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News Update (November 24, 2009 01:39 PM...)

Fidelity full year profit falls 77%


Fidelity Bank said on yesterday its full-year pretax profit slipped by 77 per cent to N3.77 billion ($25.39 million), dragged down by a huge provision for loan losses.

The bank reported a N19.78 billion provision for loan losses for the period to June 30, 2009, up from N1.77 billion during the same period last year.

Its gross earnings rose to N72.27 billion from N42.66 billion last year, a 95 percent increase. The bank has proposed a N0.05 dividend per share payable on January 4, 2010.

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