Fidelity Bank Plc has reported a profit before
tax (PBT) of N9.8 billion for the nine months ended September 30, 2016, showing
a decline of 28.7 per cent from the N13.8 billion recorded in the corresponding
period of 2015.
Similarly, profit after tax (PAT) fell from
N11.445 billion to N8.753 billion.
However, the bank reported gross earnings of N110.3 billion, showing a marginal
increase of three per cent from N107 in the period under review.
Its deposit base also grew by 3.4 per cent to
N795.6 billion, from N769.6 billion.
Commenting on the financial results, the Managing Director/Chief Executive
Officer of the Bank, Nnamdi Okonkwo said the bank’s performance was indeed
reflective of the recessionary environment characterised by lower government
revenues, rising inflation, lower consumer disposable income, significantly
tougher operating environment in all sectors and the impact of these headwinds
on asset quality and foreign trade transactions.
Post a Comment