By Chinwendu Obienyi
Fidelity Bank Plc experienced a remarkable growth trajectory in its financial performance for the year ended December 31, 2023.
According to the bank’s unaudited financial statement filed at the Nigerian Exchange Limited (NGX), gross earnings surged by 64.34 per cent from N337.05 billion in 2022 to N553.893 billion.
The bank’s interest and similar income, calculated using the effective interest rate method, stood at N432.004 billion, a 55.17 per cent increase when compared to N278.406 billion reported in the previous year.
The lender’s net interest income also experienced a significant upturn, soaring by 81.90 per cent from N152.695 billion in 2022 to N277.753 billion. Similarly, Fidelity Bank achieved noteworthy growth in net interest income after credit loss expense, which expanded to N211.670 billion from N147.252 billion in 2022. Also, other operating income witnessed an exceptional surge, skyrocketing by 562.04 per cent to N46.700 billion from N7.054 billion in the preceding year. The bank’s profit before tax (PBT) saw a substantial uptick, rising by 127.40 per cent to N122.062 billion from N53.677 billion in 2022.
Furthermore, profit after tax (PAT) rose 205.68 per cent from N46.724 billion in 2022 to N142.828 billion in 2023, showcasing Fidelity Bank’s robust financial performance and strategic growth initiatives during the period under review.
Similarly, deposits and loan book rose 56.9 per cent y/y and 46.2 per cent y/y respectively to N4.1 trillion and N3.1 trillion. However, total borrowing rose sharply by 120.7 per cent y/y to N577.0 billion, due to the bank’s move to strengthen its capital base for business operations and possible regulatory review of capital base whilst shareholders fund nudged higher by 37.8 per cent to N433.3 billion due mainly to the positive pass-through from PAT growth on retained earnings.