Home / Business / Fidelity Bank’s Q1 profit falls by 25%

Fidelity Bank’s Q1 profit falls by 25%

Fidelity Bank Plc on Thursday said its first-quarter pre-tax profit fell to N4.45bn, down 25.08 per cent from N5.95bn a year earlier.

Gross earnings also dropped to N30.95bn during the three month period to March 31, as against N31.43bn in the same period of last year, it said in a filing with the Nigerian Stock Exchange.

Fidelity Bank had on April 2 said its pre-tax profit fell by 58 per cent to N9.03bn in the financial year ended December 2013, down from N21.34bn it made the previous year.

However, the mid-tier lender increased gross earnings to N126.9bn, up from N119.1bn in 2012,

The bank proposed a dividend of 14k per share, which it will pay on May 2, down from 21k paid a year ago, but unchanged from the 14k paid in 2012 and 2011, according to data by Thomson Reuters.

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