Profit Of N52bn for Full Year in 2022 Was Made By Fidelity Bank

Fidelity Bank announced an impressive growth in Profit Before Tax to N52billion for the Full Year in 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 Full Year, 2021).

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

Similarly, Fidelity Bank’s total assets now stands at N3.999trillion (from N3.289trillion in Full Year 2021); Deposits from customers is now at N2.591trillion (from N2.024trillion in Full Year 2021).

Analysts concluded that this is yet another strong output 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 in recent times from 2021-2023.