October 29, 2019/Coronation Report

• Fidelity Bank released unaudited 9M 2019 results today. Net profits were up 20.2% y/y to N21.5bn (US$59.7m).
• Net interest income grew 0.1% y/y at N58.3bn (US$161.9m) despite gross loan growth of 26.9% y/y. Net fee and commission income was up 24.4% from the previous year.
• The cost-to-income ratio rose 771bps to 76.1% y/y principally due to a rise in operating costs including a regulatory charge.

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