The bank's financial documents show that its profit after tax Increased from N23.3 billion in the same time of 2022 to N62 billion in the first half of 2023, a 166.1 percent increase.

Net interest income increased to N107.8 billion from N75.6 billion, a 204 percent increase in the bank's profit before tax from N25.1 billion to N76.3 billion.

According to a statement from the bank, "Net interest income increased by 42.6 percent to N107.8 billion on the back of higher asset yield which increased by 57 basis points to 12.7 percent."

As it mobilized low-cost funds to 90.3 percent of total deposits from 83.6 percent in 2022, the bank claimed the average financing cost decreased by 10 basis points to 4.5 percent, reflecting an improved deposit composition. Gross income increased from N154.84 billion to N247.1 billion.

"Gross earnings increased by 59.6 percent to N247.1 billion, driven by a 39.4 percent growth in interest income and a 207.2 percent growth in non-interest income," the bank reported.

"Growth in interest income reflects a higher yield environment and a 27.6 percent year-to-date expansion in earning assets base," the statement continued.

The bank claims that gains in foreign currencies and double-digit growth in important income lines, including trade (66.6 percent), digital income (53.6 percent), banking services (50.2 percent), and account maintenance (44.2 percent), were the driving forces behind the increase in non-interest income. From N136.23 billion to N189.9 billion, interest income increased.

Also other revenue increased from N89.1 billion to N180.8 billion. The bank revealed last Wednesday that Union Bank UK, a division of Union Bank Plc, had been fully acquired by it.

The corporate disclosure document submitted to the Nigerian Exchange Limited included information on this development. The bank claimed that this completion was in pursuance of their purchase notice from August 2, 2022, and it demonstrated the bank's intention to diversify its clientele internationally.

In a statement, the bank said: "The bank is pleased to announce the completion of the transaction and receipt of the Prudential Regulatory Authority's (PRA) approval for the change of control of UBUK."

Operating costs grew from N62.03 billion in the same period of 2022 to N84.55 billion in H1 2023.

To N84.6 billion, operating costs rose by 36.3 percent. The main factors and those accountable for 72.1 percent of the absolute growth in operational expenses were AMCON, deposit insurance, employee costs, communication, and technology, according to Fidelity Bank.

Total customer deposits at the bank have climbed by 23.2% year to date, from N2.6 trillion in 2022 to N3.2 trillion today.

According to the bank, low-cost funds (demand, savings, and domiciliary) have grown by 33.0 percent year to far, whereas tenured funds have decreased by 27.0 percent year to date, leading to increased profits.

From N2.1 trillion in the first half of 2022 to N2.6 trillion in June, net loans and advances have grown by 25.1% so far this year.

The non-performing loan ratio increased from 2.9 percent in 2022 to 3.2 percent in the first quarter, and the capital adequacy ratio decreased from 18.1 percent to 16.1 percent.

In comparison to the 10 kobo dividend proclaimed for the entire year of 2022, it issued an interim dividend of 25 kobo per share, a 150 percent increase.

Over eight million customers are served by Fidelity Bank, a full-service commercial bank, through its 250 business locations and different digital banking platforms.

The bank has quickly implemented a digital-led retail banking strategy that has resulted in over 400 percent growth in savings deposits over the past seven years. The bank is concentrated on a few specialty corporate banking sectors as well as small and medium-sized businesses.