Fidelity records PBT of N76.3bn for H1 2023

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 Fidelity records PBT of N76.3bn for H1 2023

Fidelity Bank Plc has reported a remarkable 204.4% growth in Profit Before Tax (PBT) for the first half of 2023, reaching N76.3 billion. The bank's recently released financial results highlight positive performance across various financial indices, reinforcing its standing as one of Nigeria's fastest-growing and well-managed financial institutions.

As of September 1, 2023, the results, published on the Nigerian Exchange Group (NGX), indicated a 59.6% growth in gross earnings to ₦247.1 billion from ₦154.8 billion in June 2022. Profit After Tax increased by 166.0% to ₦61.9 billion, compared to ₦23.3 billion in the corresponding period, translating to an Earnings per Share of 194 kobo. The bank's Net Loans & Advances rose by 25.1% to ₦2.6 trillion, and Customer Deposits grew by 23.2% to ₦3.2 trillion.

Fidelity Bank maintained a robust balance sheet with a 27.4% growth in Total Assets, reaching ₦5.1 trillion from ₦3.9 trillion in December 2022. Non-performing loans stayed low at 3.24%, well within regulatory limits, with a coverage ratio of 111%. Return on Equity (ROE) closed at 34.9%, and Return on Assets (ROA) at 2.8%.

In response to this strong performance, the bank's board approved an interim dividend of 25 kobo per share, marking the second consecutive year of paying interim dividends and showcasing its ability to deliver sustainable value to shareholders.

Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, expressed satisfaction with the bank's growth during a challenging global economic period. She emphasized the bank's commitment to supporting individuals, inspiring businesses, and empowering economies.

The outstanding H1 2023 results add to Fidelity Bank's recent accomplishments, including its reclassification from a small-price stock to a medium-price stock by the NGX in July 2023. The bank also secured the position of the company with the highest earnings per share on the NGX for the second consecutive year based on half-year financial figures.

To sustain this impressive performance, shareholders unanimously approved a capital raising exercise via a Public Offer and Rights Issue at an Extra-Ordinary General Meeting held on August 11, 2023.

Onyeali-Ikpe stated, "The interim dividend of 25 kobo per share, a 150% increase compared to the 10 kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders."

Fidelity Bank operates as a full-fledged commercial bank in Nigeria, serving over 8 million customers through 250 business offices and digital banking channels. The bank has received accolades such as Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023 and Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. It has also been recognized for the "Fastest Growing Bank" and "MSME & Entrepreneurship Financing Bank of the Year" at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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