Fidelity Bank Releases Half Year Result.
February 15th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike
Fidelity bank Nigeria plc has released its financial result for the half year ended December 31, 2007 to the floor of the Nigerian stock exchange. Owing to the results released which seems impressive, investors have since swooped on the banks shares. According to market reports on monday the bank traded 62.5 million units with a market value of N776.898 million.
The effect of demand of the banks shares was evident on the share price as it rose from N11.97 to close at N12.56, gaining N0.59. A break down of the result released showed an increase of 202.6 percent in its net profit, gross earnings increased by 54 percent from N10.4 billion in the previous year to N16.03 billion. Profit after tax stood at N5.75 billion compared to N1.9 billion recorded in 2006.
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