ONE of the top rated banks in Nigeria, Fidelity Bank PLC has released its 2022 year-end audited Financial Statement and Accounts to the public.
A major highlight of the report is a recommendation of a 42.9 per cent increase in dividend payout by the Board of Directors of the Bank.
In one of the highest return growths in the stock market, Fidelity Bank, which set a personal record with its first interim dividend in 2022, is increasing cash dividends payable to shareholders for the 2022 business year from N10.137 billion in 2021 to N15.7 billion in 2022.
According to regulatory filing at the Nigerian Exchange (NGX), shareholders, who received interim dividend of 10 kobo per share earlier in 2022, will receive a final dividend per share of 40 kobo, totaling a payout of 50 kobo for the 2022 business year as against 35 kobo paid for the 2021 business year.
Key extracts of the audited statement and accounts for the year ended December 31, 2022 showed a double in profitability, driven by strong growths in the top-line and the structural balance of the bank’s operations.
Gross earnings rose by 34.4 per cent in 2022 to N337.05 billion as against N250.78 billion in 2021. Segmental topline analysis showed that the bank’s performance was driven largely by its core commercial banking operations.