Fidelity Bank Plc, a Nigerian financial institution, has released its audited financial statements for the year ended December 31, 2022, revealing an impressive growth across key top-to-bottom line figures.
In the audited 2022 financial statement analysed by Investors King, the gross earnings rose higher at N337.050 billion, representing a 34.4 percent increase against N250.776 billion recorded in 2021.
Net Interest Income (NII) also rose by 60.94 percent to N152.695 billion from N94.879 billion recorded in 2021, while its Profit Before Tax (PBT) was higher at N53.677 billion in 2022, up by 112.88 percent from N25.215 billion recorded in 2021.
The lender’s profit after tax (PAT) for the 2022 financial year stood at N46.724 billion, a 102.2 percent increase when compared to the N23.104 billion profit it recorded in 2021.
Similarly, the bank’s earnings per share (EPS) basic and diluted increased to 161 kobo in 2022 from 80 kobo in 2021.
Fidelity Bank’s total asset in FY’2022 stood at N3.989 trillion, up by 21.76 percent from N3.276 trillion in 2021.
One of the highlights of Fidelity Bank’s financial results for 2022 is the bank’s Earning Assets, which make up a significant portion of the bank’s total assets. As of December 31, 2022, Earning Assets were N2.64 trillion (2021: N2.22 trillion).
The bank’s net loan balance in 2022 stood at N2.116 trillion (2021: N1.66 trillion). This value represents 55 percent (2021: 52 percent) of the total assets as at the reporting date.
Deposits from Fidelity Bank customers increased to N2.580 trillion in 2022 from N2.024 trillion recorded in 2021.
The bank’s Board of Directors proposes a final dividend of 40kobo per share, which in addition to the 10kobo per share as interim dividend, amounts to 50kobo per Ordinary Share (2021: Dividend of 35kobo per Ordinary Share).
Fidelity Bank’s shares have been on investment analysts’ stock picks, with the share price at N5.3 reaching a 52-week high of N6.03 as against 52-week low of N2.87.
The bank shares price has yielded about 21.8 percent return this year, confirming analysts BUY rating as a value stock.
Moreover, Fidelity Bank was recognized by several local and international award agencies for its product innovation and sound corporate governance standards.
These include: Bank of the Year 2021 by Leadership Newspaper, Best Banking or Insurance Website/Portal by the Nigeria Internet Registration Association (NiRA), Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards, DBN Platinum and Service Ambassadors Awards, and Global Finance’s World’s Best Private Banks 2023 awards for Best Private Bank in Nigeria and Best Private Bank Digital Solutions for Clients in Africa.
This year 2023, Fidelity won the following awards: Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards, Best Payment Solution Provider Nigeria 2023 in the 2023 Global Banking & Finance Awards, and Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards.
