Fidelity Bank recorded N76.3bn profit in H1 – Report

Fidelity Bank Plc says its profit before tax rose by 204.4 per cent as of the end of the first half of 2023 financial period to N76.3bn.

In a statement, it said a review of the results published on the Nigerian Exchange Group on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria.

The statement said, “Gross earnings for the period grew by 59.6 per cent to N247.1bn from N154.8bn reported in June 2022. Profit after tax stood at N61.9bn representing a growth of 166.0 per cent over N23.3bn recorded in the corresponding period.

“This translates to an earning per share of 194 kobo. The bank’s net loans and advances grew by 25.1 per cent from N2.1tn recorded as of December 2022 to N2.6tn in June 2023, with corresponding growth in customer deposits which increased by 23.2 per cent to N3.2tn from N2.6tn in December 2022.”

The bank’s balance sheet remained strong with a 27.4 per cent growth in total assets from N3.9tn in December 2022 to N5.1tn, it added.

Its non-performing loans remained low and within regulatory threshold at 3.24 per cent with adequate coverage of 111 per cent, while Return on Equity and Return on Assets closed at 34.9 per cent and 2.8 per cent respectively.

“On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value,” it stated.

Commenting on the bank’s performance, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe, said, “We are pleased to report on another period of quality growth across all financial and non-financial indices.

“Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterised by global economic headwinds.

“As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.”