Fidelity Bank reports highest earnings per share on NGX H1 2023

Bisola David
Bisola David
Fidelity Bank reports N76.3bn profit in H1

Fidelity Bank Plc has been named the firm with the greatest earnings per share on the Nigerian Exchange Limited for the second year in a row.

According to a BusinessDay report, the firms with the highest earnings per share during the review period were Fidelity Bank, Seplat Energy, Total Energies, Okomu oil, Presco, Dangote Cement, MTN Nigeria, BUA Foods, First City Monument Bank, Geregu Power.

Earnings per share is calculated by dividing a company’s net profit by the number of common shares outstanding.

It also shows how much money a corporation produces for each share of its stock and is a widely used metric for estimating corporate value.

A higher EPS suggests more value since investors would pay more for a company’s shares if they believe the company’s profits are larger than its share price.

Fidelity Bank earned N184 per share in the first half of 2023, up from N79 in the first half of 2022.

As of 12:59 p.m. on Friday, the number of shares outstanding was 32.01 million, with a price of N7 and a traded volume of 32.15 million.

The bank’s earnings for the first half of 2023 was N53.3 billion, up from N22.84 billion in the same period in 2022.

Cash and cash equivalents of Fidelity Bank increased to N501.54 billion in the first half of 2023, up from N276.07 billion in the first half of 2022.

It should be noted that the bank’s shareholders recently approved a capital raising exercise through a Public Offer for up to 10 billion Ordinary Shares and a Rights Issue for up to 3.2 billion Ordinary Shares, representing one new share for every ten shares held by new and existing shareholders.

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