{"id":71291,"date":"2023-04-28T03:08:07","date_gmt":"2023-04-28T02:08:07","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=71291"},"modified":"2023-04-28T03:08:07","modified_gmt":"2023-04-28T02:08:07","slug":"fy-2022-fidelity-bank-gross-earnings-rises-34-4-to-n337-1-billion","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fy-2022-fidelity-bank-gross-earnings-rises-34-4-to-n337-1-billion\/","title":{"rendered":"FY 2022: Fidelity Bank Gross Earnings Rises 34.4% To N337.1 Billion\u00a0"},"content":{"rendered":"

\u2026 Declares total dividend of 50K per share<\/p>\n

Fidelity Bank Plc, a leading financial institution released its 2022 Audited Financial Statements on the Nigerian bourse Thursday. 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.<\/p>\n

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.<\/p>\n

\"FidelityCommenting on the Bank\u2019s impressive performance, Nneka Onyeali-Ikpe, MD\/CEO of Fidelity Bank Plc said, \u201cWe are happy to report another year of impressive double-digit growth across key income and balance sheet lines. This validates our growth strategy and capacity to deliver superior returns to shareholders.\u201d
\nFurther review showed that Net Interest Income increased by 60.9% YoY to N152.7bn.<\/p>\n

The high yield environment had a positive impact on Net Interest Margin, which increased to 6.4% from 4.7% in 2021FY while average funding cost inched up slightly to 4.6% from 4.2%. Similarly, Total Deposits increased by 27.4% to N2.58trn from N2.02trn in 2021FY, in line with the Bank\u2019s guidance for 2022FY published in its investor relations presentation.<\/p>\n

The increase was driven by 43.1% growth in low-cost deposits (Demand | Savings | Domiciliary), which resulted in improved margins.<\/p>\n

Speaking on the contribution of Foreign Currency (FCY) deposits to its financial performance, Onyeali-Ikpe noted, \u201cFCY deposits increased by $597m (63.4% YoY) to $1.5bn and now accounts for 27.5% of total deposits from 19.7% in 2021FY, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.\u201d<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Historically, Fidelity Bank has maintained high asset quality and a healthy balance sheet with its Regulatory Ratios well above the minimum regulatory thresholds.<\/p>\n

It reported a Liquidity Ratio of 39.6% and Capital Adequacy Ratio (CAR) at 18.1% compared to the minimum regulatory requirement of 30.0% and 15.0% respectively.<\/p>\n

Its Non-Performing Loans (NPL) ratio remained unchanged at 2.9% for the year.<\/p>\n

\u201cIn 2023, we are committed to our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele\u201d, explained Onyeali-Ikpe.<\/p>\n

On the back of the impressive performance, the bank has declared a final dividend of 40kobo per share which brings its total dividend for FY 2022 to 50kobo per share.
\nFidelity Bank is a full-fledged customer commercial bank operating in Nigeria with over 7.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. The bank has also won awards for the \u201cFastest Growing Bank\u201d and \u201cMSME & Entrepreneurship Financing Bank of the Year\u201d at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fidelity Bank Plc, a leading financial institution released its 2022 Audited Financial Statements on the Nigerian bourse Thursday. 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.<\/p>\n","protected":false},"author":6,"featured_media":71087,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[753],"coauthors":[2391],"class_list":["post-71291","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-fidelity-bank-plc"],"yoast_head":"\nFY 2022: Fidelity Bank Gross Earnings Rises 34.4% To N337.1 Billion\u00a0 - National Wire<\/title>\n<meta name=\"description\" content=\"Fidelity Bank Plc, a leading financial institution released its 2022 Audited Financial Statements on the Nigerian\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/fy-2022-fidelity-bank-gross-earnings-rises-34-4-to-n337-1-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FY 2022: Fidelity Bank Gross Earnings Rises 34.4% To N337.1 Billion\u00a0 - 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