Fidelity Bank Plc releases impressive 3rd quarter result
By Ogbuotobo Chuks
All hope does not seem to be lost in this period when the market seems to be going contrary to the expectations of many investors. Companies are still releasing impressive results which most believe would impact their share prices when this bearish season is finally over. Fidelity Bank Plc is one of such, as the company recently released its 3rd quarter result for the period ended March 31, 2007. The highlights are as below.
In the result released, turnover for the period increased from N17.52 billion in 2007 to N27.28 billion in 2008 representing an increase of 55.70 percent. Profit before tax increased from N3.82 billion in 2007 to N11.68 billion in 2008, an increase of 205.20 percent. After tax profit increased by a similar 205.16 percent, from N3.06 billion in 2007 to N9.34 billion in 2008.
Based on this result and barring unforeseen circumstances, the company would most likely cross the N12 billion mark as after tax profit in its current financial year. The downside however is that its outstanding shares is one of the highest in the banking sector which might lead to low earnings per share and consequently a low dividend payout