Deposit money banks in the country continue to benefit from the high interest rate regime in the country. Fidelity Bank is one of the deposit money banks in the country that has benefited from the high interest rate regime as improvement is seen across gross earnings and profitability in its second quarter unaudited financial statement for the period end 30 June, 2023.
The report showed that Fidelity Bank’s gross earnings increased by 58.6 percent to N247.10 billion compared to N155.84 billion as of June 2022. Within Q2 2023 alone, the tier-two bank made N145.96 billion compared to N84.51 billion in a similar period in 2022.
Net interest income for the half-year period ended June 2023 rose by 42.5 percent to N107.77 billion, a better record than the N75.61 billion earned in the comparable period in 2022. The huge net interest income is attributable to the high interest sustained by the Central Bank of Nigeria.
Also, the profit for the period ended (Profit after taxation) increased by 133.3 percent to N53.29 billion in contrast to N22.84 billion as of the second quarter of the previous year.
The total comprehensive income for the period was N68.97 billion in contrast to N23.22 billion made in the corresponding period of 2022, with the increase coming from the net change in the fair value of the debt instruments during the period.
