Q3 results: Fidelity Bank rapidly living up to expectations – Gbadebo

COMFORT EKELEME, Business Editor

Shareholders of Fidelity Bank Plc have attributed the impressive results posted by the bank at the end of Q3 2021 to good and committed leadership, adding that the bank is rapidly living up to stakeholders’ expectations.

Fidelity Bank recently released its Q3 results showing impressive financial performance, a development industry watchers described as clear breakthrough of ladies in leadership positions in almost all sectors of the Nigerian economy.

Speaking with Daily Champion on behalf of the bank’s shareholders, Alhaji Gbadebo Olatokunbo maintained that these current results are hope restored, adding that it is the prayers of shareholders that the bank should keep the tempo and live up to expectations.

While thanking the management of the bank for the results, he congratulated the Managing Director for her performance so far.

He said, “Fidelity Bank is supposed to be in the league of the likes of GTB, Zenith, Access Banks, etc, but we thank God that the bank is rapidly living up to expectations. And for it to start happening under the leadership of a lady, is an added bonus of the leadership emancipation of ladies leadership in almost all the sectors of the Nigerian economy.

“The real challenge for the bank is to continue to increase the pace, in order to compensate for the dashed hopes of the past, because great expectations were the hope of the earlier investors in Fidelity Bank.

“When l received my entitlement after retirement in 2007,l invested in public-offer of the bank at N11.00 plus. When the banks had problems in 2009, the bank price nosedived and is yet to recover to the glorious days; while dividends were alien to the bank for many years,” he said.

Fidelity Bank Plc Profit Before Tax, (PBT) in Q3 2021 soared by 31.4 per cent to N28.1billion from N21.3 billion in the corresponding period of 2020, Q3’20.

The bank also recorded remarkable total deposits of N1.973 trillion in the period under review.

Details of the nine-month result for the period ended September 30, 2021, released on Tuesday at the Nigerian Exchange Limited (NGX) showed double-digit growth in revenues, deposits, and profitability.

Gross earnings grew by 12.5 per cent to N174.4 billion from N155.0 billion in the same period in 2020 while total assets grew by 15.4 per cent to N3, 182.7 billion from N2, 758.1 billion in the same period last year.

Total deposits, a measure of customer confidence, increased by 16.1 per cent Year to Date, YTD to N1.973.0 billion from N1,699.0bn in 2020 full year,   driven by increased deposit mobilization across all deposits types.

Commenting on the impressive performance, Chief Executive Officer of Fidelity, Mrs. Nneka Onyeali-Ikpe said, “We were able to sustain our performance trend since the start of 2021 with an impressive double-digit growth in profit-driven by 69.9 per cent increase in net fee income which compensated for the decline in net interest income as the average yield on liquid assets remain low.

She noted that digital banking has continued to gain traction as the bank now has 56.1 percent of its customers enrolled on digital banking platforms from 52.8 per cent in 2020.

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