November 3, 2020/Cowry Asset Report

With this publication, we have initiated coverage on Fidelity Bank plc to review its past performance and to give guidance on the future of the company.

Fidelity Bank Plc boosted its profitability in H1 2020 on the back of lower cost of funds, gains from investment securities and net foreign exchange gains. Specifically, gross earning rose year-on-year (y-o-y) by 2.03% to N105.76 billion in H1 2020 from N103.66 billion in H1 2019. Still on a positive note, the net interest income rocketed y-o-y by 30.95% to N48.32 billion from N36.89 billion given the significant decline in interest expense which dropped y-o-y by 19.68% to N39.30 billion from N48.93 billion in the period under review.

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