The Fidelity Bank group recorded a net profit of 113 percent to N99.45 billion in the financial year ended December 31, 2023.
Net profit in the preceding financial year stood at N46.72 billion.
The financial group also disclosed Gross Earnings of N555.83 billion in the review period, rising from N337.05 billion announced for the audited financial year ended 2022. Growth in earnings in the review period stood at 65 percent.
The audited financial statements made available to the Nigerian Exchange Limited by Fidelity group showed that shareholders will earn a total dividend of 85 kobo per share for the financial year.
Financial dividend proposed by the Directors, which is subject to the approval of the owners of the business at the Annual General Meeting which is expected to hold before long, is 65 kobo per share as a 25 kobo interim dividend has been paid out.
A cursory look at the financial statement showed that Net Interest Income was a major contributor to Gross Earnings, recording an increase of 81.7 percent, from N152.7 billion in 2022 to N277.4 billion in 2023.
Meanwhile, Personnel expenses increased appreciably from N29.73 billion on December 31, 2022 to N52.62 billion in the review period, representing a growth of 77.0 percent.
Similarly, Other Operating expenses increased by 60.2 percent, from N84.44 billion in 2022 to N135.28 billion as of December 31, 2023.
The group’s balance sheet showed that Total Assets increased by 56.4 percent from N3.99 trillion in 2022 to N6.24 trillion as of 2023 December 31. Accordingly, Total Liabilities increased from N3.67 trillion in 2022 to N5.80 trillion in 2023.
