Fidelity Bank reports 21.9% profit decline in Q2

The Nigerian Stock Exchange on Wednesday released the Fidelity Bank’s second quarter (Q2) 2014 results which showed a marked decline of 21.9 per cent in profit after tax (PAT) to N3.1 billion when compared with Q2 2013.

The bank’s profit before tax (PBT) also declined by 5.2 per cent as it booked a loss of N1.2 billion on the other comprehensive income line.

Fidelity Bank

While Interest income rose by 0.8 per cent to N25.259 billion, other income rose by 10 per cent to N7.043 billion.

Fidelity’s cost to income ratio remains high, at 73.1 per cent, though down slightly from 74.1% in Q1 2014. With respect to the contributions by the revenue lines, non-interest income was the growth driver, increasing 10.0 per cent, and helping to offset a slight decline of 2.2 per cent in net interest income.