Fidelity Bank posts N20.41 billion profit in 9 months

Despite the harsh consequences of the coronavirus pandemic on businesses, Fidelity bank, one of Nigeria’s second tier banks, has posted a Profit After Tax worth N20.41 billion for the period ended September 2020.

This is according to the recently released unaudited financial result sent to the Nigerian Stock Exchange today.

Profit After Tax (PAT) grew by 7.1%, from N19.05 billion as at September 2019 to N20.41 billion in the corresponding period this year, as the bank also recorded a gross revenue of N155.03billion in 9 months.

On liquidity related issues, deposits from customers increased from N1.12 trillion as at September 2019 to N1.498 trillion in the corresponding period this year, indicating an increase of 34.21%.

Loans and advances to customers also increased by 18.5% from N1.07 trillion to N1.27 trillion within the period under review. Nairametrics

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