Fidelity Bank profit rose to N30.4bn in FY’19

N1.719.9trillion to N2.114trillion in the period under review.

Commenting on the results, Fidelity Bank CEO, Nnamdi Okonkwo expressed delight with the performance “We are delighted at the results which clearly showed that we sustained our performance trajectory and continued to increase our market share driven by significant traction in our chosen business segments”, he said.

On Digital Banking he said the results were enhanced by new initiatives in the retail lending segment and the deepening of the bank’s existing digital products. According to him “We now have 47.4percent of our customers enrolled on the mobile/ internet banking products, 82percent of total transactions now done on digital platforms and 31.1percent of fee-based income now coming from our digital banking business”.

He further revealed that the efforts aimed at strengthening the bank’s foothold of the retail market, is yielding significant results with savings deposits rising by 20.7percent to N275.2billion making it the 6th consecutive year of double-digit growth. “Savings deposits now accounts for about 22.5percent of total deposits, an attestation of our increasing market share in the retail segment” stated Okonkwo.

Just as was seen wi t h deposit growth, there was also a corresponding increase in the bank’s retail assets. Specifically, Retail loans grew by 42.9percent to N53.8billion driven by the bank’s new digital lending products and partnership with Fintechs.