will be an impressive growth of over 29 percent in after tax profit for the year — a top record growth for the bank for the second year and one of the most improved earnings results in the banking industry in 2022.
The third key operating advantage of the bank in 2022 is its low volume of credit losses that look quite good to drop for the second year. The fourth support pillar for the bank’s strong growth is its below-industry average operating cost margin — that enabled cost saving with minimum impact on margins.
Over the same period, interest expenses slowed down relative to interest earnings at an increase of 36 percent to N96.5 billion. The ability to boost interest earnings much faster than its cost of funds increased, is the bank’s great advantage in 2022. Subject to a major increase in the final quarter, Fidelity Bank looks quite likely to record a decline in credit loss expenses at full year. This is a big cost saving line for the bank given a major drop of 58 percent in loan loss expenses to N7 billion at the end of 2021.
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