Fidelity Bank Plc’s pre-tax profit grew by 34.7 per cent to N37.8 billion in its nine months financial results for the period ended September 30, 2022.
The bank’s results released on the Nigerian Exchange showed that profit before tax grew from N28.1 billion at the end of Q3, 2021 to N37.8 billion under the period review.
According to the results, net interest margin improved to 6.2 per cent from 4.7 per cent in 2021 full year, due to increased market yields while average funding cost remained unchanged year-to-date . Average yield on earning assets increased by 166 basis points to 11.7 per cent while average funding cost stood at 4.3 per cent, which resulted in 72.2 per cent YoY increase in net interest income to N111.9 billion.
Speaking on the results, MD/CEO, Fidelity Bank, Nneka Onyeali-Ikpe stated that, “we are happy to report sustained growth across key financial indices in our nine months 2022 results. Gross Earnings increased by 38.7 per cent YoY to N241.9 billion on account of 53.1 per cent growth in interest and similar income to N210.4 billion from N137.4 billion in nine months, 2021. The increase in interest income was driven by improved yield on earnings assets and 16.
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