Fidelity Bank profit dips by 56.86% in 2013

Daily Trust - - BANKING -

Fidelity Bank Plc has an­nounced a 56.86 per cent drop in profit for the fi­nan­cial year ended De­cem­ber 31, 2013.

The News Agency of Nigeria (NAN) re­ports that the bank’s profit for the year stood at N7.73 bil­lion, from the N17.924 bil­lion achieved in the pre­ced­ing pe­riod of 2012.

The re­port is con­tained in the com­pany’s au­dited re­sults re­leased by the Nige­rian Stock Ex­change (NSE) on Wed­nes­day in La­gos.

The bank’s profit be­fore tax dropped also to N9.03 bil­lion, com­pared with the N21.35 bil­lion achieved in 2012, a de­crease of 57.70 per cent.

Its gross earn­ings rose by 6.53 per cent to N126.92 bil­lion, against the N119.14 per cent de­clared in 2012.

The bank’s to­tal as­sets grew from N914.36 bil­lion in 2012 to N1.08 tril­lion in 2013, while to­tal li­a­bil­i­ties of the bank surged to N917.76 bil­lion from N752.91 bil­lion in 2012.

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