Connect with us

Hi, what are you looking for?

Sponsored Post

Fidelity Grows Profit to N52 billion for FY 2022

Fidelity

Fidelity Grows Profit to N52 billion for FY 2022

Fidelity Bank Plc has announced an impressive growth in Profit Before Tax to N52 bn for the Full Year 2022. This was made known in the Bank’s unaudited statement of account presented to the Nigerian Exchange (NGX) on Wednesday, 31 January 2023.

According to the regulatory filing, the bank grew Gross Earnings by 33.9% to N335.897 billion (from N250.774 billion in FY 2021) and Net Interest Income by 61.1% to N152.813 billion (from N94.877 billion in FY 2021) leading to a Profit After Tax of N47.163billion for FY 2022 (from N35.579billion in FY 2021).

Similarly, Total Assets for the Bank now stand at N3.999trillion (from N3.289trillion in FY 2021) and Deposit from Customers is now at N2.591trillion (from N2.024trillion in FY 2021).

Analysts posit that this is yet another strong showing for the tier-one bank having sustained impressive performance year-on-year even in the face of the headwinds in the economy. Despite growing its Gross Earnings at an impressive rate, the bank has managed to record one of the lowest Non-Performing Loans (NPL) ratios in the Nigerian banking industry, for instance.

You May Also Like

BREAKING NEWS

In the bustling streets of Lagos, where the cacophony of horns and the endless flow of vehicles are the norm, a recent incident sent...

BREAKING NEWS

In a surprising turn of events, the Supreme Court has made a groundbreaking statement, asserting that a fire outbreak will not have any bearing...

BREAKING NEWS

Allegations of financial impropriety have once again rocked the public sphere, with accusations of fraudulent activity involving the former Chairman of the Federal Inland...

News

In a recent and alarming development, President Bola Tinubu has issued a directive to security agencies to take swift action in rescuing the remaining...