Fidelity Bank Declares N7.24bn Interim Dividend In H1

The dividend is worth 25 kobo per share. This is the second year in a row that the bank has paid interim dividends. This is another sign that the bank is able to give its owners long-term value.

Also, the bank's audited half-year results for the time ending June 30, 2023, showed that its profit before taxes for the first half of 2023 grew by an impressive 204.4 percent to N76.3 billion.

Reviewing the results posted on the Nigerian Exchange (NGX) showed that all financial measures did well. This shows that the bank is still one of the fastest-growing and best-run financial institutions in Nigeria.

Gross income for the time grew by 59.6%, from N154.8 billion in June 2022 to N247.1 billion in December 2022. After taxes, the company made N61.9 billion, which is 166% more than the N23.3 billion it made in the same time period. This means that each share of stock earned N1.94.

The bank's net loans and advances went up by 25.1%, from N2.1 trillion in December 2022 to N2.6 trillion in June 2023. At the same time, customer deposits went up by 23.2%, from N2.6 trillion in December 2022 to N3.2 trillion in June 2023.

The bank's balance sheet stayed strong, with total assets going from N3.9 trillion in December 2022 to N5.1 trillion, an increase of 27.4%. The bank's non-performing loans stayed low, at 3.24 percent, and below the regulatory level, which is 111 percent. Return on equity (ROE) was 34.9 percent, and return on assets (ROA) was 2.8 percent.

MD/CEO of Fidelity Bank, Nneka Onyeali-Ikpe, said of the bank's performance, "Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time when the global economy has been facing headwinds.ÔÇØ

"As a bank, we are still dedicated to our goal of helping people grow, encouraging businesses to do well, and giving economies the power to do well.ÔÇØ

Onyeali-Ikpe said, "We will continue to keep an eye on and take action on the changing risks in the economy while making sure we keep our promises to our customers and shareholders.ÔÇØ

"The interim dividend of 25 kobo per share is a 150% rise from the 10 kobo interim dividend in the 2022 full year.ÔÇØ This shows how much we value our shareholders' continued support.