Fidelity Bank records double digit growth, doubles profit before tax

Fidelity Bank records double digit growth, doubles profit before tax

Fidelity Bank Plc has announced that its profit before tax (PBT) for the year 2022 has doubled, according to the audited financial statements released on Thursday. The bank’s PBT of N53.7 billion represents a 112.9 percent annual growth, driven by a 34.4 percent increase in gross earnings to N337.1 billion.

The bank also reported a 45.2 percent growth in interest and similar income to N295.6 billion, led by an improvement in the yield on earning assets and a 19.1 percent expansion in earnings base. The bank’s net interest income increased by 60.9 percent to N152.7 billion, and its total deposits went up by 27.4 percent to N2.58 trillion.

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Fidelity Bank’s contribution of foreign currency deposits increased to $1.5 billion, accounting for 27.5% of total deposits. The bank declared a final dividend of 40 kobo per share, bringing its total dividend to 50 kobo per share for the year.

Fidelity Bank records double digit growth, doubles profit before tax
Nneka Onyeali-Ikpe

Nneka Onyeali-Ikpe, the bank’s MD/CEO, celebrated the impressive growth, stating that it validated the bank’s growth strategy and capacity to deliver superior returns to shareholders. She also stated the bank’s commitment to expanding its service touchpoints beyond the Nigerian market in 2023 and providing services that exceed the needs of its growing clientele.

Fidelity Bank has maintained a high asset quality and a healthy balance sheet, reporting a liquidity ratio of 39.6 percent and a capital adequacy ratio (CAR) at 18.1 percent, well above the minimum regulatory requirement of 30 percent and 15 percent, respectively.

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The bank was recognised as the best payment solution provider in Nigeria and the best SME bank in 2022 by the Global Banking and Finance Awards, as well as the fastest-growing bank and MSME and entrepreneurship financing bank of the year at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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