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Fidelity Bank Nigeria Plc reported blowout profit for 2023, helped by foreign exchange revaluation gains and an increase in interest income supported by a high interest income that supported strong net interest income growth.
The lender’s shares witnessed a monster rally in 2023 and it is on a bumper start this year as investors are sanguine that owners’ plans to raise capital via a rights issue would strengthen the balance sheet.
Fidelity Bank’s net income surged by 205.71 percent to N142.82 billion in December from N46.72 billion as at December 2022.
Interest income was up 55.71 percent to N553.89 billion as at December 2023, high interest rate environment and expansion in earning assets base as an aggressive monetary policy is a boon for lenders who are enjoying juicy yields as they had invested in government securities when yields were low.
Non-interest income surged by 180.72percent to N116.39 billion in December 2023 from N41.46 billion the previous year.
The growth in non-interest income was supported by foreign exchange (FX) revaluation gains and double-digit growth in key income lines.
Total deposits to customers has crossed the N4 trillion mark, which boosted the fund base.
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