Fidelity Financial Review & Guidance
Overview Operating Environment Financial Review Guidance
Financial Performance Highlights - SCI
Summary of Income Statement
N'million
2020FY
2021 FY
% VAR
Gross Earnings
206,204
250,774
21.6%
Interest Income Loans
130,476
164,495
26.1%
Interest Income Liquid Assets
46,277
39,069
-15.6%
Total Interest Income
176,753
203,564
15.2%
Interest Expense Deposits
-45,223
-74,977
65.8%
Interest Expense Borrowings
-27,407
-33,710
23.0%
Total Interest Expense
-72,630
-108,687
49.6%
Net Interest Income
104,123
94,877
-8.9%
FX Income
Digital Income
Other Fee Income
Net Fee Income
9,976
14,516
45.5%
7,242
10,660
47.2%
6,089
13,409
120.2%
23,307
38,585
65.6%
Operating Revenue
127,430
133,463
4.7%
Operating Expenses
-83,633
-83,458
-0.2%
Gain/(Loss) from Fin. Instrument
1,115
-4,904
-539.8%
Net Impairment Losses
-16,858
-7,035
-58.3%
Profit Before Tax
28,054
38,066
35.7%
Non-interest revenue (NIR) increased by 60.3% to N47.2bn from N29.5bn in 2020FY
Gross earnings increased by 21.6% YoY driven by
a combination of 60.3% growth in non-interest
revenue (NIR) and 15.2% increase in interest and
similar income.
Growth in NIR is linked to FX related income and
increased customer induced transactions which
increased by 57.1% YoY across all service
channels a reflection of improved business
activities and service quality.
Digital banking income now represents 27.6% of
net fee income and 22.6% of NIR.
Total interest income increased by 15.2% as
growth in interest income on loans compensated
for the drop in interest income on liquid assets.
Improved avg. lending rate and an
increase in the loan book led to 26.1%
growth in interest income on loans.
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