• Fri. May 24th, 2024

Fidelity Bank Announces Remarkable Financial Growth In FY 2023, Declares Increased Dividend

Fidelity Bank Plc, one of Nigeria’s leading financial institutions, today unveiled its Audited Financial Statements for the year 2023, demonstrating an impressive 131.5% growth in Profit Before Tax, which soared to N124.26 billion from N53.7 billion in the previous year.

The bank’s Profit After Tax also saw a substantial increase, rising by 112.9% to reach N99.45 billion. This significant financial uplift was primarily fueled by a 64.9% growth in Gross Earnings, which totaled N555.83 billion, and an 81.6% surge in Net Interest Income from N152.7 billion in 2022 to N277.37 billion in 2023.

Dr. Nneka Onyeali-Ikpe, OON, MD/CEO of Fidelity Bank, expressed her satisfaction with the results: “Our exceptional performance in 2023 is a testament to our ability to provide superior returns to our shareholders amid challenging market conditions. The remarkable increase in our Profit Before Tax and a higher Return on Average Equity, which rose to 26.5% from 15.6%, underscore our financial strength and operational efficiency.”

The bank’s financial health was further bolstered by an 8.1% increase in Net Interest Margin, driven by higher asset yields and a significant reduction in average funding costs, which decreased by 20 basis points to 4.4%. Additionally, Total Customer Deposits surpassed the N4 trillion mark, reflecting a 55.6% growth, underpinned by an 81.1% rise in low-cost funds.

Fidelity Bank’s commitment to customer support and business empowerment was evident as Net Loans & Advances expanded by nearly N1 trillion to N3.1 trillion. The bank maintained robust Regulatory Ratios with a liquidity ratio of 45.3% and a capital adequacy ratio (CAR) of 16.2%, both well above regulatory requirements.

Reflecting confidence in its financial health and commitment to shareholder returns, Fidelity Bank declared a final dividend of 60 kobo per share, culminating in a total dividend of 85 kobo per share for 2023, marking a 70% increase over the previous year.

Fidelity Bank, with a network of over 251 business offices and more than 8.3 million customers, continues to receive accolades for its service and operational excellence, including several prestigious awards in 2023, reinforcing its position as a cornerstone of the Nigerian financial landscape.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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