ONLINE BANKING
  • Online Banking
    • Personal
    • Corporate

    Login
    • Register
    • |
    • Open New Account

    Login
    • Register
    • |
    • Open New Account

OPEN AN ACCOUNT
  • Home
  • About Us
  • Investor Relations
  • Agric & Export
    • Fidelity EMP
    • Gallery
  • CSR
    • Health & Social Welfare
    • Education
    • Youth Empowerment
    • Environment
    • Sustainability
  • Media
    • Media Centre
    • Gallery
    • Magazine Publication
    • Blog
  • Contact
    • True Serve
    • Branch/ATM Locator
    • Frequently Asked Questions
    • Careers
    • Shareholder Enquiry
    • Information Security
    • Whistle Blowing
Menu
  • Home
  • About Us
  • Investor Relations
  • Agric & Export
    • Fidelity EMP
    • Gallery
  • CSR
    • Health & Social Welfare
    • Education
    • Youth Empowerment
    • Environment
    • Sustainability
  • Media
    • Media Centre
    • Gallery
    • Magazine Publication
    • Blog
  • Contact
    • True Serve
    • Branch/ATM Locator
    • Frequently Asked Questions
    • Careers
    • Shareholder Enquiry
    • Information Security
    • Whistle Blowing
Login
Search
Close
  • Personal Banking

    Personal Banking

    • Savings Account
    • Current Account
    • Diaspora Banking
    • Investment Services
    • Personal Loans
    • Money Transfer

    Self Services

    • Find a Branch or ATM
    • Loan Calculator
    • Open an Account
    • True Serve
    • Chat with Ivy
  • Digital Banking

    Digital Banking

    • Instant Banking (*770#)
    • Fidelity Cards
    • Fidelity Collections
    • Online Banking
    • Online Banking Mobile App

    Self Services

    • Find a Branch or ATM
    • Loan Calculator
    • Open an Account
    • True Serve
    • Chat with Ivy
  • SME Banking

    SME Banking

    • Low Cost Current Accounts
    • Fidelity SME Academy
    • SME Loans & Advances
    • Fidelity SME Forum
    • Open Account Online

    Self Services

    • Find a Branch or ATM
    • Loan Calculator
    • Open an Account
    • True Serve
    • Chat with Ivy
  • Corporate Banking

    Corporate Banking

    • Exchange Rate

    Self Services

    • Find a Branch or ATM
    • Loan Calculator
    • Open an Account
    • True Serve
    • Chat with Ivy
    Fidelity Bank Corporate Banking
  • Private Banking

    Private Banking

    • About Private Banking
    • Services
    • Testimonials
    • Contact Private Banking

    Self Services

    • Find a Branch or ATM
    • Loan Calculator
    • Open an Account
    • True Serve
    • Chat with Ivy
  • Personal
    • Savings Account
    • Current Account
    • Diaspora Banking
    • Investment Services
    • Personal Loans
    • Money Transfer
    • Self Services
      • Branch Locator
      • Loan Calculator
  • Digital
    • Online Banking
    • Online Banking App
    • Instant Banking *770#
    • Fidelity Card
    • PayGate
    • Fidelity POS
  • SME
    • Current Account
    • SME Loans
    • Fidelity SME Academy
    • Loan Calculator
  • Corporate
    • Exchange Rates
  • Private
    • About Us
    • Services
    • Testimonials
    • Contact Private Banking
  • Personal
    • Savings Account
    • Current Account
    • Diaspora Banking
    • Investment Services
    • Personal Loans
    • Money Transfer
    • Self Services
      • Branch Locator
      • Loan Calculator
  • Digital
    • Online Banking
    • Online Banking App
    • Instant Banking *770#
    • Fidelity Card
    • PayGate
    • Fidelity POS
  • SME
    • Current Account
    • SME Loans
    • Fidelity SME Academy
    • Loan Calculator
  • Corporate
    • Exchange Rates
  • Private
    • About Us
    • Services
    • Testimonials
    • Contact Private Banking
  • Individual Current Account
  • Premium Current Account
  • Bridge Account
  • Small Business Account (Individual)
  • Vintage Account
  • Individual Current Account
  • Premium Current Account
  • Bridge Account
  • Small Business Account (Individual)
  • Vintage Account

< Back to Blog

  • October 28, 2022

Fidelity Bank grows Profits by 34.7% to N37.8bn in 9M 2022

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 34.7% growth in profits from N28.1bn at the end of Q3 2021 to N37.8bn for the 9M 2022. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Friday, 28 October 2022.

According to the statement, Net Interest Margin improved to 6.2% from 4.7% in 2021FY, due to increased market yields while average funding cost remained unchanged YTD. Average yield on earning assets increased by 166bps to 11.7% while average funding cost stood at 4.3%, which resulted in 72.2% YoY increase in net interest income to N111.9bn.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated: We are happy to report sustained growth across key financial indices in our 9 months 2022 results. Gross Earnings increased by 38.7% YoY to N241.9bn on account of 53.1% growth in interest and similar income to N210.4bn from N137.4bn in 9M 2021. The increase in Interest Income was driven by improved yield on earnings assets and 16.3% YTD expansion in earnings base to N2,579.0bn.

Similarly, Total Deposits increased by 13.3% YTD to N2,294.7bn from N2,024.8bn in 2021FY, driven by double-digit growth in low-cost deposits. Low-cost deposits increased by 24.2% YTD to N1,873.6bn and now represents 81.7% of total deposits from 74.5% in 2021FY. FCY deposits increased by $432m (45.9% YTD) to $1.4bn and now accounts for 26.2% of total deposits from 19.7% in 2021FY, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.

The statement of account also showed considerable growth in Net Loans and Advances by 20.0% YTD to N1,989.3bn from N1,658.4bn in 2021FY with intervention fund facilities and the impact of naira devaluation accounting for 33.8% of the absolute YTD growth in risk assets book. The Bank was able to keep Other Regulatory Ratios above the required thresholds maintaining its liquidity ratio at 41.3% and capital adequacy ratio (CAR) at 19.4% compared to the minimum requirement of 15.0%.

“We successfully redeemed our $400mn Reg S /144a Senior Unsecured 5 -yr Notes on 17th October 2022. Noteholders received a total of $421mn covering the principal amount and the accrued 6 months coupon in line with the executed Trust Deeds. We look forward to sustaining the momentum in Q4 towards achieving our set targets for 2022 Financial Year”, explained Onyeali-Ikpe.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7.2 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards and received the Platinum and Service Ambassadors awards from the Development Bank of Nigeria (DBN) for its support of small businesses in the country. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Search

For Media Enquiries

Email: [email protected]
Phone: +234 1 270 2015

Share

Other Stories

Banking

Fidelity Bank Appoints Pamela Shodipo as Executive Director, South Directorate

February 10, 2023
Banking

Disclaimer on Fidelity Investment WhatsApp Group

February 7, 2023
Banker of the Year Award

Nneka Onyeali-Ikpe Bags Banker of the Year Award

February 2, 2023
PrevPreviousFidelity Bank supports Pinnacle Oil and Gas to Ease Petroleum Products Distribution Nationwide
NextDomestic Economic ReviewNext

Stay Close, We Are Always Here

Get In Touch

Banking

  • Personal Banking
  • SME Banking
  • Digital Banking
  • Corporate Banking
  • Private Banking
  • Diaspora Banking
  • Agric & Export Banking

About Fidelity

  • About Us
  • Careers
  • Investor Relations
  • CSR

Help & Support

  • True Serve
  • FAQ
  • Find a Branch or ATM
  • Whistle Blowing
  • Information Security

Quick Links

  • Online Banking
  • Loan Calculator
  • Media
  • Suspected Foreign Exchange Racketeers

Digital Channels

RC 103022. Copyright 2023 Fidelity Bank Plc. An authorised financial services and credit provider. Privacy Policy | Communication Policy | Terms and Conditions | Sitemap

This website uses cookies to provide you with the best browsing experience.

Find out more or adjust your settings.

  • Personal
  • Corporate

Login
  • Register
  • |
  • Open New Account

Login
  • Register
  • |
  • Open New Account

Personal
Corporate
Powered by Fidelity Bank Plc  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Click Here to read more about our privacy policy.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics and other scripts to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Data Privacy Policy

More information about our Data Privacy Policy