Funded and Nonfunded Income Improves Topline Performance
Fidelity Bank Plc. (FIDELITYBK) ended 2021FY with a 21.61% YoY rise in gross earnings to NGN250.77bn, buoyed by the increase in both funded and non-funded income streams. Although income on investment securities dropped by 32.06% YoY owing to the low yield environment, the 26.19% YoY increase in interest on customers’ loans improved total interest income by 15.17% YoY. The boost in interest on customers’ loans was hinged on two factors: improved average lending rate by 40bps YoY to 11.00% following repricing of loans; and 24.32% YoY expansion in gross loans to customers.
