Fidelity Bank Reports 205.68% Surge in Profit to N142.828 Billion in 2023

Fidelity Bank, one of Nigeria’s leading tier II banks, experienced a remarkable growth trajectory in its financial performance for the year ended December 31, 2023.

According to the bank’s unaudited financial statement obtained by Investors King, gross earnings surged by 64.34% from N337.050 billion in 2022 to N553.896 billion.

Interest and similar income, calculated using the effective interest rate method, stood at N432.004 billion, a 55.17% increase when compared to N278.406 billion reported in the previous year.

The lender’s net interest income also experienced a significant upturn, soaring by 81.90% from N152.695 billion in 2022 to N277.753 billion.

Similarly, Fidelity Bank achieved noteworthy growth in net interest income after credit loss expense, which expanded to N211.670 billion from N147.252 billion in 2022.

Also, other operating income witnessed an exceptional surge, skyrocketing by 562.04% to N46.700 billion from N7.054 billion in the preceding year.

The bank’s profit before income tax saw a substantial uptick, rising by 127.40% to N122.062 billion from N53.677 billion in 2022.

Profit after tax rose 205.68% from N46.724 billion in 2022 to N142.828 billion in 2023, showcasing Fidelity Bank’s robust financial performance and strategic growth initiatives during the period under review.

In September 2023, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc lauded the bank’s performance following the first half of the year report.

Commenting on the bank’s solid run in the first half she said  “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.”