Fidelity Declares N7.24bn Interim Dividend In H1

Fidelity Bank Plc has proposed an interim dividend of N7.244 billion in the first half of the year.

The dividend, which represents 25 kobo per share, makes it the second consecutive year the Bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.

Also, the Bank’s audited half year results for the period ended June 30, 2023 revealed an impressive 204.4 per cent growth in profit before tax for the first half of 2023 to N76.3 billion.

A review of the results published on the Nigerian Exchange (NGX) showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria.

Gross earnings for the period grew by 59.6 per cent to N247.1 billion from N154.8 billion reported in June 2022. Profit after tax stood at N61.9 billion representing a growth of 166.0 per cent over N23.3 billion recorded in the corresponding period, translating to an earnings per share of N1.94.

The Bank’s net loans & advances grew by 25.1 per cent from N2.1 trillion recorded as of December 2022 to N2.6 trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2 per cent to N3.2 trillion from N2.6 trillion in December 2022.

The Bank’s balance sheet remained strong with a 27.4 per cent growth in total assets from N3.9 trillion in December 2022 to N5.1 trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24 per cent with adequate coverage of 111 per cent. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9 per cent and 2.8 per cent respectively.

Speaking on the Bank’s performance, MD/CEO, Fidelity Bank, Nneka Onyeali-Ikpe noted, “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 that has been characterized by global economic headwinds.

“As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.”

Onyeali-Ikpe stated that “we will continue to monitor and proactively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled.

“The interim dividend of 25 kobo per share, a 150 per cent increase compared to the 10 kobo interim dividend in 2022 Full year, attests to the value we place on the unwavering support from our shareholders.