The Nigerian Exchange Limited (NGX) admitted Fidelity Bank’s 3,037,414,308 ordinary shares of 50 kobo each at N4.60 of Fidelity Bank Plc on its Daily Official List.
According to a notice obtained from the NGX, the listing follows the conclusion of the bank’s private placement.
Nairametrics reported recently that Fidelity Bank has continued to record impressive performance across key income and balance sheet lines.
In 2022, the Tier-2 bank posted a 5-year record growth of 113% YoY in profit before tax.
A review of the bank’s 2022 FY audited financials showed the bank’s profit before tax hit N53.677 billion, the highest in five years and higher than its peer’s (FCMB) PBT of N38.570 billion for the same period. Not all.
The record PBT figure surpassed the 2022 FY target of N48 billion. Looking at its Q1 2023 results, it is most likely it will beat the 2023 guidance. The Tier-2 bank recorded a 74% QoQ growth in PBT to N17.94 billion.
On the back of the impressive performance, the bank has proposed the payment of a final dividend of 40 kobo per share for 2022FY to be paid on May 23, 2023, for members that appear on the Register of Members on May 15, 2023.
One of the key factors driving earnings growth is the impressive growth in gross earnings fueled by reasonable growth in interest and similar income.
For instance, in 2022FY, the bank recorded a 34.40% growth in Gross Earnings YoY to N337.05 billion, slightly above FCMB’s 33.47% YoY (N282.982 billion).
While the growth in gross earnings was driven by 45.2% growth in interest and similar income to N295.578 billion, the increase in interest income was led by a combination of improved yield on earning assets and 19.1% YoY expansion in earning assets to N2.64 trillion.
This trajectory was sustained in Q1 2023, with gross earnings up 42% to N101 billion buoyed also by a 43% growth in interest and similar income.
But unlike in 2022, the growth in interest income in Q1 was driven more by improved yield on loans than expansion.
In Q1 2023, the bank expanded its loan book by N45.236 billion compared to N167.588 billion in Q1 2022.
The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to…
Primate Elijah Ayodele Unveils 94-Page Prophecy for 2025, Makes Striking Predictions About Nigeria’s Political and…
The Senior Special Assistant to President Bola Tinubu on Community Engagement (North Central), Abiodun Essiet,…
The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…
Tobi Adegboyega, founder of the Salvation Proclaimers Anointed Church (SPAC Nation), has stated that he…
The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell…