Fidelity Bank Plc has released its 2022 Audited financial statements on the Nigerian Exchange (NGX).
The results showed a 34.4 per cent growth in gross earnings year-on-year to N337.1 billion, driven by 45.2 per cent growth in interest and similar income to N295.6bn.
The increase in interest income was led by a combination of improved yield on earning assets and 19.1 per cent YoY expansion in earnings base to N2.64 trillion.
This led to a profit before tax of N53.7 billion representing 112.9% annual growth.
Commenting on report, the MD/CEO of the bank, Mrs. Nneka Onyeali-Ikpe, said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines.
“This validates our growth strategy and capacity to deliver superior returns to shareholders.”
Further review showed that Net Interest Income increased by 60.9% YoY to N152.7 billion.
The high yield environment had a positive impact on net interest margin, which increased to 6.4 per cent from 4.7 per cent in 2021FY while average funding cost inched up slightly to 4.6 per cent from 4.2 per cent.
Similarly, total deposits increased by 27.4 per cent to N2.58 trillion from N2.02 trillion in 2021FY, in line with the bank’s guidance for 2022FY published in its investor relations presentation.
The increase was driven by 43.1 per cent growth in low-cost deposits (demand, savings, domiciliary), which resulted in improved margins.
Speaking on the contribution of foreign currency (FCY) deposits to its financial performance, Onyeali-Ikpe noted: “FCY deposits increased by $597 million (63.4 per cent YoY) to $1.5 billion and now accounts for 27.5 per cent of total deposits from 19.7 per cent in 2021FY, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.”
For the 2023 outlook, the bank chief said: “In 2023, we are committed to our strategic plan of expanding our service touch points beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele,” she said.
On the back of the impressive performance, the bank has declared a final dividend of 40 kobo per share which brings its total dividend for the FY 2022 to 50 kobo per share.
Fidelity Bank is a full-fledged customer commercial bank operating in Nigeria with over 7.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recognized as the Best
