Fidelity Bank’s Gross Earning Rises By 37.87% In Six Months

By Tolulope Oke

Fidelity Bank Plc has reported a gross earning of N154.843 billion, in the first six months of 2022, a rise of 37.87% when compared to N112.304 billion reported in 2021.

The outcome follows a year of high inflation, during which consumers and businesses both had to contend with the rising cost of goods and services.

The Bank also made considerable advancements across key performance measures as shown in its unaudited half-year financials provided to the Nigeria Exchange Group Limited (NGX).

Profit before tax stood at N25.079 billion from N20.628 billion posted in 2021, representing a growth of 21.57%.

While the profit after tax stood at N23.307 billion for its 2022  first six months, representing a growth of 20.72% year-on-year.

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Interest and similar income using the effective interest rate method rose by 48.45% from N 85.090 billion recorded in the first quarter (Q1) of 2021 to N 126.348 billion in the period under review.

Based on the result the Board of Directors pursuant to the powers vested in it by Section 426 of the Companies and Allied Matters Act (CAMA 2020), proposed an interim dividend of 10 Kobo per share amounting to N2,896,258,569.20 from Retained Earnings as of 30 June 2022.

Withholding tax at the applicable rate of 10% shall be subtracted prior to payment of the interim dividend.

Profit before income tax for the bank increased by a slender 1.9% from N10.134 billion in Q1 2021 to N10.324 billion in Q1 2022.

Nearly the same amount, N9.590 billion, was realized in the same quarter of 2021. Profit after tax was N9.515 billion.