Fidelity Bank Grows Profit to N52bn for FY 2022

Fidelity Bank Plc has announced an impressive growth in Profit Before Tax to N52billion for the Full Year 2022.

This was made known in its unaudited statement of account presented to the Nigerian Exchange (NGX) on Wednesday, 31 January 2023.

According to the regulatory filing, the bank grew Gross Earnings by 33.9% to N335.897billion (from N250.774billion in FY 2021).

Net Interest Income grew by 61.1% to N152.813billion (from N94.877billion in FY 2021), leading to a Profit After Tax of N47.163billion for FY 2022 (from N35.579billion in FY 2021).

Similarly, Fidelity Bank’s total assets now stand at N3.999trillion (from N3.289trillion in FY 2021); Deposit from customers is now at N2.591trillion (from N2.024trillion in FY 2021).

Analysts posit that this is yet another strong showing for the tier-one bank having sustained impressive performance year-on-year even in the face of the headwinds in the economy.

Despite growing its gross earnings at an impressive rate, Fidelity Bank recorded one of the lowest Non-Performing Loans (NPL) ratios in the Nigerian banking industry.

February 02, 2023