Fidelity Bank is poised to ascend to the ranks of top global banks, bolstered by unwavering investor confidence and resounding approval for its capital-raising initiative.
This strategic move aims to sustain the bank’s exceptional growth as evidenced by its record-breaking performance in the first half of 2023 (H1’23).
In a financial report published on the Nigerian Exchange Group (NGX), Fidelity Bank displayed its broad-based growth with Profit Before Tax (PBT) expanding by 204.4 percent to N76.3 billion in H1’23 while Gross earnings for the period grew by 59.6 percent to N247.1 billion compared to N154.8 billion in June 2022.
Profit After Tax (PAT) soared to N61.9 billion, representing an impressive 166 percent growth from the previous year. This translated to an Earnings per Share of 194 kobo.
Also, the bank’s Net Loans & Advances grew by 25.1 percent, reaching N2.6 trillion in June 2023, accompanied by a 23.2 percent increase in Customer Deposits, which surged to N3.2 trillion.
Fidelity Bank’s robust balance sheet remained a pillar of strength, with Total Assets growing by 27.4 percent to N5.1 trillion.
The bank’s non-performing loans remained well within regulatory thresholds at 3.24 percent, backed by a solid coverage ratio of 111 percent. The bank also achieved an impressive Return on Equity (ROE) of 34.9 percent and a Return on Assets (ROA) of 2.8 percent.
Building upon this exceptional H1’23 performance, the bank’s board approved an interim dividend of 25 kobo per share, marking the second consecutive year of interim dividend payments—a testament to its commitment to providing sustainable value to shareholders.
Nneka Onyeali-Ikpe, Managing Director/Chief Executive Office, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.
“We will continue to monitor and proactively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25 kobo per share, a 150 per cent increase compared to the 10 kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders,” stated Onyeali-Ikpe.
