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B N W: Biafra Nigeria World News |
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Fidelity Bank makes N1b profit, asset base hits N35b
FOR the second consecutive year, Fidelity Bank has crossed a billion naira profit mark while its asset base has hit about N35 billion.
The bank made N1.08 billion in profit before tax in a year that the profitability of most financial institutions in the country nose-dived.
Of the 89 banks operating in the country, only about 13 make up to one billion naira profit yearly.
Fidelity Bank's figures were contained in the banks audited annual accounts for the year ended June 2004, which the Central Bank of Nigeria approved at the weekend.
The bank also experienced a quantum leap in its total assets base, which now stands at N34.8 billion, representing 33 per cent growth over last year's figures.
In the same vein, the deposit base of the bank grew to N20.56 billion from N16.89 billion in 2003. This is significant as it represents not just an increase in market share but also serves as a measure of confidence placed in the bank.
Fidelity also experienced a major growth in gross earnings, which rose to N5.5 billion from N4.4 billion, representing a growth of 20 per cent over 2003, a big boost to the bank in its re-capitalisation efforts.
It recently announced a two-prong re-capitalisation programme, one of which involves raising of capital through private placement in the first instance.
Its Managing Director and Chief Executive, Mr. Reginald Ihejiahi, said the bank owed the results to the customers and other stakeholders whose faith in the bank have remained unwavering.
He also confirmed that the re-capitalisation programme of the bank was receiving excellent support from all stakeholders.
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