Sarah Johnson
Wed, Sep 6, 2023 8:25 AM

Fidelity Bank Records Impressive Profit Before Tax Growth in H1 2023

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Fidelity Bank Records Impressive Profit Before Tax Growth in H1 2023
Fidelity Bank Plc has announced a remarkable 204.4% increase in Profit Before Tax for the first half of 2023. The bank's financial results showcase significant growth in earnings, loans, deposits, and assets, reinforcing its position as a leading financial institution in Nigeria. The bank's CEO, Nneka Onyeali-Ikpe, expressed satisfaction with the bank's performance and emphasized its commitment to delivering sustainable value to shareholders. Fidelity Bank has been recognized with various awards, highlighting its excellence in serving SMEs and fostering entrepreneurship in Nigeria.

Lagos-based Fidelity Bank Plc has released its financial results for the first half of 2023, revealing an impressive 204.4% growth in Profit Before Tax (PBT) to N76.3 billion. The bank's increase in PBT affirms its position as one of Nigeria's fastest-growing and well-managed financial institutions.

According to the published results on the Nigerian Exchange Group (NGX) on September 1, 2023, Fidelity Bank experienced positive performance across all financial indices. Gross earnings for the period grew by 59.6% to N247.1 billion compared to N154.8 billion in June 2022. The bank's Profit After Tax (PAT) reached N61.9 billion, reflecting an impressive growth rate of 166.0% compared to N23.3 billion in the corresponding period.

Fidelity Bank's success in the first half of 2023 led to an Earnings per Share of 194 kobo. The bank's Net Loans & Advances grew by 25.1% from N2.1 trillion in December 2022 to N2.6 trillion in June 2023. Customer Deposits also experienced significant growth, increasing by 23.2% to N3.2 trillion from N2.6 trillion in December 2022.

The bank's balance sheet remained robust, with a significant 27.4% growth in Total Assets, reaching N5.1 trillion compared to N3.9 trillion in December 2022.

Fidelity Bank's non-performing loans were below the regulatory threshold at 3.24% with adequate coverage of 111%. The Return on Equity (ROE) and Return on Assets (ROA) closed at strong levels of 34.9% and 2.8% respectively.

The bank's Board of Directors approved an interim dividend of 25 kobo per share, demonstrating its commitment to providing sustainable value to shareholders. This marks the second consecutive year the bank pays interim dividends.

Fidelity Bank's Managing Director and CEO, Nneka Onyeali-Ikpe, expressed delight at the bank's impressive performance, attributing it to the resilience of the bank and the overall strength of its business. Onyeali-Ikpe reiterated the bank's dedication to its goal of supporting individual growth, business prosperity, and economic empowerment.

Notably, Fidelity Bank has achieved various accolades in recent times. The Nigerian Exchange Group reclassified the bank's stock from small-price stock to medium-price stock following its consistent impressive performance. Additionally, Fidelity Bank emerged as the company with the highest earnings per share on the NGX for the second consecutive year based on its half-year financial figures.

In line with its commitment to sustained performance, Fidelity Bank's shareholders, at an Extraordinary General Meeting held on August 11, 2023, unanimously approved a capital raising exercise through a Public Offer and Rights Issue.

Over 8 million customers are currently serviced by Fidelity Bank across its 250 business offices and digital banking channels.

The bank's exceptional performance led to several prestigious awards, including the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023 and Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. In addition, Fidelity Bank has been recognized as the "Fastest Growing Bank" and "MSME & Entrepreneurship Financing Bank of the Year" at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Source of content: OOO News 2023-09-06 News

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