Fidelity Bank grows profit to N99.5bn in FY 2023

Fidelity Bank Plc. has released its 2023 full year Audited Financial Statements, reporting a profit after tax of N99.5 billion representing a 112.9% annual growth. According to the result, which was issued to the Nigerian Exchange (NGX), the bank grew gross earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in net interest […]

Fidelity Bank Plc. has released its 2023 full year Audited Financial Statements, reporting a profit after tax of N99.5 billion representing a 112.9% annual growth.

According to the result, which was issued to the Nigerian Exchange (NGX), the bank grew gross earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in net interest income which increased from N152.7billion to N277.37 billion.

Commenting on the bank’s performance, MD/CEO of Fidelity Bank Plc.,  Dr Nneka Onyeali-Ikpe, said, “We closed the financial year with strong double-digit growth across key income and balance-sheet lines.

“Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment. Profit before tax grew by 131.5% to N124.3bn from N53.7bn in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5% from 15.6% in 2022FY.”

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 She said despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans & Advances to N3.1tn from N2.1tn in 2022FY.

“The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders,” Onyeali-Ikpe said.

With the proposed final dividend of 60 kobo per share, Fidelity Bank would be paying investors a total dividend of 85 kobo per share for the reporting period, a 70.0% increase compared to the 50 kobo per share paid to its shareholders in the previous year.