Fidelity Bank grows Q3 profit by 7.1% amid harsh operating environment

By Chioma Obinagwam

Fidelity Bank has said its Profit After Tax (PAT) increased by 7.1 percent in the third quarter (Q3) 2020.

Confiance News gathered from its Unaudited Financial Statement for the period ended September 30, 2020 posted on the website of the Nigerian Stock Exchange (NSE) on Monday.

Extracts from the unaudited results showed that its PAT rose from the N19.05 billion it recorded in September 2019 to N20.41 billion in the period under review (September 2020).

Again, the bank posted a gross revenue of N155.03 billion in the same period.

More so, deposits from customers increased from N1.12 trillion as at September 2019 to N1.498 trillion in the current year, which represents an increase of 34.21 percent.

Furthermore, Loans and advances to customers also increased by 18.5 percent from N1.07 trillion to N1.27 trillion within the period under review.