Fidelity Bank Plc has recorded an impressive 204.4per cent growth in Profit Before Tax for the first half of 2023 to N76.3billion according to the bank’s recently issued financial result.
A review of the results published on the Nigerian Exchange Group (NGX) 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. Gross earnings for the period grew by 59.6per cent to N247.1billion from N154.8billion reported in June 2022.
Profit After tax stood at N61.9billion representing a growth of 166.0% over N23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1per cent from N2.1trillion recorded as of December 2022 to N2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2per cent to N3.2trillion from N2.6trillion in December 2022.
The Bank’s balance sheet remained strong with a 27.4per cent growth in Total Assets from N3.9trillion in December 2022 to N5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24per cent with adequate coverage of 111per cent. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9per cent and 2.8per 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.
Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “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 characterized 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.
The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.
Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.
To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.
“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.