Fidelity Bank has reported gross earnings of N337.1 billion for the financial year ended December 31, 2022,
The amount which represents a growth of 34.4 per cent against N250.776 billion reported the previous year was driven by 45.2 per cent growth in interest and similar income to N295.6 billion
The increase in interest income, according to the bank, was led by a combination of improved yield on earning assets and 19.1 per cent year on year (YoY) expansion in earnings base to N2.64 trillion.
According to the bank’s managing director/chief executive officer, Nneka Onyeali-Ikpe, “This led to a Profit Before Tax of N53.68 billion representing 112.9 per cent annual growth compared with N25.215 billion in the preceding year.
“The bank paid tax of N6.953 billion against N2.111 billion in the corresponding year, bringing the profit for the year to N46.724 billion from N23.104 billion in the comparative period of last year.
Onyeali-Ikpe said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines. This validates our growth strategy and capacity to deliver superior returns to shareholders.”
“Further review showed that Net Interest Income increased by 60.9 per cent YoY to N152.69 billion from N94.879 billion in the preceding year.”
Speaking on the contribution of Foreign Currency (FCY) deposits to its financial performance, Onyeali-Ikpe said, “FCY deposits increased by $597million (63.4 per cent YoY) to $1.5 billion and now accounts for 27.5 per cent of total deposits from 19.7 per cent in 2021, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.”
It reported a Liquidity Ratio of 39.6 per cent and Capital Adequacy Ratio (CAR) at 18.1 per cent compared to the minimum regulatory requirement of 30.0 per cent and 15.0 per cent respectively.
Its Non-Performing Loans (NPL) ratio remained unchanged at 2.9 per cent for the year.
Making a projection into 2023 financial year, she said, “In 2023, we are committed to our strategic plan of expanding our service touch points beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele.”
On the back of the impressive performance, the bank has declared a final dividend of 40 kobo per share which brings its total dividend for the financial year 2022 to 50 kobo per share.