Fidelity Bank’s Full Year profit rises by 29%

Fidelity Bank Plc has declared a 28.5% growth in its profit for Full Year 2019 on the back of improvement in its earnings, compared to the same period of 2018.

The comprehensive account of the lender’s financial performance is detailed in its Condensed Unaudited Financial Statements for the Year Ended 31 December 2019, published on the website of the Nigerian Stock Exchange (NSE) on Thursday.

Gross Earnings expanded by 15.1%, rising from N188.873 billion at FY2018 to N217.306 billion at FY2019.

Profit Before Income Tax gained 29%, climbing up from N25.089 billion at FY2018 to N32.377 billion in the corresponding period of 2019.

Profit for the Period stood at N29.463 billion at FY2019 up by 28.5% from the N22.926 billion posted at FY2018.

Read also: FBN Holdings’ profit hits N61.947bn at Full Year 2019

Total Comprehensive Income for the Period soared from N20.720 billion at FY2018 to N42.503 at FY2019, translating to 105% growth.

Earnings Per Share (EPS) appreciated by 29%, advancing from N0.79 at FY2018 to N1.02 at FY2019.

Fidelity Bank’s outstanding shares stand at 28,974,797,023 with a market capitalisation of about N61.137 billion.

It currently trades on the floor of the NSE at N2.11 per share.

Earnings Per Share is the profit that each unit of a company’s ordinary shares  yields  during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares.  Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.

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