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Fidelity Bank has reported a five-year record growth of 113% in profit before tax.
According to the bank’s 2022 FY audited financial result, profit before tax hit N53.677 billion, the highest in five years.
The record PBT figure surpassed the 2022 FY target of N48 billion.
On the back of the impressive performance, the bank has proposed the payment of a final dividend of 40 kobo per share for 2022FY to be paid on May 23, 2023, for members that appear on the Register of Members on May 15, 2023.
Also, for the 2022 financial year, the bank recorded a 34.40% growth in Gross Earnings to N337.05 billion.
According to the bank, growth in interest income in Q1 was driven more by improved yield on loans than expansion.
In Q1 2023, the bank expanded its loan book by N45.236 billion compared to N167.588 billion in Q1 2022.
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