Fidelity Bank Plc has stated that its profit before tax rose by 204.4 percent as of the end of the first half of the 2023 financial period to N76.3 billion.
According to a statement, a review of the results published on the Nigerian Exchange Group on Friday, September 1, 2023, revealed a solid performance across all financial indices, maintaining the bank’s position as one of Nigeria’s fastest-expanding and best-managed financial institutions.
The statement said, “Gross earnings for the period grew by 59.6 percent to N247.1bn from N154.8bn reported in June 2022. Profit after tax stood at N61.9bn, representing a growth of 166.0 percent 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 percent from N2.1 trillion recorded as of December 2022 to N2.6 trillion in June 2023, with corresponding growth in customer deposits, which increased by 23.2 percent to N3.2 trillion from N2.6 trillion in December 2022.”
The balance sheet of the bank remained strong, with a 27.4 percent growth in total assets from N3.9 trillion in December 2022 to N5.1 trillion, it added.
Its non-performing loans remained low and within regulatory limits at 3.24 percent, with adequate coverage of 111%, while its return on equity and return on assets finished at 34.9 percent and 2.8%, respectively.
On the back of the strong H1 2023 performance, the Fidelity Bank board approved an interim dividend of $25,000 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.
Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, commented on the bank’s performance and 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 grow, inspiring businesses to thrive, and empowering economies to prosper.”
