`
FIDELITY BANK PLC
CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
FIDELITY BANK PLC
Statement Of Directors' Responsibilities In Relation To The Preparation Of The Financial Statements For the period ended 30 June 2023
In accordance with the provisions of Sections 334 and 335 of the Companies and Allied Matters Act (CAMA) 2020, Sections 24 and 28 of the Banks and Other Financial Institutions Act (BOFIA) 2020, and the Financial Reporting Council Act No. 6, 2011, the Directors are responsible for the preparation of financial statements which give a true and fair view of the state of affairs of the Bank, and of the financial performance for the period. The responsibilities include ensuring that:
- Appropriate internal controls are established both to safeguard the assets of the Bank and to prevent and detect fraud and other irregularities.
- The Bank keeps accounting records which disclose with reasonable accuracy the financial position of the Bank and which ensure that the financial statements comply with requirements of International Financial Reporting Standards and the Companies and Allied Matters Act (CAMA) 2020, Banks and Other Financial Institutions Act (BOFIA) 2020, the Financial Reporting Council Act No. 6, 2011, Revised Prudential Guidelines and relevant circulars issued by the Central Bank of Nigeria.
- The Bank has used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgments and estimates, and that all applicable accounting standards have been followed; and
- It is appropriate for the financial statements to be prepared on a going concern basis unless it is presumed that the Bank will not continue in business.
The Directors accept responsibility for the financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates in conformity with International Financial Reporting Standards, the requirements of the Companies and Allied Matters Act, CAP C20 (CAMA ) 2020 , Banks and Other Financial Institutions Act (BOFIA ) 2020 , the Financial Reporting Council Act No. 6, 2011, Revised Prudential Guidelines, and relevant circulars issued by the Central Bank of Nigeria.
The Directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Bank and its financial performance for the period under review
The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the financial statements, as well as adequate systems of financial control.
Nothing has come to the attention of the Directors to indicate that the Bank will not remain a going concern for at least Six months from the date of this statement.
Signed on behalf of the Directors by:
Date: July 17, 2023
Kevin Ugwuoke | ` | Nneka Onyeali-Ikpe | |
Executive Director | Managing Director/ Chief Executive Off | ||
FRC/2020/003/00000022290 | FRC/2013/NBA/00000016998 |
Page 2 of 87
Statement Of Corporate Responsibility For The Preparation Of The Financial Statements
For the period ended 31 March 2023
In line with the provision of S. 405 of CAMA 2020, the Chief Executive Officer and Chief Financial officer of Fidelity Bank Plc have reviewed the Financial Statement of the bank for the period ended March 31, 2023 and accept responsibility for the financial and other information within the report based on the following:
i
The financial statements do not contain any untrue statement of material fact or omit to state a material fact, which would make the statement misleading.
- The financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and result of operation of the bank as of and for the period ended March 31, 2023
iii
The bank's internal controls were evaluated within 90 days of the financial reporting date and are effective as of 31 March 2023
- The bank's internal Controls has been designed to ensure that all material information relating to the bank has been provided.
v
That we have disclosed to the bank's Auditors and the Audit Committee that there are no significant deficiencies in the design or operation of the bank's internal controls which could adversely affect the bank's ability to record, process, summaries and report financial data, and have discussed with the auditors any weaknesses in internal controls observed in the cause of the Audit; And that there is no fraud involving management or other employees which could have any significant role in the bank's internal control
vi
There is no significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of this audit, including any corrective actions with regard to any observed deficiencies and material weaknesses
Signed on behalf of the Directors by:
Date: 17 July 2023
Victor Abejegah | Nneka Onyeali-Ikpe | |
Chief Financial Officer | Managing Director/Chief Executive Officer | |
FRC/2013/ICAN/00000001733 | FRC/2013/NBA/00000016998 |
Page 3 of 87
FIDELITY BANK PLC
Statement Of Profit Or Loss And Other Comprehensive Income for the period ended 30 June 2023
Q2 2023 | Q2 2022 | 30 June 2023 | 30 June 2022 | ||
N'million | N'million | N'million | N'million | ||
Notes | |||||
Gross Earnings | 145,962 | 84,508 | 247,102 | 155,840 | |
Interest and similar income using effective interest rate method | 6 | 104,420 | 66,971 | 190,423 | 127,343 |
Other interest and similar income | 12.1 | (3,729) | 8,209 | -518 | 9,877 |
Interest and similar expense using effective interest rate method | 7 | (45,497) | (29,615) | (82,140) | (61,610) |
Net interest income | 55,194 | 45,565 | 107,765 | 75,610 | |
Credit loss expense | 8 | (13,261) | (1,103) | (16,781) | (1,308) |
Net interest income after credit loss expense | 41,934 | 44,462 | 90,983 | 74,302 | |
Fee and commission income | 9 | 12,247 | 8,161 | 24,148 | 16,084 |
Fee and commission expense | 9 | (3,889) | (2,927) | (7,665) | -6,026 |
Net losses on derecognition on financial assets measured at amortised cost | 10 | - | - | - | - |
Other operating income | 11 | 33,024 | 1,167 | 33,049 | 2,536 |
Net gains from financial assets at fair value through profit or loss | 12 | 5,433 | 433 | 5,095 | 531 |
Personnel expenses | 13 | (9,402) | (9,729) | -17,287 | (15,229) |
Depreciation and amortisation | 14 | (1,327) | (1,680) | -3,237 | (3,364) |
Other operating expenses | 15 | (34,439) | (24,546) | -63,896 | (43,168) |
Profit before income tax | 43,580 | 15,341 | 61,191 | 25,665 | |
Income tax expense | 16 | (5,562) | (2,013) | (7,894) | (2,823) |
Profit For The Period | 38,019 | 13,328 | 53,297 | 22,842 | |
Other comprehensive income: | |||||
Items that will not be reclassified subsequently to profit or loss | |||||
Fair value gains on equity instruments at fair value through other comprehensive | |||||
income** | 24.3 | 0 | 0 | 0 | |
Total items that will not be reclassified subsequently to profit or loss | 0 | 0 | 0 | ||
Items that will be reclassified subsequently to profit or loss | |||||
Debt instruments at fair value through other comprehensive income**: | |||||
- Net change in fair value during the period | 17,147 | (18) | 14,614 | (229) | |
- Changes in allowance for expected credit losses | 17 | 47 | 33 | 194 | |
- Reclassification adjustments to profit or loss | 17 | 250 | (46) | 1,023 | 411 |
Net losses on debt instruments at fair value through other comprehensive income | 17,414 | (16) | 15,670 | 377 | |
Total items that will be reclassified subsequently to profit or loss | 17,414 | (16) | 15,670 | 377 | |
Other comprehensive (loss)/income for the period, net of tax | 17,414 | (16) | 15,670 | 377 | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX | 55,432 | 13,311 | 68,968 | 23,219 | |
Earnings per share | |||||
Basic and diluted (in kobo) | 18 | 131 | 46 | 184 | 79 |
** Income from these instruments is exempted from witholding tax
The accompanying notes to the financial statements are an integral part of these financial statements.
Page 4 of 87
FIDELITY BANK PLC | ||||
Statement Of Financial Position | ||||
as at 30 June 2023 | ||||
31 December | ||||
30 June 2023 | 30 June 2022 | 2022 | ||
N'million | N'million | N'million | ||
ASSETS | Note | |||
Cash and Cash equivalents | 19 | 490,014 | 276,071 | 300,345 |
Restricted balances with central bank | 20 | 938,917 | 700,737 | 863,090 |
Loans and advances to customers | 22 | 2,650,178 | 1,913,352 | 2,116,212 |
Derivative financial assets | 23 | 8,480 | 6,805 | 4,778 |
Investment securities: | ||||
Financial assets at fair value through profit or loss | 24.1 | 26,106 | 13,917 | 2,036 |
Debt instruments at fair value through other | ||||
comprehensive income | 24.2 | 179,969 | 131,702 | 28,696 |
Equity instruments at fair value through other | ||||
comprehensive income | 24.3 | 27,569 | 27,117 | 27,560 |
Debt instrument at amortised cost | 24.4 | 475,671 | 484,126 | 479,592 |
Deferred tax Assets | 28.1 | 5,306 | - | 5,306 |
Other assets | 29 | 200,795 | 73,170 | 112,915 |
Right of Use Assets | 26 | 1,746 | 1,433 | 1,799 |
Property, plant and equipment | 25 | 42,424 | 40,699 | 42,657 |
Intangible assets | 27 | 5,029 | 3,273 | 4,023 |
TOTAL ASSETS | 5,052,206 | 3,672,401 | 3,989,009 | |
LIABILITIES | ||||
Deposits from customers | 30 | 3,178,653 | 2,269,963 | 2,580,597 |
Derivative financial liabilities | 23 | 17,496 | 425 | 1,208 |
Current income tax payable | 16 | 10,216 | 5,296 | 8,446 |
Deferred tax liabilities | 28.2 | 5,629 | - | 5,629 |
Other liabilities | 31 | 1,001,795 | 655,615 | 815,407 |
Provision | 32 | 2,501 | 5,038 | 1,896 |
Debts issued and other borrowed funds | 33 | 451,469 | 425,214 | 261,466 |
TOTAL LIABILITIES | 4,667,759 | 3,361,551 | 3,674,649 | |
EQUITY | ||||
Share capital | 34 | 16,000 | 14,481 | 14,481 |
Share premium | 35 | 113,705 | 101,272 | 101,272 |
Retained earnings | 35 | 85,380 | 81,423 | 44,883 |
Other equity reserves: | ||||
Statutory reserve | 35 | 51,352 | 44,343 | 51,352 |
Small scale investment reserve (SSI) | 35 | 764 | 764 | 764 |
Non-distributable regulatory reserve (NDR) | 35 | 62,144 | 26,438 | 62,144 |
Fair value reserve | 35 | 45,655 | 35,021 | 30,019 |
AGSMEIS reserve | 35 | 9,445 | 7,109 | 9,445 |
Total equity | 384,446 | 310,851 | 314,360 | |
TOTAL LIABILITIES AND EQUITY | 5,052,205 | 3,672,402 | 3,989,009 | |
0 | -0 | 0 |
The accompanying notes to the financial statements are an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 17 July 2023 and signed on its behalf by:
_______________________________ | _________________________________ |
Mustafa Chike-Obi | Nneka Onyeali-Ikpe |
Chairman | Managing Director/ Chief Executive Officer |
FRC/2013/IODN/00000004048 | FRC/2017/NBA/00000016998 |
________________________________________ | |
Victor Abejegah | |
Chief Financial Officer | |
FRC/2013/ICAN/00000001733 |
Page 5 of 87
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Fidelity Bank plc published this content on 30 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2023 22:54:04 UTC.