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Fidelity Bank grows Q3 profit by 219%


May 10 , 2007/ Punch




<P>Fidelity Bank Plc has posted an increase of 219 per cent profit after tax for the third quarter ended March 31, 2007. </P>
<P>According to the result made available to stock market operators by the Nigerian Stock Exchange, Fidelity Bank recorded gross earnings of N17.52bn, showing an increase of 52 per cent above the N11.5bn recorded in the corresponding period of 2006. </P>
<P>The bank’s profit before tax rose from N1.2bn to N3.83bn, while profit after tax appreciated from N969m in 2006 to N3.1bn. In a statement accompanying the results, the directors had expressed optimism that the budget and financial projections for the year ending June 2007 would be met.</P>
<P>Market sources said that prospects were even brighter with the improved services that have come with the installation of the new banking software. The bank recently achieved a seamless integration of all the three banks that consolidated to form the enlarged Fidelity Bank by linking them to a common platform.</P>
<P>The Managing Director of the Bank, Mr. Reginald Ihejiahi, in a letter to the customers following the introduction of the new software had expressed delight that the bank was now in a position to live up to their mission of making financial services easy and accessible.</P>
<P>The bank’s share price has moved from N2.17 at the opening of the year to about N7.49 as at Tuesday, showing a capital growth of 245 per cent. <EM><SPAN style=\"FONT-SIZE: 8pt; COLOR: #dcdcdc\"></SPAN></EM></P>

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