Fidelity Bank CEO assures investors of better returns in 2018
Fidelity Bank CEO, Mr Nnamdi Okonkwo has assured investors and analysts community that the top Nigerian lender will deliver better returns in the 2018 financial year.
Speaking in Lagos Friday, during the Half Year Investors and Analyst Conference Call, Okonkwo said the bank will maintain a disciplined approach to the execution of medium term strategic initiatives that have sustained the bank’s strong performance in recent years.
“From what we have seen so far and going by our half year results, we are staying with our guidance for the full year,” said Okonkwo.
The engagement with investors and analysts came on the heels of the recently released H1 2018 results which saw the bank record double-digit growth in key revenue lines and achieving significant traction in its chosen business segments.
Gross profits rose by 27.3 to close at N13 billion whilst Profit After Tax (PAT) grew by 31 per cent to close at N11.8 billion from N9.03 billion recorded in 2017, a performance that Okonkwo attributed to the “disciplined approach in managing the balance sheet growth of the bank, it’s strategic cost containment initiatives; focused attention to chosen business segments and determined execution of its retail and digital banking strategy.”
The bank’s much awaited H1 2018 results have been positively received by the market. Renaissance Capital said, “On a sequential basis, PBT was up an impressive 61 per cent QoQ, largely driven by much stronger income during the quarter. We like the decent 8 per cent QoQ (+3 per cent YtD) growth in the bank’s loan book, which was largely driven by the manufacturing, general commerce and transport segments. We find this performance impressive in light of the tepid growth in the sector.