Fidelity Bank Plc has announced a remarkable financial performance for the year ended Dec. 31, 2023, with a profit before tax of N124.3 billion. This represents a significant 131.5 per cent increase from the previous year, showcasing the bank’s strong growth trajectory.

In its 2023 full year audited financial statement, Fidelity Bank revealed that it would be paying investors a final dividend of 60k per share and a total dividend of 85 kobo per share for the reporting period. This dividend payout marks a 70 per cent increase compared to the previous year, demonstrating the bank’s commitment to rewarding its shareholders.

The financial institution reported a 26.5 per cent increase in Return on Average Equity (RoAE) for the year under review, reflecting its solid financial performance. The bank’s gross earnings grew by 64.9 per cent year-on-year to N555.83 billion, driven by an impressive 81.6 per cent growth in net interest income.

Dr Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank, attributed the bank’s success to its strong performance across key income and balance-sheet lines. She emphasized the bank’s ability to deliver superior returns to shareholders despite challenges in the operating environment.

The bank’s net interest income saw a substantial 81.6 per cent increase to N277.4 billion, driven by a rise in asset yield throughout the year. Fidelity Bank also saw a drop in average funding costs and an increase in low-cost funds, leading to a higher Net Interest Margin (NIM) of 8.1 per cent.

With total customer deposits surpassing the N4 trillion mark and a significant growth in low-cost funds, Fidelity Bank remains dedicated to supporting individuals and businesses for economic prosperity. The bank increased its net loans and advances to N3.1 trillion, maintaining regulatory ratios well above required thresholds.

Mrs Onyeali-Ikpe highlighted the bank’s liquidity ratio of 45.3 per cent and capital adequacy ratio of 16.2 per cent, demonstrating strong financial health and risk management practices. She reaffirmed the bank’s commitment to value creation and shareholder returns, noting that Fidelity Bank has consistently paid dividends since 2006.

Fidelity Bank’s impressive financial performance in 2023 underscores its resilience and strategic focus on sustainable growth, positioning it as a leading player in the Nigerian banking sector.