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The first Quarter result of
Fidelity Bank Plc released at
the weekend shows that the bank
was able to declare a profit in
the period between July and
September 2009
Following the huge loan loss
provisions that most banks have
had to make after the joint
audit by the Central Bank of
Nigeria(CBN) and the Nigerian
Deposit Insurance
Corporation(NDIC), most banks
whose results were published
recently showed losses,
especially in the quarter that
ended in September.
In Fidelity Bank’s unaudited
result for their first quarter
from July to September, 2009,
which was approved by the
Nigerian Stock Exchange at the
weekend, the bank’s Profit
Before Tax stood at N2.84
billion, which however, is less
than the N3.78bn recorded it
in the equivalent period
last year.
The Bank’s gross earnings grew
by 33per cent to N18.55bn (from
N13.93bn same period last year).
A close look at the report would
reveal that the bank was able to
record a profit because a low
loan loss figure of only N1.91bn
for the quarter, perhaps the
least in the industry. This has
been attributed to Fidelity
Bank’s management discipline and
sound risk management
structures.
Sources close to the bank also
hinted that Fidelity Bank is
likely to be one of the few
banks in the industry who will
declare dividend for the
financial year ended June 2009.
To ensure that members of the
public are aware of the true
state of banks, the Central bank
of Nigeria last week, directed
banks who had not published
their quarterly accounts since
the joint audit to do so before
the end of October.
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