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Fidelity Bank releases its results for 2019 financial year end

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Fidelity Bank released audited FY 2019 results yesterday. Net profits were up 24.0% y/y to N28.4bn (US$74.7m), 10.4% ahead of mean consensus estimates.  

Net interest income grew 13.20% y/y to N83.1bn (US$218.6m) on the back of gross loan growth of 29.98% y/y.

Net fee and commission income was up 17.2% from the previous year.  

Fidelity Bank proposes a total dividend of N0.20/s which translates to a total gross dividend yield of 11.76% (the current 1-year T-bill yield is 5.90%). 
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