first time on the H1 2020 financials.
“The key impact of IFRIC 21 was that our 2020FY AMCON Cost was recognized 100% in our H1-2020 Accounts rather than being amortized over 12 months as was done previously on our financials,” said the Fidelity CEO”. He further revealed that, without implementing IFRIC 21, profit for the period would have been N17.9bn compared to the N15.1bn reported in H1 2019.
Fidelity Bank has been implementing a digital-led retail strategy and digital banking gained further traction during the period with 87.3% of the bank’s customers now transacting on digital platforms. The figures are up from 82.0% in 2019FY while 51.2% of the bank’s customers are now enrolled on the bank’s mobile/internet banking products.
“Though digital banking income dropped by 29.1% due to the downward fee revisions for electronic transactions in line with the new bankers’ tariff, we have continued to receive positive reviews on our digital channels. IVY, the bank’s chat box is rated as the clear leader, among virtual assistants in the industry, just as our flagship instant banking product (*770#) was also rated in the top tier category in the recently released 2020 KPMG Digital Channels Scorecard” he explained.
Retail Banking in Fidelity Bank has continued to also deliver impressive results. Savings deposits in H1 2020 increased by 32.2% to N363.9bn with the bank on course to achieving the 7th consecutive year of double-digit growth in savings. Savings deposits accounted for 49.1% of the total growth in customer deposits and now represents 25.9% of total deposits compared to 22.5% in 2019FY.
In reflection of the bank’s early conservative assessment of the sectors that were affected by the COVID-19 pandemic, the bank’s Non-Performing Loans (NPL) ratio increased to 4.8% from 3.3% in 2019FY. Regulatory ratios however remained above the required thresholds with Capital Adequacy Ratio increasing to 18.8% from 18.3% due to the capitalization of H1 2020 Audited Profits while Liquidity Ratio stood at 32.1%.
I’m extremely impressed together with your writing skills as smartly as with the
layout on your weblog. Is this a paid subject matter or did you modify it your self?
Anyway stay up the excellent high quality writing, it’s uncommon to peer a nice weblog like
this one nowadays.
Excellent article. I’m facing many of these issues as well..
When someone writes an article he/she maintains the thought of a
user in his/her mind that how a user can be aware of it.
Therefore that’s why this piece of writing is perfect. Thanks!
I like what you guys are usually up too. Such clever work and coverage!
Keep up the good works guys I’ve included you guys to
my blogroll.
I conceive this web site holds very superb pent content posts.
Review my web-site Bedrock Keto Reviews
I pay a visit daily some web sites and websites to read articles or
reviews, however this weblog provides quality based content.
I actually wanted to post a message to be able to thank
you for all the marvelous tips you are giving at this website.
My long internet research has finally been rewarded with really good
facts and techniques to write about with my relatives. I would claim that
most of us site visitors actually are really lucky to exist in a
great site with many wonderful professionals with
very beneficial tips. I feel extremely lucky to have used your entire web site and look forward to really more pleasurable times reading here.
Thank you once again for everything.
My web site … https://strangebodyart.com/profile/RaleighBob
You can definitely see your enthusiasm in the work you write.
The arena hopes for even more passionate writers such as you who are not afraid to mention how they believe.
Always follow your heart.
my web page; Stimula Blood Sugar Support Pills
Very nice post. I simply stumbled upon your blog and wished
to say that I’ve really enjoyed surfing around your blog posts.
In any case I’ll be subscribing in your rss feed and I’m hoping
you write again soon!
Here is my blog – http://biostempills.com/
I adore meeting useful info, this post has got me even more info!
Also visit my web site :: https://synapsext.org/
This is a really good tip especially to those new to
the blogosphere. Simple but very precise info? Appreciate your sharing this one.
A must read post!
Here is my web page: http://www.multiple-avenues.com/forums/entry.php?640287-Winter-Skincare-Tips-For-Radiant-Skin
I gotta favorite this internet site it seems extremely helpful handy.
Stop by my page – Keto Max Slim Review
WOW just what I was looking for. Came here by searching for skinny coffee
my website Back
Definitely imagine that that you stated. Your favorite reason seemed click here to try again be on the internet the easiest factor to be mindful of.
I say to you, I certainly get irked at the same time as people think about
worries that they just do not realize about.
You managed to hit the nail upon the highest as well as defined out the entire thing with no need side
effect , other people could take a signal. Will likely be back to
get more. Thanks
Thanks for another informative website. Where else
may I get that type of information written in such a perfect way?
I have a venture that I’m just now operating on, and I’ve been on the glance
out for such info.
Feel free to surf to my page – Herbal Grown CBD Oil
This is my first time go to see at here and i am genuinely happy
to read everthing at single place.
my web site: Life Choice Keto Review
Hey there, You have done a great job. I will certainly digg it and for my part recommend to my friends.
I am confident they will be benefited from this site.
Look at my blog post http://coutureconfectionsny.com/2020/09/are-is-going-to-diets-really-the-best-3/
Hi, I check your blogs like every week. Your writing style
is awesome, keep it up!
Feel free to visit my web blog; http://irssoft.com/forums/users/michalhutchens5/
Hello there, You have done an incredible job. I’ll certainly digg it and personally
suggest to my friends. I am sure they will be benefited from this website.
Also visit my web site :: Biotech Keto Pills
I quite like reading an article that can make people think.
Also, thank you for allowing me to comment!
my web site; بعد از 5 ثانیه کلیک کنید
If you want to take a great deal from this post then you
have to apply such strategies to your won website.
My web blog; https://flashsteam.com/forums/users/nikole35v7/
I like the valuable info you provide in your articles.
I’ll bookmark your weblog and check again here regularly.
I’m quite certain I will learn lots of new stuff right here!
Good luck for the next!
Also visit my webpage: My Natural CBD Oil
Please let me know if you’re looking for a writer for
your site. You have some really great posts and I think
I would be a good asset. If you ever want to take some of
the load off, I’d really like to write some material for your blog
in exchange for a link back to mine. Please shoot me an e-mail
if interested. Kudos!
Also visit my page … http://beauhorn.com/forums/users/zacharybenn/
Hi there! Someone in my Facebook group shared this website with us so I came to check it out.
I’m definitely enjoying the information. I’m bookmarking and will be tweeting this to my followers!
Wonderful blog and outstanding design.
my blog; Taip
For the reason that the admin of this web site is working, no question very soon it
will be famous, due to its quality contents.
Also visit my web blog; http://weighttraining.qhub.com/member/1786265
Thanks for your personal marvelous posting! I actually enjoyed reading it, you happen to be a great author.I will remember to bookmark your blog and will come back later on.
I want to encourage that you continue your great work, have a nice day!
my blog post :: https://frankiebonecloud.com/user/profile/128260
You could definitely see your skills within the work you write.
The sector hopes for more passionate writers like you who aren’t afraid to mention how they
believe. All the time follow your heart.
Feel free to surf to my website :: http://adsciti.com/user/profile/78932
Thanks for sharing your thoughts. I really appreciate your efforts and I will be waiting for your
next write ups thanks once again.
Review my webpage :: Keto Burn Max
Unquestionably consider that that you said. Your favourite justification appeared to be on the
internet the simplest thing to take into accout of.
I say to you, I certainly get annoyed at the same time as folks think about
issues that they plainly don’t understand about.
You controlled to hit the nail upon the highest and also
outlined out the whole thing with no need side-effects ,
other people can take a signal. Will likely be again to get more.
Thank you!
Feel free to visit my web-site … Alpha Visage Cream
all the time i used to read smaller articles or
reviews that as well clear their motive, and that is
also happening with this post which I am reading here.
my site; https://www.dhootgroup.net/?option=com_k2&view=itemlist&task=user&id=3020784
Perfect piece of work you have done, this web site
is really cool with excellent information.
Also visit my homepage – https://network.ameeni.com/MarcyMcPhillamy35
Great article.
Here is my site – https://dicksautomotiveinc.com/how-to-get-rid-of-deadly-internal-stomach-fat/
I am in fact grateful to the owner of this web site who has shared this wonderful post at here.
my web page Goto
Thanks for your marvelous posting! I definitely enjoyed reading it, you’re a
great author. I will be sure to bookmark your blog and will eventually come back
very soon. I want to encourage you to continue your great
writing, have a nice evening!
Here is my website; https://ketorapid.org/
Wonderful article! That is the kind of info that should be shared around the web.
Shame on Google for now not positioning
this post upper! Come on over and talk over with my website .
Thank you =)
My web blog RangeXTD Wifi Booster
I’m so happy to read this. This is the kind of manual that needs to be given and not the random misinformation that is at the other blogs.
Appreciate your sharing this greatest doc.
Feel free to surf to my blog post – http://litmist.com/2020/08/29/fat-burning-diets-genuine-57/
Hey there! I could have sworn I’ve been to
this website before but after checking through some of the post I
realized it’s new to me. Anyhow, I’m definitely glad
I found it and I’ll be bookmarking and checking back
often!
Feel free to visit my website; https://geegram.net/RosettaCaban
Hello, i think that i noticed you visited my web site so i got
here to ?go back the prefer?.I’m trying to in finding issues to enhance my
website!I suppose its ok to make use of a few of your ideas!!
My blog post – کلیک کنید
Good blog you have here.. It’s hard to find excellent writing like yours nowadays.
I seriously appreciate people like you! Take care!!
My web page :: Dashi Diet Keto Review
Great post. I used to be checking continuously this weblog and
I’m impressed! Extremely helpful info particularly the ultimate phase 🙂 I handle such information a lot.
I used to be seeking this particular information for a long time.
Thank you and best of luck.
Here is my page … BioStem Male Enhancement
I really enjoy looking at on this internet site, it has got great
blog posts.
Have a look at my blog post :: http://thequinnverse.com/wikka/JolenejhCollicottbd
Hi, I think your website might be having browser compatibility issues.
When I look at your website in Opera, it looks fine but when opening in Internet Explorer, it has some overlapping.
I just wanted to give you a quick heads up! Other then that, awesome blog!
Also visit my web blog – http://www.articledude.com/classifieds/user/profile/226629
I was recommended this web site by my cousin. I am no
longer positive whether this put up is written by him as nobody else
recognise such certain approximately my trouble.
You’re amazing! Thanks!
Here is my website … &x9AD8&x8003信息网
I was looking through some of your blog posts on this internet site and I conceive this website is really instructive!
Retain posting.
my blog post – https://www.classified.kukooo.com/author/joieleason6/
Every weekend i used to pay a visit this website, because i want enjoyment, for the reason that this this web site conations genuinely pleasant funny material too.
Feel free to visit my website :: Stimula Blood Sugar Support
Hi, this weekend is fastidious designed for me,
for the reason that this time i am reading this enormous educational
piece of writing here at my residence.
Visit my web blog … Keto Vibe Reviews
I like this web blog it’s a master piece! Glad I found this on google.
Also visit my web-site – https://www.everythingbirds.com/community/users/ekamarcelo/
I think you have observed some very interesting details, thanks for the post.
My web page http://beauhorn.com/forums/users/heathspann4667/
I seriously love your website.. Very nice colors & theme.
Did you make this web site yourself? Please reply back as I’m planning to create my
own personal website and want to know where you got this from or
exactly what the theme is called. Many thanks!
Enjoyed reading this, very good stuff, regards.
Feel free to surf to my blog: http://thequinnverse.com/wikka/MahaliawrBartleyhd
I’m pretty pleased to uncover this website. I want to to thank you
for ones time due to this fantastic read!! I definitely enjoyed every bit of it and i also have you saved as a
favorite to look at new stuff in your site.
Check out my web-site: Prime Force Keto Reviews
Howdy would you mind stating which blog
platform you’re working with? I’m going to start my
own blog soon but I’m having a hard time making a decision between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your design seems different
then most blogs and I’m looking for something completely unique.
P.S Apologies for getting off-topic but
I had to ask!
Also visit my homepage :: Back
I still can’t quite think that I could often be one of those
studying the important guidelines found on your web
blog. My family and I are sincerely thankful for the generosity and for giving me the chance to pursue my own chosen profession path.
Thanks for the important information I obtained from your web page.
Also visit my blog post :: bitte weiter zum Link
Spot on with this write-up, I absolutely believe that this
amazing site needs much more attention. I’ll probably be returning to read through more, thanks
for the information!
Also visit my web-site: https://biotechcbd.net/
It’s very effortless to find out any matter on net as compared to books,
as I found this paragraph at this website.
Feel free to surf to my web site :: IsoVerge Keto Review
Hello friends, how is everything, and what you wish for to say concerning this article, in my
view its actually remarkable designed for me.
Also visit my web-site – Sierra CBD Oil
Amazing! This blog looks exactly like my old one! It’s on a totally different topic but it has pretty much the same layout and design. Excellent choice
of colors!
Feel free to visit my web page AirBeatz Reviews
There is definately a great deal to find out about this subject.
I love all of the points you made.
My web blog – https://jalandhar.indiaolx.com/user/profile/50105
Hey there! I just wanted to ask if you ever have any issues with hackers?
My last blog (wordpress) was hacked and I ended up losing several weeks of hard work
due to no backup. Do you have any solutions to stop hackers?
my site; CBD Essential Extract
Hi! I know this is kinda off topic however I’d figured I’d ask.
Would you be interested in exchanging links or maybe guest authoring a blog article or vice-versa?
My website goes over a lot of the same subjects as yours and I feel we
could greatly benefit from each other. If you are
interested feel free to send me an e-mail. I look forward to hearing from you!
Fantastic blog by the way!
Here is my blog post: Organic Canna CBD
This is the right web site for everyone who really wants to find out about this topic.
You know a whole lot its almost hard to argue with you (not
that I actually will need to?HaHa). You definitely put a brand new spin on a topic that’s been written about for decades.
Great stuff, just wonderful!
Also visit my website: SPS Male Enhancement Reviews
I like what you guys are up too. Such smart work
and reporting! Keep up the superb works guys I have incorporated you guys to my blogroll.
I think it will improve the value of my web site :).
Also visit my blog post; Organic Line CBD Reviews
I really enjoy looking through on this site, it
contains great posts.
Here is my web blog :: PentagonFit Reviews
This website certainly has all of the information I needed concerning this subject and didn’t know who to
ask.
Here is my web blog: Maricanna CBD Reviews
I do believe all of the concepts you’ve offered on your post.
They’re very convincing and will definitely work.
Nonetheless, the posts are very quick for beginners. May you
please lengthen them a bit from subsequent time? Thank you for the
post.
Also visit my web blog – freshly hatched seeds