Fidelity Bank (FIDELITYBK) Q3 2024 earnings summary

Executive summary

• Achieved strong growth in gross earnings, net interest income, and profit for the nine months ended 30 September 2024 compared to the same period last year.

• Maintained robust internal controls and effective risk management, with no significant deficiencies or fraud reported.

• Directors confirm the bank remains a going concern, with healthy liquidity and capital adequacy.

Financial highlights

• Gross earnings reached ₦772.5bn, up from ₦388.8bn year-over-year.

• Net interest income rose to ₦470.5bn from ₦194.9bn year-over-year.

• Profit before tax increased to ₦284.1bn, up from ₦110.9bn year-over-year.

• Profit for the period was ₦222.3bn, compared to ₦91.8bn year-over-year.

• Total assets grew to ₦9.54tn from ₦6.23tn as of 31 December 2023.

Outlook and guidance

• Management expects to meet financial obligations and maintain healthy liquidity despite global uncertainties.

• No material adverse impact anticipated from ongoing geopolitical conflicts.