CITIZENS COMPASS —Fidelity Bank Plc has announced that its revenue for the half year (H1) of 2023 grew by 59.6 per cent to N247.1 billion from N154.8 billion reported in June 2022.
This is according to the bank’s recently filed financial result obtained from the Nigerian Exchange Limited (NGX)’s website. The bank’s Profit After Tax (PAT) stood at N61.9 billion representing a growth of 166 per cent over N23.3 billion recorded in the corresponding period.
This translates to an Earning per Share of 194kobo. The bank’s Net Loans & Advances grew by 25.1 per cent from N2.1 trillion recorded as of December 2022 to N2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2 per cent to N3.2 trillion from N2.6 trillion in December 2022.
Fidelity Bank’s balance sheet remained strong with a 27.4 per cent growth in Total Assets from N3.9 trillion in December 2022 to N5.1 trillion, with Non-performing loans remaining low and within regulatory threshold at 3.24 per cent having an adequate coverage of 111 per cent. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9 per cent and 2.8 per cent respectively.
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.
Commenting on the 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 characterised 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”.
The bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. The bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.
Similarly, the bank recently emerged as the company with the highest earnings per share on the NGX based on half year financial figures for the second year running. To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.
“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25 kobo per share, a 150 per cent increase compared to the 10kobo interim dividend in 2022 FY, attests to the value we place on the unwavering support from our shareholders”, Onyeali-Ikpe said.
