FIDELITY BANK : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

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FIDELITY BANK PLC

CONDENCED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

FIDELITY BANK PLC

Statement Of Directors' Responsibilities In Relation To The Preparation Of The Financial Statements For the period ended 31 March 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:

1. Appropriate internal controls are established both to safeguard the assets of the Bank and to prevent and detect fraud and other irregularities.
2. 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.
3. 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
4. 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: April 27 2023

Kevin Ugwuoke	`		Nneka Onyeali-Ikpe
Executive Director			Managing Director/ Chief Executive Off
FRC/2020/003/00000022290		FRC/2013/NBA/00000016998

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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.

1. 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

1. 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: 27 April 2023

Victor Abejegah		Nneka Onyeali-Ikpe
Chief Financial Officer		Managing Director/Chief Executive Officer
FRC/2013/ICAN/00000001733		FRC/2013/NBA/00000016998

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FIDELITY BANK PLC
Statement Of Profit Or Loss And Other Comprehensive Income
for the period ended 31 March 2023
		31 Mar	31 Mar	31 Dec
		2023	2022	2022
	Notes			N'million
Gross Earnings		101,141	71,332	337,050
Interest and similar income using effective interest rate method	6	86,003	60,372	278,406
Other interest and similar income	12.1	3,211	1,668	17,172
Interest and similar expense using effective interest rate method	7	(36,643)	(31,995)	(142,883)
Net interest income		52,571	30,045	152,695
Credit loss expense	8	(3,521)	(205)	(5,443)
Net interest income after credit loss expense		49,050	29,840	147,252
Fee and commission income	9	11,901	7,923	34,418
Fee and commission expense	9	(3,776)	(3,099)	(12,695)
Net losses on derecognition on financial assets measured at amortised cost	10	-	-	-
Other operating income	11	26	1,369	7,054
Net losses from financial assets at fair value through profit or loss	12	(338)	98	(1,568)
Personnel expenses	13	(7,885)	(5,500)	(29,731)
Depreciation and amortisation	14	(1,579)	(1,685)	(6,616)
Other operating expenses	15	(29,457)	(18,623)	(84,437)
Profit before income tax		17,942	10,324	53,677
Income tax expense	16	(2,332)	(810)	(6,953)
Profit For The Period		15,609	9,514	46,724
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	444
Total items that will not be reclassified subsequently to profit or loss		0	0	444
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		(2,533)	(211)	(4,403)
- Changes in allowance for expected credit losses		16	147	16
- Reclassification adjustments to profit or loss	17	773	457	(693)
Net losses on debt instruments at fair value through other comprehensive income		(1,743)	393	(5,080)
Total items that will be reclassified subsequently to profit or loss		(1,743)	393	(5,080)
Other comprehensive (loss)/income for the period, net of tax		(1,743)	393	(4,636)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX		13,866	9,908	42,088
Earnings per share
Basic and diluted (in kobo)	18	54	33	161.32

** Income from these instruments is exempted from witholding tax

The accompanying notes to the financial statements are an integral part of these financial statements.

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FIDELITY BANK PLC

Statement Of Financial Position

as at 31 March 2023

		31 March	31 March	31 December
		2023	2022	2022
				N'million
ASSETS	Note
Cash and Cash equivalents	19	335,779	345,393	300,345
Restricted balances with central bank	20	888,578	693,363	863,090
Loans and advances to customers	22	2,161,448	1,826,000	2,116,212
Derivative financial assets	23	4,778	1,056	4,778
Investment securities:
Financial assets at fair value through profit or loss	24.1	5,633	8,054	2,036
Debt instruments at fair value through other
comprehensive income	24.2	74,625	131,444	28,696
Equity instruments at fair value through other
comprehensive income	24.3	27,559	27,117	27,560
Debt instrument at amortised cost	24.4	496,497	405,377	479,592
Deferred tax Assets	28.1	5,306	-	5,306
Other assets	29	93,792	74,654	112,915
Right of Use Assets	26	1,800	1,499	1,799
Property, plant and equipment	25	42,873	39,381	42,657
Intangible assets	27	3,760	3,457	4,023
TOTAL ASSETS		4,142,428	3,556,796	3,989,009
LIABILITIES
Deposits from customers	30	2,667,553	2,066,164	2,580,597
Derivative financial liabilities	23	1,208	425	1,208
Current income tax payable	16	10,778	4,708	8,446
Deferred tax liabilities	28.2	5,629	-	5,629
Other liabilities	31	813,448	743,734	815,407
Provision	32	1,301	1,743	1,896
Debts issued and other borrowed funds	33	314,285	431,535	261,466
TOTAL LIABILITIES		3,814,202	3,248,310	3,674,649
EQUITY
Share capital	34	14,481	14,481	14,481
Share premium	35	101,272	101,272	101,272
Retained earnings	35	60,492	78,040	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	27,440	62,144
Fair value reserve	35	28,275	35,037	30,019
AGSMEIS reserve	35	9,445	7,109	9,445
Total equity		328,225	308,486	314,360
TOTAL LIABILITIES AND EQUITY
	4,142,428	3,556,796	3,989,009

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 27 April 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

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