Fidelity Bank Releases 2023 Unaudited Financial Statements

The 2023 condensed unaudited financial statements of Fidelity Bank Plc are available.

The bank reported N122.15 billion in profit before taxes, a 128% increase over the N53.68 billion it reported in FY 2022.

The bank reported N552.77 billion in gross earnings for FY 2023, a 64% increase over the N337.05 billion reported for FY 2022.

The bank’s net interest income of N274.86 billion posted in FY 2023 was notably 82% higher than the N152.70 billion net interest income posted in 2022.

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Key Highlights FY 2023 (FY 2022, % Change)

Gross earnings: N552.77 billion (N337.05 billion, +64%)

Net interest income: N274.86 billion (N152.70 billion, +82%)

Net interest income after credit loss expense: N208.49 billion (N147.25 billion, +42%)

Profit before income tax: N122.15 billion (N53.68 billion, +128%)

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Income tax: N20.77 billion (N6.95 billion, +199%)

Profit for the year: N101.39 billion (N46.72 billion, +117%)

Total comprehensive income for the year: N120.76 billion (N42.10 billion, +187%)

Earnings per share: 316.83 kobo (161.32 kobo, +96%)

Cash and cash equivalents: N383.44 billion (N300.34 billion, +28%)

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Loans and advances to customers: N3.09 trillion (N2.12 trillion, +46.2%)

Deposits from customers: N4.05 trillion (N2.58 trillion, +57%)

Total assets: N6.23 trillion (N3.99 trillion, +56%)

Total equity: N433.33 billion (N314.36 billion, +38%)

Return on Equity: 27.30% (15.58%, +1172 bps)