Fidelity Bank posts 64% increase in Q1 profit

Fidelity Bank Plc has reported an increase of 63.68 percent in its profit after tax for the quarter ended Mar. 31, 2021, compared to the same period of 2020.

The lender said its after-tax profit rose to N9.59 billion in Q1 2021 from N5.86 billion in the same period a year ago.

Its profit before tax increased to N10.13 billion in Q1 2021 from N6.58 billion in Q1 2020, according to its unaudited financial statements.

Deposits from customers rose to N1.75 trillion as of Mar. 31, 2021 from N1.35 trillion at the end of last year, while loans and advances to customers grew to N1.43 trillion from N1.33 trillion.