Fidelity Bank Plc has recorded an impressive 204.4 per cent growth in Profit Before Tax (PBT) for the first half of 2023 to N76.3 billion according to the bank’s recently issued financial result.
A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from N154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0 per cent over N23.3 billion recorded in the corresponding period. This translates to an Earning per Share of 194 kobo. The bank’s Net Loans & Advances grew by 25.1 per cent from N2.1 trillion recorded as of December 2022 to N2.6 trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2 per cent to N3.2trillion from N2.6 trillion in December 2022.
The Bank’s balance sheet remained strong with a 27.4 per cent growth in Total Assets from N3.9 trillion in December 2022 to N5.1trillion. The bank’s non-performing loans remained low and within regulatory threshold at 3.24 per cent with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9 per cent and 2.8 per cent respectively.
Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, 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.
