NIGERIA: Fidelity Bank Reports Lower Profit

Image: Courtesy of FIDELITY BANK PLC

Lagos (THEWILL) - Fidelity Bank Plc Nigeria has reported a full-year pretax profit of N3.77 billion naira, a 77% drop from its disclosure for the same period last year, according to a filing at the Nigerian Stock Exchange on Tuesday.

The bank’s gross earnings however rose to N72.27 billion naira from N42.66 billion naira, which it reported last year.

It says it set aside a staggering N19.78 billion for non-performing / bad loans for the months ending in June 2009, as against N1.77 billion which it set aside for 2008.

The bank is proposing a 5 kobo dividend per share payable on January 4, 2010