Commenting on the Bank’s impressive performance, Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines”
Fidelity Bank Plc, a leading financial institution has released its 2022 Audited Financial Statements on the Nigerian bourse. 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. 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.
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 at 18.1% compared to the minimum regulatory requirement of 30.0% and 15.0% respectively. Its Non-Performing Loans ratio remained unchanged at 2.9% for the year.
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