Fidelity Bank Plc has released its third quarter (Q3), results ended September 30, 2017, recording a Profit Before Tax (PBT) of N16.236 billion, against N9.835 billion in the corresponding period of 2016, therefore making 61.5 per cent growth.

Details of the 9months financial results released on the Nigerian Stock Exchange (NSE) has shown a remarkable growth in some key revenue lines and improved efficiency and regulatory ratios. Gross Earnings grew by 17.9 per cent to N130.1 billion from N110.3 billion reported in the same period in 2016.

According to Mr. Nnamdi Okonkwo, Chief Executive Officer, Fidelity Bank Plc, he disclosed that: “We are delighted with our nine months financial performance, which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment.”

“The implementation of the initiatives from our Business Process Review Project continued to impact positively on our operational efficiency as total operating expenses declined by 2.6 per cent to N47.5 billion, leading to our cost-income ratio dropping to 66.8 per cent from 77.3 per cent in 2016 FYE.”