Fidelity Bank grows profit to N52bn in 2022
For the entire year 2022, Fidelity Bank Plc. has declared an outstanding increase in Profit Before Tax to N52 billion.
This was disclosed in its unaudited statement of account submitted on January 31, 2023, to the Nigerian Exchange (NGX).
The bank increased its Gross Earnings by 33.9% to N335.897 billion, according to the regulatory filing (from N250.774billion in FY 2021).
Profit After Tax for FY 2022 was N47.163 billion thanks to a 61.1% increase in Net Interest Income to N152.813 billion (from N94.877 billion in FY 2021). (from N35.579billion in FY 2021).
The total assets of Fidelity Bank are now N3.999 trillion (up from N3.289 trillion in FY 2021), and client deposits are now N2.591 trillion (from N2.024trillion in FY 2021).
Analysts claim that this is yet another excellent achievement for the tier-one bank, which has maintained impressive performance year over year despite the economic challenges.
Fidelity Bank recorded one of the lowest Non-Performing Loans (NPL) percentages in the Nigerian banking sector despite growing its gross earnings at an exceptional rate.
