Fidelity Bank Doubles Profit After Tax As All Key Growth Metrics Rise (See Full FY’22 Financials)

Fidelity Bank has recorded a double-digit growth, according to its 2022 financial statements.
The bank’s profits before and after tax also more than doubled from the previous year.
Also, the bank’s assets have grown by more than 20 percent.

Eko Hot Blog reports that Fidelity Bank Plc has released its audited financial statements (AFS) for the year ended December 31, 2022 which showed the bank’s impressive growth across key top-to-bottom line figures.

The bank recently released its financial results to the investing public at the Nigeria Exchange Limited (NGX).

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The statements show its full year (FY) 2022 gross earnings printed higher at N337.050 billion, representing 34.4 percent increase against N250.776 billion recorded in 2021.

Net Interest Income (NII) rose by 60.94 percent to N152.695billion from N94.879 billion recorded in 2021.
Profit Before Tax (PBT) was also higher at N53.677 billion in 2022, up by 112.88 percent from N25.215 billion recorded in 2021.
Profit after tax (PAT) for the year 2022 at N46.724 billion was 102.2 percent higher than N23.104 billion profit it recorded in 2021.
Earnings per share (EPS) basic and diluted increased to 161 kobo in 2022 from 80kobo in 2021.
Total asset in FY’2022 stood at N3.989 trillion, up by 21.76 percent from N3.276 trillion in 2021.

In the review financial year 2022, the bank’s Earning Assets make up a significant portion of the bank’s total assets.

For instance, as of December 31, 2022, Earning Assets were N2.64 trillion (2021: N2.22 trillion). The bank’s net loan balance in 2022 stood at N2.116 trillion (2021: N1.66 trillion). This value represents 55 percent (2021: 52 percent) of the total assets as at the reporting date. Deposits from Fidelity Bank customers increased to N2.580 trillion in 2022 from N2.024 trillion recorded in 2021.

Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc

On dividend, the bank’s Board of Directors proposes a final dividend of 40kobo per share which in addition to the 10kobo per share as interim dividend amounts to 50kobo per Ordinary Share (2021: Dividend of 35kobo per Ordinary Share.

On shares, Fidelity Bank shares have been on investment analysts stock picks. The share price at N5.3 had reached a 52-week high of N6.03 as against 52-week low of N2.87. The bank shares price has yielded about 21.8percent return this year, confirming analysts BUY rating as a value stock.

“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,” Nneka Onyeali-Ikpe, the bank’s MD/CEO, said while commenting on the financial report.

“In 2023, we are committed to our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele.”

Meanwhile, Fidelity Bank has been the subject of recognition by several local and international award agencies in recognition of its product innovation and sound corporate governance standards.

Such awards include: Bank of the Year 2021 by Leadership Newspaper, Best Banking or Insurance Website/Portal by the Nigeria Internet Registration Association (NiRA), Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards, DBN Platinum and Service Ambassadors Awards, and Global Finance’s World’s Best Private Banks 2023 awards for Best Private Bank in Nigeria and Best Private Bank Digital Solutions for Clients in Africa.