Fidelity Bank Plc has demonstrated a remarkable growth trajectory in its financial performance for the fiscal year ending December 31, 2023, as revealed in its unaudited financial statement filed at the Nigerian Exchange Limited (NGX).
The bank’s gross earnings experienced a substantial surge of 64.34%, leaping from N337.05 billion in 2022 to an impressive N553.893 billion.
Notably, the interest and similar income, calculated using the effective interest rate method, reached N432.004 billion, marking a significant 55.17% increase compared to the previous year’s N278.406 billion.
Furthermore, the net interest income witnessed a notable upturn, soaring by 81.90% from N152.695 billion in 2022 to N277.753 billion.
Fidelity Bank also achieved substantial growth in net interest income after credit loss expense, expanding to N211.670 billion from N147.252 billion in the previous year.
Additionally, other operating income experienced an exceptional surge, skyrocketing by 562.04% 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 an impressive 127.40% to N122.062 billion from N53.677 billion in 2022.
Furthermore, profit after tax (PAT) rose by an impressive 205.68%, reaching N142.828 billion in 2023, showcasing Fidelity Bank’s robust financial performance and strategic growth initiatives during the period under review.
In tandem with the financial successes, deposits and the loan book also saw significant growth, rising by 56.9% y/y and 46.2% y/y respectively to N4.1 trillion and N3.1 trillion.
However, total borrowing experienced a sharp increase of 120.7% y/y, reaching N577.0 billion. This surge was attributed to the bank’s proactive measures to fortify its capital base for business operations and in anticipation of possible regulatory reviews.
Meanwhile, shareholders’ funds nudged higher by 37.8% to N433.3 billion, primarily driven by the positive pass-through from PAT growth on retained earnings.
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