Fidelity Bank PLC has announced a pre-tax profit of N200.8 billion in its recently published financial statements for the period ending June 30, 2024.
This represents a significant 163% year-over-year (YoY) increase from the same period in 2023, as gains from financial assets at fair value increased.
The bank also saw its net interest income surge by 202% YoY to N326.4 billion during the same period.
In addition, Fidelity has proposed an interim dividend of N0.85 per ordinary share of N0.50 to be paid to registered shareholders.
Fidelity Bank’s gross earnings surged by 107.6% YoY to N512.8 billion, up from N247.1 billion in the same period last year.
Interest expenses also climbed by 78.9% YoY to N146.8 billion, but net interest income still grew remarkably, up 202.7% YoY to N326.4 billion.
The bank’s fees and commissions income rose to N35 billion, a 45.1% increase compared to N24.1 billion in the previous year, while net gains from financial assets at fair value reached N34.6 billion, up from N23.4 billion in 2023.
Despite higher costs, pre-tax profit reached N200.8 billion, reflecting a 163.1% YoY increase. Profit after tax also rose significantly, up 157.8% to N159.8 billion, with earnings per share (EPS) increasing to N4.9 from N1.9 in 2023.
This dividend announcement is expected to boost investor confidence and could lead to a rise in the bank’s share price. According to the released financial statement, the bank is profitable and operationally healthy for the reported period.