Fidelity Bank reports N76.3bn profit in H1

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

Fidelity Bank Plc reports that its profit before tax increased by 204.4 percent to N76.3 billion at the conclusion of the first half of the fiscal year 2023.

The Punch reported that the bank reaffirmed its status as one of the fastest-growing and well-managed financial institutions in Nigeria in a statement that claimed an analysis of the results published on the Nigerian Exchange Group on Friday, 1 September 2023, indicating a strong performance across all financial indicators.

“Gross earnings for the period increased by 59.6 per cent to N247.1bn from N154.8bn reported in June 2022,” the statement read. Profit after taxes was N61.9 billion, an increase of 166.0 percent over the N23.3 billion realized in the comparable period.

“This corresponds to a 194 kobo profit per share. The bank’s net loans and advances jumped by 25.1% from N2.1 trillion in December 2022 to N2.6 trillion in June 2023, and customer deposits also increased by 23.2% to N3.2 trillion from N2.6 trillion in December 2022.”

With a 27.4% increase in total assets from N3.9 trillion in December 2022 to N5.1 trillion, the bank’s balance sheet remained solid, it noted.

While its return on equity and return on assets closed at 34.9% and 2.8%, respectively, its non-performing loans remained low and below the regulatory threshold at 3.24 percent with an acceptable coverage of 11%.

“On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value,” it said.

Managing Director/Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, commented on the bank’s performance, saying, “We are glad 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 tenacity of our bank and the fundamental strength of our business to deliver long-term sustainable value during a period that has been characterized by global economic headwinds,” the company said.

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