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%
Other operating Income
2022 FY: N7.044 billion
2021 FY: N17.803 billion
Change: -60.4%
Other operating Expenses
2022 FY: N85.825 billion
2021 FY: N52.814 billion
Change: +62.3%
Pre-tax profit
2022 FY: N52.063 billion
2021 FY: N38.066 billion
Change: +36.77%
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:Â 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.
Great.