FIDELITY BANK PLC’S CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDING JUNE 30, 2024, COMPARING THE GROUP AND BANK RESULTS FROM THE SAME PERIOD IN 2023.
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Key Financial Metrics:
1. Gross Earnings:
Group (2024): ₦512,864 million
Bank (2024): ₦505,259 million
2023 (Group & Bank): ₦247,100 million
Growth: Both Group and Bank recorded a significant increase in gross earnings, more than doubling year-over-year.
2. Interest Income (using Effective Interest Method):
Group (2024): ₦363,959 million
Bank (2024): ₦357,856 million
2023 (Group & Bank): ₦190,423 million
Growth: Interest income grew by approximately 90%, reflecting stronger income generation from lending and similar activities.
3. Interest Expense:
Group (2024): ₦146,887 million
Bank (2024): ₦146,830 million
2023 (Group & Bank): ₦82,077 million
Growth: There was a notable increase in interest expenses, in line with the rise in interest income, driven by higher cost of funds.
4. Net Interest Income:
Group (2024): ₦320,246 million
Bank (2024): ₦326,406 million
2023 (Group & Bank): ₦107,828 million
Growth: Net interest income tripled in 2024 due to the combination of increased interest income and controlled expenses.
5. Credit Loss Expense:
Group (2024): ₦35,637 million
Bank (2024): ₦35,929 million
2023 (Group & Bank): ₦19,922 million
Growth: Credit loss expenses also rose significantly, indicating increased provisioning for non-performing loans.
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Non-Interest Revenue:
6. Fee and Commission Income:
Group (2024): ₦24,146 million
Bank (2024): ₦24,146 million
2023 (Group & Bank): ₦9,665 million
Growth: A notable increase of over 100% in fee and commission income, likely due to higher transaction volumes.
7. Fee and Commission Expenses:
Group (2024): ₦3,858 million
Bank (2024): ₦3,645 million
2023 (Group & Bank): ₦7,665 million
Change: Fee and commission expenses declined in 2024, boosting net non-interest income.
8. Net Gains from Financial Assets at Fair Value through Profit or Loss:
Group & Bank (2024): ₦34,690 million
2023: ₦23,448 million
Growth: The Group recorded a significant increase in gains from financial assets, contributing to overall profitability.
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Operating Expenses:
9. Personnel Expenses:
Group (2024): ₦26,752 million
Bank (2024): ₦21,964 million
2023: ₦17,287 million
Growth: There was a marked increase in personnel costs, likely due to salary adjustments or workforce expansion.
10. Depreciation and Amortization:
Group (2024): ₦4,651 million
Bank (2024): ₦4,275 million
2023: ₦3,227 million
Growth: Depreciation expenses increased, reflecting higher capital expenditures on tangible and intangible assets.
11. Other Operating Expenses:
Group (2024): ₦128,579 million
Bank (2024): ₦124,821 million
2023: ₦64,036 million
Growth: A significant rise in other operating expenses, contributing to higher operational costs.
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Profit Before Tax (PBT):
Group (2024): ₦202,637 million
Bank (2024): ₦200,872 million
2023: ₦76,334 million
Growth: PBT for both the Group and Bank more than doubled, showing strong underlying financial performance.
Income Tax Expense:
Group (2024): ₦44,072 million
Bank (2024): ₦41,038 million
2023: ₦14,339 million
Growth: Income tax expenses more than tripled year-over-year, in line with the increase in pre-tax profits.
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Profit After Tax (PAT):
Group (2024): ₦158,565 million
Bank (2024): ₦159,834 million
2023: ₦61,995 million
Growth: The Group and Bank’s net profit almost tripled compared to the same period in 2023.
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Other Comprehensive Income:
Fair Value Gains on Equity Instruments:
Group & Bank (2024): ₦23,664 million
2023: ₦9,791 million
Growth: Significant growth in fair value gains, reflecting better performance in investment portfolios.
Exchange Differences & Reclassifications: The Group also saw gains from exchange rate differences and financial instruments at fair value through other comprehensive income, further boosting the overall comprehensive income.
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Earnings Per Share (EPS):
Group (2024): 499.48 kobo
Bank (2024): 495.51 kobo
2023: 193.73 kobo
Growth: Earnings per share rose substantially, almost tripling compared to the prior period, highlighting stronger profitability.
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This breakdown reflects the impressive growth in Fidelity Bank’s financial performance during the first half of 2024, with notable improvements in gross earnings, net interest income, and profitability.
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Key Financial Metrics:
1. Gross Earnings:
Group (2024): ₦512,864 million
Bank (2024): ₦505,259 million
2023 (Group & Bank): ₦247,100 million
Growth: Both Group and Bank recorded a significant increase in gross earnings, more than doubling year-over-year.
2. Interest Income (using Effective Interest Method):
Group (2024): ₦363,959 million
Bank (2024): ₦357,856 million
2023 (Group & Bank): ₦190,423 million
Growth: Interest income grew by approximately 90%, reflecting stronger income generation from lending and similar activities.
3. Interest Expense:
Group (2024): ₦146,887 million
Bank (2024): ₦146,830 million
2023 (Group & Bank): ₦82,077 million
Growth: There was a notable increase in interest expenses, in line with the rise in interest income, driven by higher cost of funds.
4. Net Interest Income:
Group (2024): ₦320,246 million
Bank (2024): ₦326,406 million
2023 (Group & Bank): ₦107,828 million
Growth: Net interest income tripled in 2024 due to the combination of increased interest income and controlled expenses.
5. Credit Loss Expense:
Group (2024): ₦35,637 million
Bank (2024): ₦35,929 million
2023 (Group & Bank): ₦19,922 million
Growth: Credit loss expenses also rose significantly, indicating increased provisioning for non-performing loans.
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Non-Interest Revenue:
6. Fee and Commission Income:
Group (2024): ₦24,146 million
Bank (2024): ₦24,146 million
2023 (Group & Bank): ₦9,665 million
Growth: A notable increase of over 100% in fee and commission income, likely due to higher transaction volumes.
7. Fee and Commission Expenses:
Group (2024): ₦3,858 million
Bank (2024): ₦3,645 million
2023 (Group & Bank): ₦7,665 million
Change: Fee and commission expenses declined in 2024, boosting net non-interest income.
8. Net Gains from Financial Assets at Fair Value through Profit or Loss:
Group & Bank (2024): ₦34,690 million
2023: ₦23,448 million
Growth: The Group recorded a significant increase in gains from financial assets, contributing to overall profitability.
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Operating Expenses:
9. Personnel Expenses:
Group (2024): ₦26,752 million
Bank (2024): ₦21,964 million
2023: ₦17,287 million
Growth: There was a marked increase in personnel costs, likely due to salary adjustments or workforce expansion.
10. Depreciation and Amortization:
Group (2024): ₦4,651 million
Bank (2024): ₦4,275 million
2023: ₦3,227 million
Growth: Depreciation expenses increased, reflecting higher capital expenditures on tangible and intangible assets.
11. Other Operating Expenses:
Group (2024): ₦128,579 million
Bank (2024): ₦124,821 million
2023: ₦64,036 million
Growth: A significant rise in other operating expenses, contributing to higher operational costs.
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Profit Before Tax (PBT):
Group (2024): ₦202,637 million
Bank (2024): ₦200,872 million
2023: ₦76,334 million
Growth: PBT for both the Group and Bank more than doubled, showing strong underlying financial performance.
Income Tax Expense:
Group (2024): ₦44,072 million
Bank (2024): ₦41,038 million
2023: ₦14,339 million
Growth: Income tax expenses more than tripled year-over-year, in line with the increase in pre-tax profits.
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Profit After Tax (PAT):
Group (2024): ₦158,565 million
Bank (2024): ₦159,834 million
2023: ₦61,995 million
Growth: The Group and Bank’s net profit almost tripled compared to the same period in 2023.
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Other Comprehensive Income:
Fair Value Gains on Equity Instruments:
Group & Bank (2024): ₦23,664 million
2023: ₦9,791 million
Growth: Significant growth in fair value gains, reflecting better performance in investment portfolios.
Exchange Differences & Reclassifications: The Group also saw gains from exchange rate differences and financial instruments at fair value through other comprehensive income, further boosting the overall comprehensive income.
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Earnings Per Share (EPS):
Group (2024): 499.48 kobo
Bank (2024): 495.51 kobo
2023: 193.73 kobo
Growth: Earnings per share rose substantially, almost tripling compared to the prior period, highlighting stronger profitability.
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This breakdown reflects the impressive growth in Fidelity Bank’s financial performance during the first half of 2024, with notable improvements in gross earnings, net interest income, and profitability.