National Telescope national telescope newspaper
Fidelity Bank Plc, has recorded 204.4% growth in Profit Before Tax, PBT, for the first half of 2023, H1’23. The PBT increased to N76.3billion from N25.1 billion recorded in the corresponding period of 2022, H1’22.
A review of the Bank’s financial results sent to the Nigerian Exchange Group (NGX) showed a positive performance across all financial indices, reaffirming its position as one of the fastest growing financial institutions in Nigeria.
Gross earnings for the period grew by 59.6% to N247.1billion from N154.8billion reported in June 2022. Profit After tax stood at N61.9billion representing a growth of 166.0% over N23.3billion recorded in the corresponding period.
On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.
Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated: “Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds.
“As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.
The Bank’s impressive H1 2023 results come to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.”
(Vanguard)
