Company News
Fidelity Bank Grows Pre-tax Profit to N52 Billion for FY 2022
Total Assets for the Bank now stand at N3.999 trillion
Fidelity Bank Plc has announced an impressive growth in Profit Before Tax to N52 billion for the Full Year 2022.
This represents a 36.5% increase from the N38 billion it reported in the same period, 2021.
This was made known in the bank’s unaudited statement of account obtained by Investors King through the Nigerian Exchange (NGX).
A regulatory filing shows that the bank grew Gross Earnings by 33.9% to N335.897 billion from N250.774 billion in FY 2021.
Interest and similar income which represents interest income on financial assets measured at amortised cost and Fair value through other comprehensive income grew to N277 billion as a result of an increase in loans and advances to customers during the period.
Similarly, interest expenses, calculated using the effective interest rate method and excluding the interest expense on financial liabilities carried at fair value through profit or loss increased to N43 billion in 2022 from N35 billion in 2021 as term deposit improved for the period to value N30 billion in 2021 from N23 billion in 2021
Net Interest Income also went up by 61.1% to N152.813 billion from N94.877 billion in FY 2021 leading to a Profit After Tax of N47.163billion for FY 2022 from N35.579billion in FY 2021.
Meanwhile, other operating income declined to N7 billion from N17.8 billion as the company saw dip in net foreign exchange gain, dividend income and other items.
The Dividend income represents the dividend received from the Bank’s investment in equity instruments held for strategic purposes and for which the Bank has elected to present the fair value and loss in other comprehensive income while the net foreign exchange gain represents unrealised gains from the revaluation of foreign currency-denominated assets and liabilities held in the non-trading books.
Total Assets for the Bank now stand at N3.999 trillion from N3.289 trillion in FY 2021 and Deposit from Customers is now at N2.591 trillion from N2.024 trillion in FY 2021.