Fidelity Bank reports N122.15 billion pre-tax profit in 2023, reflects 128% profit growth

Fidelity Bank Plc has released its condensed unaudited financial statements for 2023.

The bank posted a profit before tax of N122.15 billion, representing a 128% growth from the N53.68 billion recorded in FY 2022.  

In FY 2023, the bank posted gross earnings of N552.77 billion, marking a 64% growth from the N337.05 billion posted in FY 2022.

The bank’s net interest income of N274.86 billion posted in FY 2023 was notably 82% higher than the N152.70 billion net interest income posted in 2022.  

Key Highlights FY 2023 (FY 2022, % Change) 

• Gross earnings: N552.77 billion (N337.05 billion, +64%)
• Net interest income: N274.86 billion (N152.70 billion, +82%)
• Net interest income after credit loss expense: N208.49 billion (N147.25 billion, +42%)
• Profit before income tax: N122.15 billion (N53.68 billion, +128%)
• Income tax: N20.77 billion (N6.95 billion, +199%)
• Profit for the year: N101.39 billion (N46.72 billion, +117%)
• Total comprehensive income for the year: N120.76 billion (N42.10 billion, +187%)
• Earnings per share: 316.83 kobo (161.32 kobo, +96%)
• Cash and cash equivalents: N383.44 billion (N300.34 billion, +28%)
• Loans and advances to customers: N3.09 trillion (N2.12 trillion, +46.2%)
• Deposits from customers: N4.05 trillion (N2.58 trillion, +57%)
• Total assets: N6.23 trillion (N3.99 trillion, +56%)
• Total equity: N433.33 billion (N314.36 billion, +38%)
• Return on Equity: 27.30% (15.58%, +1172 bps)

What you should know  

The bank’s credit was mostly concentrated in oil and gas, with N1.11 trillion in loans and advances to the oil and gas sector, representing 36% of the bank’s total loans and advances.  

The bank’s total investment in government securities also increased by 112% to N1.39 trillion in FY 2023, from the N657.26 billion recorded in FY 2022. The bulk of the bank’s investment in government securities was in treasury bills, which increased to N565.22 billion in 2023, marking a 102% increase from the N280.28 billion posted in FY 2022.