Fidelity Bank announces 53.9 per cent growth, N10.1bn profit before tax for Q1

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By Wisdom Deji-Folutile

Fidelity Bank Plc has closed the first quarter of 2021 with a robust performance, posting appreciable growth in profits for the period ended March 31, 2021.

The unaudited results released at the Nigerian Stock Exchange show that profit before tax grew by 53.9 per cent from N6.6bn in Q1 of 2020 to N10.1bn.

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Similarly, net revenue also increased 13.4 per cent from N30.3bn in Q1 2020 to N34.4bn in 2021, just as the bank recorded growth in other performance indices.

“We commenced the year showing impressive double-digit growth in profitability and improved performance across key efficiency indices whilst ensuring our business model continued to deliver strong positive results in line with our guidance for the 2021 financial year,” the bank said.