Fidelity Bank Hits Top on Earning Per Share - The Top Society

Fidelity Bank Hits Top on Earning Per Share


Fidelity Bank Plc, has recorded an upsurge of N184 earning per share (EPS) in the first half of the year, 2023.

Statistics on the Nigerian Exchange Limited (NGX), states that Fidelity Bank is currently leading amongst the financial institutions in Nigeria.

Fidelity Bank
Staff of Fidelity Bank

In the first half of 2022, Fidelity Bank’s earning per share was N79. However, as at Friday, August 25, its shares outstanding was at 32.01 million, with a price which stood at N7 and a traded volume of 32.15 million.

To this effect, the bank’s profit stood at N53.3 billion in the first half of 2023 from N22.84 billion in the similar period of 2022.

Also, the cash and cash equivalents of Fidelity, rose to N501.54 billion in the period under review, while it was N276.07 in the first half of 2022.

‘Earnings per share (EPS) is a company’s net profit divided by the number of common shares it has outstanding.It also indicates how much money a company makes for each share of its stock and is a widely used metric for estimating corporate value.

A higher EPS indicates greater value because investors will pay more for a company’s shares if they think the company has higher profits relative to its share price.’

It’s important to mention that shareholders of Fidelity Bank have recently given their approval for a capital-raising initiative. This involves a Public Offer for a maximum of 10 billion Ordinary Shares, along with a Rights Issue of up to 3.2 billion Ordinary Shares. This Rights Issue entails one new share for every 10 shares currently held, catering to both new and existing shareholders.

Read also: FirstBank Commissions Second Fully Automated Self Service Branch, Unveils Digital Xperience Centre In University Of Ibadan

Fidelity Bank is a commercial bank, headquartered in Victoria Island, Lagos Nigeria, with international recognition.

It started as a merchant banking license in 1987, and began full operation the year after. Fidelity became a commercial bank and also a Public Limited Company in the year 1999, registered with the current name, ‘Fidelity Bank Plc’.

It secured its Universal Banking License in February 2001 and also obtained its International Banking License in the year 2011.

Fidelity Bank of Nigeria has grown to a stable banking institution, during the 2005 Nigeria Banking consolidation, Fidelity Bank acquired FSB International Bank Plc (“FSB”) and Manny Bank Plc to become one of the top financially stabled banks in Nigeria Fidelity Bank currently has presence in all the States and Major cities in Nigeria, over the years the bank has been reputed for its financial stability and integrity.

Fidelity continues to rank among Nigeria’s most capitalized banks, with tier-one capital of nearly USD1 billion (One Billion US Dollars).

Fidelity Bank has grown from a marginal player, into a stable and respectable banking institution.

Notably in 2005, Fidelity Bank acquired FSB International Bank Plc (“FSB”) and Manny Bank Plc “Manny” to create one of the top 10 Nigerian banks.

In 2011, the bank was ranked the 7th most capitalized bank in Nigeria, 25th most capitalized bank on the African continent.

Also, following its renewed retail and digital banking drive, Fidelity Bank was ranked the 4th best bank in Nigeria in the retail market segment in the KPMG Banking Industry Customer Satisfaction Survey (BICSS) in 2017.

As of December 2017, Fidelity Bank Plc. had total assets estimated at over US$4.2 billion (NGN:1.4 + trillion), and shareholders’ equity in excess of US$610 million (NGN:203 billion). The bank serves its 4+ million customers through its multiple distribution channels including 240 business offices, 775 Automated Teller Machines (ATM) and 4,346 Point of Sales (PoS).

The bank currently has over 400,000 diverse shareholders. It was listed on the Nigerian Stock Exchange in May 2005 and has consistently paid dividends annually in the last 12 years even in the most turbulent periods in the Nigerian Banking Industry. According to BGL Plc, Fidelity Bank Plc had a market capitalisation of NGN:37,072,109,685.76.

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