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Fidelity Bank Nigeria Rises to Two-Month High on Profit Bets

July 16 (Bloomberg) -- Fidelity Bank Plc, a Nigerian lender, headed for its highest in almost two months after gaining for a third day on bets half-year profit will rise.

The stock jumped 4.6 percent to 1.37 naira by 12:41 p.m. in Lagos, the strongest level on a closing basis since May 17. The shares have declined 6 percent this year, compared with a 10 percent rise in the Nigerian Stock Exchange All-Share Index.

“The first-quarter result was impressive and investors expect that to continue in the second quarter,” David Adonri, Chief Executive Officer of Lambeth Trust and Investment Co., a Lagos-based brokerage, said by phone today.

Net income for the three months through March rose to 3.4 billion naira ($21 million) from 2.3 billion naira a year earlier, the lender said May 25. Revenue advanced to 22.4 billion naira from 15.7 billion naira.

The bank’s results for the first half will be released “very soon,” Emma Esinnah, a spokesman, said by phone today from Lagos, without giving details.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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