Fidelity Bank Nets over N100 Billion Savings Deposits in 2017


Enterprise Television- Fidelity Bank Nets over N100 Billion Savings Deposits in 2017

Mr Mohammed Balarabe, the Deputy Managing Director of Fidelity Bank Plc, said the bank recorded an increase of over N100 billion in the bank’s savings deposit account in 2017.

This followed the bank’s return to the international capital market and successful issuance of a 400 million dollars Eurobond that was over-subscribed by over 200 per cent.

The bank’s gross earnings increased by 18.3 per cent from N152 billion to N179.9 billion, and profit after tax grew by 93.7 per cent from N9.7 billion to N18.9 billion.

Balarabe, on Wednesday at the final draw of Fidelity Bank’s “Get Alert in Millions Promo,” in Abuja, said the feat was made possible due to the implementation of financial inclusion strategy adopted by the bank.

He said that through the promo, the bank’s customer base increased in 2017, leading to the triple digit growth in savings deposits.

He urges the public to save because it’s important and critical for the economy and the individual. “We have grown our savings deposit tremendously. Balarbe added that the bank have grown by over N100 billion and that is a major accomplishment.

According to him, Fidelity Bank had given out N110 million to 185 customers through its ‘Get Alert in a Million’ promo, which commenced in Oct., 2017 and ended in May.

Fidelity Bank has given out over N355 million to its loyal customers since 2007, while many others have won houses, scholarships, electronics and other consolation prices.