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Fidelity Bank Plc has grown its pre-tax profit 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 (NGX) 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 (YTD).
Average yield on earning assets increased by 166 basis points (bps) 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.
The statement of account also showed considerable growth in net loans and advances by 20.0 per cent YTD to N1.989 trillion from N1.658 trillion in 2021 full year with intervention fund facilities and the impact of naira devaluation accounting for 33.8 per cent of the absolute YTD growth in risk assets book.
This article was updated 2 months ago
