…As Bank Reports Stellar 2023 Performance After Profit Surge

By Rashidat Okunlade

Fidelity Bank Plc demonstrated strong customer confidence with a deposit surge, propelling them past the N4 trillion mark in 2023.

This impressive 55.6% growth is a testament to the bank’s commitment to providing exceptional service and building trust with its customer base.

This 55.6% growth was fueled by an impressive 81.1% rise in low-cost deposits. The bank also demonstrated a commitment to supporting businesses and individuals by growing its Net Loans and Advances to N3.1 trillion from N2.1 trillion in 2022.

Fidelity Bank also announced a stellar financial performance for 2023, rewarding shareholders with a significant increase in dividends.

The bank’s Profit Before Tax surged by an impressive 131.5% to N124.26 billion, prompting a 70% hike in the proposed final dividend to 60 kobo per share.

Fidelity Bank’s success story is built on a foundation of impressive growth across key metrics. Gross Earnings jumped 64.9% year-on-year to N555.83 billion, driven primarily by an 81.6% rise in Net Interest Income. This translated to a Profit After Tax of N99.45 billion, representing a remarkable 112.9% annual growth.

Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank, attributed the bank’s performance to its strategic management and unwavering commitment to delivering superior returns. “We’ve managed to navigate a challenging environment and achieve strong double-digit growth,” Dr. Onyeali-Ikpe remarked.

Maintaining Financial Strength

Despite the loan portfolio growth, Fidelity Bank maintained healthy regulatory ratios. The bank’s liquidity ratio climbed to 45.3% from 39.6% in 2022, while the capital adequacy ratio (CAR) stood at a robust 16.2%, exceeding the minimum requirement of 15.0%.

Rewarding Shareholders for Loyalty

Fidelity Bank’s commitment to shareholder value creation is evident in the proposed dividend increase. The total dividend per share for the reporting period is set to be 85 kobo, reflecting a 70% rise compared to the previous year.

Fidelity Bank’s impressive financial performance and commitment to rewarding shareholders solidify its position as a leading player in the Nigerian banking sector.

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