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Fidelity Bank Plc Posts N76.3bn Profit in H1 2023, Declares 25 Kobo Dividend

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Fidelity Bank Plc has just released its financial results for the first half of 2023, and the numbers are quite impressive. According to these results, the bank has experienced an astonishing 204.4% growth in Profit Before Tax, which now stands at N76.3 billion.

These positive financial outcomes were disclosed on September 1, 2023, via the Nigerian Exchange Group (NGX). The overall performance of the bank across various financial indicators is remarkable.

Gross earnings for the period have surged by 59.6% to ₦247.1 billion, a substantial increase from the ₦154.8 billion reported in June 2022. Moreover,Profit After Tax has reached ₦61.9 billion, marking an impressive growth rate of 166.0% compared to the ₦23.3 billion recorded in the same period last year.

This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

The Bank’s balance sheet stayed with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. Its non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

On the back of the 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.

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