Fidelity increases profits to N52 billion in fiscal 2022.
Fidelity Bank Plc has announced an impressive growth in profit before tax to N52 billion for the full year 2022. This was made known in the bank’s unaudited statement of account presented to the Nigerian Exchange (NGX) on Wednesday, January 31, 2023.
According to the regulatory filing, the bank grew gross earnings by 33.9% to N335.897 billion (from N250.774 billion in FY 2021) and net interest income by 61.1% to N152.813 billion (from N94.877 billion in FY 2021), leading to a profit after tax of N47.163 billion for FY 2022 (from N35.579 billion in FY 2021).
Similarly, total assets for the bank now stand at N3.999 trillion (from N3.289 trillion in FY 2021), and deposits from customers are now at N2.591 trillion (from N2.024 trillion in FY 2021).
Analysts posit that this is yet another strong showing for the Tier-1 bank, which has sustained impressive performance year-on-year even in the face of headwinds in the economy. Despite growing its gross earnings at an impressive rate, the bank has managed to record one of the lowest non-performing loan (NPL) ratios in the Nigerian banking industry, for instance.