Fidelity Bank Plc reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, PBT was NGN 4.97 billion which represents a growth of 12% from NGN 4.45 billion recorded in first quarter of 2014.

For the six months, gross Earnings grew by 1% from NGN 62.9 billion recorded in first half of 2013 to NGN 63.3 billion in the first half of 2014. Net Interest Income grew by 32% to NGN 24.8 billion compared to the N 18.7 billion recorded in first half of 2013. This was driven by a steady growth in the loan book and repricing of deposits and risk assets. Profit before tax was NGN 9.4 billion for the Half year ended June 30, 2014, which represents a drop of 16% from NGN 11.2 billion recorded in the Half Year ended June 30, 2013. Profit before tax was NGN 9.43 billion.

The company is on track to achieve full year of 2014 and medium term ROE target. The company is confident that the profit and efficiency momentum will be sustained in the coming quarters as it implement its newly tested lending structures to grow the loan book in the SME and retail segment while consolidating on its niche corporate banking play.