Fidelity Bank was incorporated on 19 November 1987 as a private limited liability company in Nigeria. It obtained a merchant banking license on 31 December 1987 and commenced banking operations on 3 June 1988. The Bank converted to a commercial bank on 16 July 1999 and re-registered as a public limited company on 10 August 1999. The Bank’s shares were listed on the floor of the Nigerian Stock Exchange (now Nigerian Exchange Group) on 17 May 2005.
Fidelity Bank Plc full year 2023 Audited Financial Statements reported a 131.5 percent growth in Profit Before Tax to N124.26 billion. The bank grew Gross Earnings by 64.9 percent year-on-year (YoY) to N555.83 billion, which led to a Profit After Tax of N99.45 billion representing a 112.9 percent annual growth.
| In Millions | 2023 | 2022 | %Change |
| Gross profit_ | 555,830.00 | 337,050.00 | 64.91 |
| Profit before taxation | 124,260.00 | 53,677.00 | 131.5 |
| Profit after tax | 99,454.00 | 46,724.00 | 112.85 |
| Total Assets | 6,234,688.00 | 3,989,009.00 | 56.3 |
| Total Equity | 437,307.00 | 314,360.00 | 39.11 |
| Total liabilities | 5,797,381.00 | 3,674,649.00 | 57.77 |
The total Customer Deposits crossed the N4trillion mark as deposits grew by 55.6 percent from N2.6 trillion in 2022FY. The increase was driven by 81.1 percent growth in low-cost funds.
| 2023 | 2022 | |
| Share capital | 16,000.00 | 14,481.00 |
| Share premium | 113,705.00 | 101,272.00 |
| Retained earnings | 65,508.00 | 44,883.00 |
| Earnings per Share | 310.79 | 161.32 |
| ROA | 0.02 | 0.01 |
| ROE | 0.23 | 0.15 |
DIVIDEND
The Board of Directors of the Group, pursuant to the provisions of Section 379 of the Companies and Allied Matters Act (CAMA) 2020, propose a final dividend of N0.60k per share (31 December 2022: N0.50k per share) for the 2023 financial year. The proposed final dividend of N0.60k per share and interim dividend of N0.25k per share paid on September 22, 2023, brings the total dividend for 2023 to N0.85k per Ordinary Share to be paid from the retained earnings account as at 31 December 2023.
