Fidelity Bank Proposes N1.159 Billion Dividend as Gross Earnings Grow 34.4% YoY

Fidelity Bank Plc has proposed a final dividend of N1.159 billion, which represents 40 kobo per share to its shareholders for the year ended December 31, 2022.

This follows an impressive performance as the bank’s audited financial statements showed a 34.4% growth in gross earnings year-on-year (YoY) to N337.1 billion.

The bank’s interest and similar income grew by 45.2% YoY to N295.6 billion, driven by improved yield on earning assets and 19.1% YoY expansion in earnings base to N2.64 trillion. This led to a profit before tax of N53.7 billion, representing 112.9% annual growth.

Speaking on the bank’s impressive performance, MD/CEO of Fidelity Bank, Nneka Onyeali-Ikpe said: “we are happy to report another year of impressive double-digit growth across key income and balance sheet lines. This validates our growth strategy and capacity to deliver superior returns to shareholders.”

The bank declared a final dividend of 40 kobo per share, bringing its total dividend for 2022 to 50 kobo per share. Net interest income increased by 60.9% YoY to N152.7 billion, while total deposits increased by 27.4% to N2.58 trillion.

Fidelity Bank is committed to expanding its service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of its growing clientele in 2023.