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Home Business

Fidelity Bank: Strengthening the footprint of growth with impressive FY’22 financials

The News Bearer by The News Bearer
April 30, 2023
in Business, Featured
Reading Time: 3 mins read
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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 full year 2022 scorecard
The bank’s financial results released to the investing public at the Nigeria Exchange Limited (NGX) 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 N152.695 billion from N94.879 billion recorded in 2021. Its 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, while the bank’s 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.

Its earnings per share (EPS) basic and diluted increased to 161 kobo in 2022 from 80 kobo in 2021. Fidelity Bank’s 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 55percent (2021: 52percent) of the total assets as at the reporting date. Deposits from Fidelity Bank customers increased to N2.580trillion in 2022 from N2.024trillion recorded in 2021.

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

Stocks seen outperforming the market

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 21.8 percent return this year, confirming analysts BUY rating as a value stock.

Awards and recognitions

In recognition of its product innovation and sound corporate governance standards, the bank was recognised by several local and international award agencies.  These 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.

This year 2023, Fidelity won the following awards: Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards; Best Payment Solution Provider Nigeria 2023 in the 2023 Global Banking & Finance Awards; and Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards.

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