FIDELITY BANK : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

FIDELITY BANK PLC

CONDENSED UNAUDITED FINANCIAL STATEMENTS

FOR THE INTERIM PERIOD ENDED 30 SEPTEMBER 2022

FIDELITY BANK PLC

Statement Of Directors' Responsibilities In Relation To The Preparation Of The Financial Statements For the period ended 30 September 2022

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

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 nine months from the date of this statement.

Signed on behalf of the Directors by:

Date: October 27, 2022

Kevin Ugwuoke		Nneka Onyeali-Ikpe
Executive Director	Managing Director/ Chief Executive Officer
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 30 September 2022

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 September 30 2022 and accept responsibility for the financial and other information within the report based on the following:

1. The financial statements do not contain any untrue statement of material fact or omit to state a material fact, which would mak 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 September 30, 2022

1. The bank's internal controls were evaluated within 90 days of the financial reporting date and are effective as of 30 September 2022
2. The bank's internal Controls has been designed to ensure that all material information relating to the bank has been provided.

1. 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

1. 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: October 27, 2022

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
Interim Statement of Profit or Loss and Other Comprehensive Income
for the period ended 30 September 2022
		Q3	Q3	30 Sept	30 Sept
		2022	2021	2022	2021
	Notes	N'million	N'million N'million	N'million
Gross Earnings		87,050	62,051	241,894	174,354
Interest and similar income using effective interest rate method	6	71,958	47,565	198,306	132,655
Other interest and similar income	12.1	2,169	724	12,046	4,756
Interest and similar expense using effective interest rate method	7	(37,915)	(33,630)	(98,502)	(72,454)
Net interest income		36,212	14,659	111,850	64,957
Credit loss expense	8	(1,700)	(149)	(3,691)	(2,454)
Net interest income after credit loss expense		34,512	14,510	108,159	62,502
Fee and commission income	9	8,958	9,035	25,042	21,762
Fee and commission expense	9	(3,421)	(2,734)	(9,447)	(6,043)
Net losses on derecognition on financial assets measured at amortised cost	10	-	-	-	-
Other operating income	11	3,965	4,726	6,500	15,182
Net losses from financial assets at fair value through profit or loss	12	(1,670)	(30)	(804)	(5,020)
Personnel expenses	13	(6,924)	(6,453)	(22,154)	(17,554)
Depreciation and amortisation	14	(1,603)	(1,763)	(4,982)	(5,248)
Other operating expenses	15	(21,103)	(9,868)	(64,522)	(37,529)
Profit before income tax		12,714	7,423	37,792	28,051
Income tax expense	16	(1,062)	(217)	(2,834)	(1,539)
PROFIT FOR THE PERIOD		11,652	7,206	34,959	26,512
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**	23.3	0	42	619	2,565
Total items that will not be reclassified subsequently to profit or loss		0	42	619	2,565
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		64	4,917	(165)	(10,043)
- Changes in allowance for expected credit losses		105	(475)	93	(683)
- Reclassification adjustments to profit or loss	17	(1,519)	(2,411)	(1,108)	(2,860)
Net gains/(losses) on debt instruments at fair value through other comprehensive income	(1,350)	2,031	(1,180)	(13,587)
Total items that will be reclassified subsequently to profit or loss		(1,350)	2,031	(1,180)	(13,587)
Other comprehensive (loss)/income for the period, net of tax		(1,350)	2,073	(561)	(11,022)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX		10,302	9,278	34,398	15,490
Earnings per share
Basic and diluted (in kobo)	18	40	25	121	92

** Income from these instruments is exempted from tax

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

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FIDELITY BANK PLC
Interim Statement of Financial Position
as at 30 September 2022
		30 Sept	30 Sept	31 December
		2022	2021	2021
		N'million	N'million	N'million
ASSETS	Note
Cash and Cash equivalents	19	316,765	275,914	219,253
Restricted balances with central bank	20	741,695	688,738	686,097
Loans and advances to customers	21	1,989,288	1,612,926	1,658,412
Derivative financial assets	22a	215	50,781	49,574
Investment securities:
Financial assets at fair value through profit or loss	23.1	4,489	11,914	5,207
Debt instruments at fair value through other comprehensive income	23.2	67,406	87,716	100,009
Equity instruments at fair value through other comprehensive income	23.3	27,736	20,725	26,207
Debt instrument at amortised cost	23.4	499,696	347,572	441,452
Deferred tax assets	27.1	5,306
Other assets	28	99,227	41,182	58,383
Right of Use Assets	25	1,377	1,482	1,477
Property, plant and equipment	24	42,864	39,256	39,440
Intangible assets	26	3,715	4,487	3,968
TOTAL ASSETS		3,799,779	3,182,693	3,289,479
LIABILITIES
Deposits from customers	29	2,294,670	1,972,975	2,024,806
Derivative financial liabilities	22b	305	1,454	425
Current income tax payable	16	5,026	3,265	3,899
Deferred tax liabilities	27.2	5,306	-	-
Other liabilities	30	724,586	628,090	490,755
Provision	31	5,576	2,177	3,413
Debts issued and other borrowed funds	32	445,176	292,082	468,413
TOTAL LIABILITIES		3,480,645	2,900,042	2,991,710
EQUITY
Share capital	33	14,481	14,481	14,481
Share premium	34	101,272	101,272	101,272
Retained earnings	34	76,945	53,709	67,716
Other equity reserves:
Statutory reserve	34	47,839	41,902	44,343
Small scale investment reserve (SSI)	34	764	764	764
Non-distributable regulatory reserve (NDR)	34	35,475	36,600	27,440
Fair value reserve	34	34,083	28,593	34,644
AGSMEIS reserve	34	8,274	5,330	7,109
Total equity		319,134	282,651	297,769
TOTAL LIABILITIES AND EQUITY		3,799,779	3,182,693	3,289,479

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 October 2022 and signed on its behalf by:

_______________________________	_________________________________
Victor Abejegah	Nneka Onyeali-Ikpe
Chief Financial Officer	Managing Director/ Chief Executive Officer
FRC/2013/ICAN/00000001733	FRC/2017/NBA/00000016998

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