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Fidelity Bank Announces 94% Surge In PAT In 2017 - Business - Nairaland

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Fidelity Bank Announces 94% Surge In PAT In 2017 by straneur(m): 5:19am On May 01, 2018
One of the Nigerian leading banks, Fidelity Bank Plc, reported 94 percent surged in profit in the year 2017.

The lender on Monday announced 18.3 percent surged in its gross earnings from N152 billion to N179.9 billion, while profit after tax reportedly grew by 93.7 percent to N18.9 billion, up from N9.7 billion recorded in 2016.

Total operating income grew by 9.9 percent to N86 billion from N78.3 billion in the year, while total assets rose by 6.2 percent to N1.4 trillion from N1.3 trillion filed in 2016. Also, other indices of the bank showed improvement with the total expenses in the year declining by 2.2 percent from N67.2 billion to N65.7 billion, while liquidity ratio tick-up to 35.9 percent.

According to the audited report released through the Nigerian Stock Exchange, the lender recorded growth across key indices, following its return to the international capital market and successful issuance of $400 million Eurobond that was over-subscribed by over 200 percent.

Speaking on the results, the Chief Executive Officer of the bank, Mr. Nnamdi Okonkwo, said the bank sustained its performance through a disciplined balance sheet management and strategic cost reduction, coupled with increased focus on the corporate, commercial and small and medium enterprises segments.

“We are delighted at the results, which showed strong growth in key revenue lines, significant traction in our chosen business segments and a corresponding decline in our operating expenses despite the high inflationary environment”, he stated.

http://investorsking.com/fidelity-bank-announces-94-surge-in-pat-in-2017/

4 Likes

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Sweetcollins: 7:10am On May 01, 2018
Kudos

That is my bank

Infidelity with them is like South Pole repelling North Pole in magnetic field



Happy new month all

4 Likes

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by ogilivictor: 7:10am On May 01, 2018
Best bank no daut

3 Likes

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Nobody: 7:10am On May 01, 2018
Happy New Month

More money this May

1 Like

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by joeaz58(m): 7:11am On May 01, 2018
fidelity bank grows every year.

4 Likes

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by toluxa1(m): 7:12am On May 01, 2018
Traffic is low on NL today o

1 Like

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by igwechi1977(m): 7:15am On May 01, 2018
Fidelity Bank is doing very well. They have left the likes of FCMB, Diamond, Sterling etc behind.
Well-done Fidelity Bank

9 Likes

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Pavore9: 7:28am On May 01, 2018
That is good for them.

2 Likes

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Lanre4uonly(m): 7:30am On May 01, 2018
That's nice.
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by handsomeclouds(m): 7:32am On May 01, 2018
We are delighted at the results, which showed strong growth in key revenue lines, significant traction in our chosen business segments and a corresponding decline in our operating expenses despite the high inflationary environment” Big lie

This can only be reported in Nigeria where anything goes!
A 94% rise in profit which didn't even come from their operations. Reveue also rose by only 18.3%, please where is the strong growth in key revenue segements that will add up with the 94%. In fact the operating income only rose by 9.9% undecided which shows that over half of the revenue growth have been consumed by their rising costs.
To worsen the case, asset grew by only 7.8% and not the 6.2% reported~ (this is unsurprising, only happens in Nigeria).
The company might not be able to sustain this growth because a larger part of the PAT were majorly outside its operations. It could have been as a result of;
Reorganisation of financing arrangements
Or lesser tax payment.
These two can't be sustained as they aren't yearly events.

More importantly if the PAT had included the whole comprehensive income. Then the increase in PAT could have also been as a result of sale of asset or revaluation surplus. This is also not a yearly event.

By and large this is an unhealty financial report.
Investors should beware!
If they need expert advice on earnings management; they should consult experts.

1 Like

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Oyetboy(m): 7:33am On May 01, 2018
That's a good one for them

2 Likes

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by asdfjklhaha(f): 7:34am On May 01, 2018
Ok
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by talktrue1(m): 7:36am On May 01, 2018
Nice one but why wont banks be making so much profit when they buy dollar 305 and sell 360.
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Nairalandmentor(m): 7:43am On May 01, 2018
talktrue1:
Nice one but why wont banks be making so much profit when they buy dollar 305 and sell 360.

That's not fair at all. The profit is just too much

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Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Ekeseges(f): 7:47am On May 01, 2018
Fidelity bank increased their transfer transaction fee from 52.50 to 72.50.i wan ask is it same for other banks.
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Fididiguy(m): 8:13am On May 01, 2018
The bank is planning to become first bank and the rest latest year2022, they are surging higher as the day go by.. Kudos to their management and their staff for good strategies and improve service in technology and awareness programmes. No wahala we are following

1 Like 1 Share

Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by jameso88(m): 8:19am On May 01, 2018
Sweetcollins:
Kudos

That is my bank

Infidelity with them is like South Pole repelling North Pole in magnetic field



Happy new month all
Try and collect loan from them, also try and operate their credit card account then you will find out the exploitative nature of the bank. they are incomparable with banks like first bank zenith bank etc
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Sweetcollins: 8:47am On May 01, 2018
jameso88:
Try and collect loan from them, also try and operate their credit card account then you will find out the exploitative nature of the bank. they are incomparable with banks like first bank zenith bank etc

I also operate first and zenith banks
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by luvinhubby(m): 9:16am On May 01, 2018
Boosted by their ₦70 transfer charge against ₦50 charged by all other banks.



Nonsense bank.
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by luvinhubby(m): 9:18am On May 01, 2018
Ekeseges:
Fidelity bank increased their transfer transaction fee from 52.50 to 72.50.i wan ask is it same for other banks.

No other bank charges that much, only them.
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by chigutz(m): 9:28am On May 01, 2018
They are making money after removing the allowances of their junior staff in d name of cost cutting and allowing the allowances of the senior ones #hypocites
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by raymod170(m): 9:45am On May 01, 2018
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Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Enice(m): 10:31am On May 01, 2018
straneur:
One of the Nigerian leading banks, Fidelity Bank Plc, reported 94 percent surged in profit in the year 2017.

The lender on Monday announced 18.3 percent surged in its gross earnings from N152 billion to N179.9 billion, while profit after tax reportedly grew by 93.7 percent to N18.9 billion, up from N9.7 billion recorded in 2016.

Total operating income grew by 9.9 percent to N86 billion from N78.3 billion in the year, while total assets rose by 6.2 percent to N1.4 trillion from N1.3 trillion filed in 2016. Also, other indices of the bank showed improvement with the total expenses in the year declining by 2.2 percent from N67.2 billion to N65.7 billion, while liquidity ratio tick-up to 35.9 percent.

According to the audited report released through the Nigerian Stock Exchange, the lender recorded growth across key indices, following its return to the international capital market and successful issuance of $400 million Eurobond that was over-subscribed by over 200 percent.

Speaking on the results, the Chief Executive Officer of the bank, Mr. Nnamdi Okonkwo, said the bank sustained its performance through a disciplined balance sheet management and strategic cost reduction, coupled with increased focus on the corporate, commercial and small and medium enterprises segments.

“We are delighted at the results, which showed strong growth in key revenue lines, significant traction in our chosen business segments and a corresponding decline in our operating expenses despite the high inflationary environment”, he stated.

http://investorsking.com/fidelity-bank-announces-94-surge-in-pat-in-2017/
Buhari is working
Re: Fidelity Bank Announces 94% Surge In PAT In 2017 by Klington: 3:30pm On May 01, 2018
why not,after deducting my money just anyhow.....legitimate thieves.

sometimes i wonder how these things happen like they're num.

you keep deducting someone's money and each and every time you keep saying "it does not reflect in our system" and yet i get debited.

may thunder from hellfire fire fidelity bank

(1) (Reply)

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