By Joke Kujenya
IN A STELLAR financial performance for the fiscal year 2023, Fidelity Bank has announced a remarkable 131.5% growth in Profit Before Tax, reaching N124.26billion.
The leading financial institution also says it is declaring a final dividend of 60 kobo per share following the release of its audited financial statements.
The bank’s Gross Earnings surged by 64.9% year-on-year to N555.83 billion, fueled by an impressive 81.6% growth in Net Interest Income, which climbed from N152.7 billion to N277.37 billion.
This robust performance translated into a Profit After Tax of N99.45 billion, marking a substantial 112.9% annual increase, according to a statement issued to the media.
Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer (MD/CEO) of Fidelity Bank lauded the institution’s exceptional results, highlighting the double-digit growth across key income and balance-sheet metrics.
She emphasized the bank’s resilience in delivering superior returns to shareholders amidst challenging operating conditions.
The bank’s Net Interest income saw a significant 81.6% increase to N277.4 billion, driven by a 55.5% rise in interest income and improved asset yield.
Notably, Total Customer Deposits surpassed N4 trillion, growing by 55.6% from the previous year, with low-cost funds driving the upsurge,
Fidelity Bank’s commitment supporting individuals, businesses and economies was evident in the expansion of Net Loans & Advances to N3.1 trillion from N2.1 trillion in 2022.
The bank maintained robust Regulatory Ratios, with liquidity ration at 45.3% and capital adequacy rations at 16.2%.
The proposed final dividend of 60 kobo per share underscores Fidelity Bank’s dedication to creating value and delivering attractive returns to shareholders.
With this dividend declaration, the bank will pay investors a total dividend of 85 kobo per share for the reporting period, reflecting a substantial 70.0% increase from the previous year.
Recognized as one of Nigeria’s top banks, Fidelity Bank serves over 8.3 million customers through its extensive network on 251 business offices in Nigeria and the United Kingdom, as well as digital banks channels.
The bank has also received numerous accolades, including Export Finance Bank of the Year at the 2023 BusinessDay Banks and other Financial Institutions Awards, underscoring its commitment to excellence and innovation of the financial sector.
