COVID-19 Impact and Financial Review
Financial Highlights
□ Consistent with recent naira devaluations, we now mark our FCY books with an exchange rate of
N386.75/$ which had a 1.4% and a 2.8% growth impact on total deposits and net loan book respectively.
□ Total deposits increased by 14.8% YTD to #1,405.9bn from ¥1,225.2bn in 2019FY as we recorded strong
growth across all deposit products. LCY deposits came in at N1,105.2bn representing 76.1% of total
deposits while FCY deposits increased by 4.2% to N300.8bn and now accounts for 21.4% of total deposits.
□ Savings deposits increased by 32.2% YTD to #363.9bn from N275.2bn in 2019FY and now accounts for
25.9% of total deposits from 22.5% in 2019FY. Savings was responsible for 49.1% growth in total deposits.
☐ Net loan book increased by 7.3% YTD to N1,209.1bn from N1,127.0bn in 2019FY. However, actual growth in
loans was 4.5% while the impact of naira devaluation resulted in 2.8% growth.
Loan to funding ratio is now 65.9% (while the weighted position is 69.8%) from 68.2% in 2019FY which stood
well above the new minimum LDR threshold of 65.0%.
□ Capital adequacy ratio (CAR) improved to 18.8% from 18.3% in 2019FY with the capitalization of H1 2020
profit. CAR remains well above of our internal guidance of 16.0% and the regulatory minimum of 15.0%.
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