Nigeria's Fidelity Bank Plc has recorded a remarkable 120.1 percent increase in Profit Before Tax, reaching $28 million for the first quarter (Q1) of 2024, compared to $13 million in Q1 2023. The bank's unaudited financial statements, released on the issuer portal of the Nigerian Exchange, reveal a significant surge in gross earnings by 89.9 percent year-on-year (yoy) to $136.6 million from $72 million in Q1 2023. This growth is attributed to a rise in interest income and non-interest income, driven by factors such as a higher yield environment, strong earning assets base, increased account maintenance charges, forex-related income, trade, banking services, and remittances, bolstered by heightened customer transactions.
The bank's net interest income soared by 89.5 percent yoy to $71 million, driven by improved yields on financial instruments, while total deposits increased by 17.2 percent year to date to $3.3 billion, and net loans and advances rose by 21.2 percent to $2.6 billion, reflecting robust growth across various deposit types and lending activities.