…Declares 25 Kobo Interim Dividend Per Share
One of Nigeria’s most prolific financial institutions, Fidelity Bank Plc, has recorded an impressive 204.4 per cent growth in its Profit Before Tax, PBT, for the first half of 2023 to N76.3 billion, according to the bank’s recently issued financial result.
A review of the results, as published on the Nigerian Exchange Group, NGX, on Friday, 1 September, 2023, indicated a positive performance across all financial indices, thus reaffirming the bank as one of the fastest growing and well-managed financial institutions in Nigeria.
Tbe report showed a gross earnings for the period growing by 59.6 per cent from N154.8 billion reported in June 2022 to ₦247.1 billion. Profit After Tax, PAT, stood at ₦61.9 billion representing a growth of 166.0 peg cent over the ₦23.3 billion recorded in the corresponding period in 2022.
This translated to an Earning per Share, EPS, of 194 kobo.
Net loan and advances of the bank grew by 25.1 per cent from ₦2.1 trillion recorded as of December 2022 to ₦2.6 trillion in June 2023 with corresponding growth in Customer Deposits increasing by 23.2 per cent to ₦3.2 trillion from ₦2.6 trillion in December 2022.
The bank has a strong balance sheet with a 27.4 per cent growth in Total Assets from ₦3.9 trillion in December 2022 to ₦5.1 trillion at the end of June 2023.
Non-performing loans of the bank remained low and within regulatory threshold at 3.24 per cent, with adequate coverage of 111 % per cent. The bank’s 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 a strong first half of year 2023 performance, the board of the bank approved an interim dividend of 25 kobo 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.
In her comments in the bank’s laudable performance, the Managing Director/Chief Executive Officer, MD/CEO, Nneka Onyeali-Ikpe, said, “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 characterized 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 impressive 2013 half year results is joining a string of recent laudable achievements by Fidelity Bank.
Recall that 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 the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.
And to sustain this sterling performance, the shareholders of the bank, at an Extra-Ordinary General Meeting, held on 11 August, 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.
Onyeali-Ikpe enthused, “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 10 kobo interim dividend in 2022 financial year, attests to the value we place on the unwavering support from our shareholders.”
