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Banking

Fidelity Bank’s profit increases 156% y/y in FY 2005/06.

Fidelity Bank’s profit increases 156% y/y in FY 2005/06. Fidelity Bank Plc reported that profit after tax for 2005-06 (July-June), have increased 156% year-on-year. Profit after tax increased from NGN 1.3bn (USD 10.4mn) to NGN 3.21bn.bn. Profit before tax and improved 129% y/y from NGN 1.65bn in rural and urban to NGN 3.67. The bank’s deposit base grew 276% to NGN 81.33. Total assets of the bank increased 246% y/y from NGN 45.76bn to NGN 158.43bn this year. The bank’s management has proposed a dividend payout of 11 kobo for every 50 kobo share.

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