Lagos, Nigeria, April 27, 2023: Fidelity Bank Plc, a leading financial institution released its 2022 Audited Financial Statements on the Nigerian bourse today.<\/p>\n
The results showed a 34.4% growth in Gross Earnings YoY to N337.1bn, driven by 45.2% growth in interest and similar income to N295.6bn. <\/span><\/p>\n The increase in Interest Income was led by a combination of improved yield on earning assets and 19.1% YoY expansion in earnings base to N2.64trn. This led to a Profit Before Tax of N53.7 billion representing 112.9% annual growth.<\/span><\/p>\n Commenting on the Bank\u2019s impressive performance, Nneka Onyeali-Ikpe, MD\/CEO of Fidelity Bank Plc said, \u201cWe are happy to report another year of impressive double-digit growth across key income and balance sheet lines. <\/span><\/p>\n This validates our growth strategy and capacity to deliver superior returns to shareholders.\u201d<\/span><\/p>\n Further review showed that Net Interest Income increased by 60.9% YoY to N152.7bn. <\/span><\/p>\n The high yield environment had a positive impact on Net Interest Margin, which increased to 6.4% from 4.7% in 2021FY while average funding cost inched up slightly to 4.6% from 4.2%. Similarly, Total Deposits increased by 27.4% to N2.58trn from N2.02trn in 2021FY, in line with the Bank\u2019s guidance for 2022FY published in its investor relations presentation. <\/span><\/p>\n The increase was driven by 43.1% growth in low-cost deposits (Demand | Savings | Domiciliary), which resulted in improved margins.<\/span><\/p>\n Speaking on the contribution of Foreign Currency (FCY) deposits to its financial performance, Onyeali-Ikpe noted, \u201cFCY deposits increased by $597m (63.4% YoY) to $1.5bn and now accounts for 27.5% of total deposits from 19.7% in 2021FY, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.\u201d<\/span><\/p>\n Historically, Fidelity Bank has maintained high asset quality and a healthy balance sheet with its Regulatory Ratios well above the minimum regulatory thresholds. It reported a Liquidity Ratio of 39.6% and Capital Adequacy Ratio (CAR) at 18.1% compared to the minimum regulatory requirement of 30.0% and 15.0% respectively. Its Non-Performing Loans (NPL) ratio remained unchanged at 2.9% for the year.<\/span><\/p>\n \u201cIn 2023, we are committed to our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele\u201d, explained Onyeali-Ikpe.<\/span><\/p>\n On the back of the impressive performance, the bank has declared a final dividend of 40kobo per share which brings its total dividend for FY 2022 to 50kobo per share. <\/span><\/p>\n 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. <\/span><\/p>\n The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. <\/span><\/p>\n The bank has also won awards for the \u201cFastest Growing Bank\u201d and \u201cMSME & Entrepreneurship Financing Bank of the Year\u201d at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Lagos, Nigeria, April 27, 2023: Fidelity Bank Plc, a leading financial institution released its 2022 Audited Financial Statements on the Nigerian bourse today.<\/p>\n","protected":false},"author":1,"featured_media":13362,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2456],"tags":[1213,6920],"class_list":["post-13358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fidelity-bank","tag-fy-2022"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13358"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13358"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13358\/revisions"}],"predecessor-version":[{"id":13359,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13358\/revisions\/13359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/13362"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}