Fidelity Bank profit Dips by 56.86% in 2013

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Fidelity Bank Plc has announced a 56.86 per cent drop in profit for the financial year ended Dec. 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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