In a remarkable achievement for the second consecutive year, Fidelity Bank Plc, a prominent player in the financial sector, has clinched the position of the company boasting the highest earnings per share (EPS) on the Nigerian Exchange Limited (NGX) for the first half of 2023.
According to an in-depth report published by BusinessDay, Fidelity Bank stands tall among industry leaders, including Seplat Energy, Total Energies, Okomu Oil, Presco, Dangote Cement, MTN Nigeria, BUA Foods, First City Monument Bank (FCMB), and Geregu Power. These organizations have demonstrated remarkable EPS performance during this review period.
EPS, a pivotal metric, signifies a company’s net profit divided by its outstanding common shares. Widely regarded as a key indicator for assessing corporate worth, it reflects the monetary gain a company generates for each of its stock shares. A higher EPS often correlates with enhanced value, as investors are willing to pay a premium for shares of companies believed to possess substantial profits relative to their stock prices.
An impressive highlight from the report reveals that Fidelity Bank has achieved an EPS of N184 in the first half of 2023, in stark contrast to its N79 figure during the same period in 2022. This robust growth showcases the bank’s resilient financial performance and strategic prowess.
The bank’s outstanding shares stand at 32.01 million, with a stock price of N7. Notably, the bank has witnessed an impressive trading volume of 32.15 million as of Friday, 12:59 p.m., further underlining its prominence in the market.
The bank’s profit figures are equally striking, with a staggering rise from N22.84 billion in the first half of 2022 to N53.3 billion in the corresponding period of 2023. A testament to its sound financial management and customer-focused initiatives.
Furthermore, Fidelity Bank’s cash and cash equivalents have surged to N501.54 billion in the first half of 2023, demonstrating a significant increase from N276.07 billion during the same period in 2022. This remarkable growth reflects the bank’s dedication to solidifying its financial position and fostering a strong foundation for future endeavors.
In a strategic move to bolster its operations and continue its upward trajectory, Fidelity Bank’s shareholders recently greenlit a capital raising initiative. This involves a Public Offer for up to 10 billion Ordinary Shares and a Rights Issue of up to 3.2 billion Ordinary Shares. This Rights Issue presents existing shareholders with an opportunity to acquire one new share for every ten shares held, while new shareholders can partake in the Public Offer.
Fidelity Bank’s consistent success in achieving the highest EPS on the NGX affirms its standing as a leading financial institution and a preferred choice for investors seeking stable and lucrative opportunities.
With its innovative approaches and steadfast commitment to excellence, the bank’s future endeavors are likely to shape the landscape of the financial industry.