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Fidelity Bank Plc reports N47.163 billion profit for FY 2022

Fidelity Bank Plc has released its unaudited financial statements for the year ending 31 December 2022.

The bank’s profit for the period under review rose by 32.6% to N47.163 billion from the N35.579 billion recorded in the previous year.

Key details of the unaudited financial report are summarised below.

Gross Earnings

2022 FY: N335.897 billion

2021 FY: N250.774 billion

Change: +33.9%

Net Interest Income

2022 FY: N152.813 billion

2021 FY: N94.877billion

Change: +61.1%

Operating Income

2022 FY: N7.044 billion

2021 FY: N17.803 billion

Change: -60.4%

Operating Expenses

2022 FY: N85.825 billion

2021 FY: N52.814 billion

Change: +62.3%

Pre-tax profit

2022 FY: N85.825billion

2021 FY: N52.814 billion

Change: +62.5%

Net Profit after tax

2022 FY: N47.163 billion

2021 FY: N35.579billion

Change: +32.5%

Earnings per share

2022 FY: N163

2021 FY: N123

Change: +32.6%

Bottom line: The growth in profits was due to the increase in gross earnings despite inflationary pressure and depreciation of the naira. Gross Earnings increased during the period by 33.9% to stand at N335.897 billion.

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