Fidelity Bank Remains Strong; Grows PAT 100 Percent

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 N337.050billion, representing 34.4percent increase against N250.776billion recorded in 2021.

Net Interest Income (NII) rose by 60.94percent to N152.695billion from N94.879billion recorded in 2021. Its Profit Before Tax, PBT, was also higher at N53.677billion in 2022, up by 112.88percent from N25.215billion recorded in 2021, while the bank’s profit after tax, PAT, for the year 2022 at N46.724billion was 102.2percent higher than N23.104billion profit it recorded in 2021.

Its earnings per share, EPS, basic and diluted increased to 161kobo in 2022 from 80kobo in 2021. Fidelity Bank’s total asset in FY’2022 stood at N3.989trillion, up by 21.76percent from N3.276trillion 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 40kobo per share which in addition to the 10kobo per share as interim dividend amounts to 50kobo per Ordinary Share (2021: Dividend of 35kobo 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 21.8percent return this year, confirming analysts BUY rating as a value stock.