February 18, (THEWILL) -The Board of Directors, Fidelity Bank Plc has extended the tenure of its Chief Executive Officer, Nneka Onyeali-Ikpe, to 2026, according to a filing to the Nigerian Exchange (NGX) in Lagos.
The Company Secretary, Ezinwa Unuigboje, who issued the notification, said the decision was taken at the Board’s meeting on February 12.
He explained that the extension is in furtherance of the bank’s strategic objectives and premised on Ms. Onyeali-Ikpe’s performance since assumption of office on January 1, 2021.
The notice reads in part: “The Board is confident that the bank’s performance will continue its upward trajectory under Onyeali-Ikpe’s leadership.
“They also look forward to working closely with her and the executive management team on execution of various strategic initiatives, including international expansion.”.
The bank posted a profit before tax of N122.15 billion, representing a 128% growth from the N53.68 billion recorded in FY 2022.
In FY 2023, the bank posted gross earnings of N552.77 billion, marking a 64% growth from the N337.05 billion posted in FY 2022.
The bank’s net interest income of N274.86 billion posted in FY 2023 was notably 82% higher than the N152.70 billion net interest income posted in 2022.
Gross earnings rose to N552.77 billion from N337.05 billion in 2022 or +64%, Net interest income jumped to N274.86 billion compared with N152.70 billion in the previous year, representing an 82% growth.
Net interest income after credit loss expense: was N208.49 billion from N147.25 billion, a positive change of 42%
Profit before income tax of N122.15 billion was a 128% increase over N53.68 billion in FY 2022 resulting in a Profit for the year of N101.39 billion compared with N46.72 billion or a rise of 117%.
The bank’s credit was mostly concentrated in oil and gas, with N1.11 trillion in loans and advances to the oil and gas sector, representing 36% of the bank’s total loans and advances.
The bank’s total investment in government securities also increased by 112% to N1.39 trillion in FY 2023, from the N657.26 billion recorded in FY 2022.
The bulk of the bank’s investment in government securities was in treasury bills, which increased to N565.22 billion in 2023, marking a 102% increase from the N280.28 billion posted in FY 2022.
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