Fidelity Bank, a top Nigerian tier 2 bank reported a 128% increase from the N53.68 billion reported in financial year of 2022 to a profit before tax of N122.15 billion in 2023.

Additionally, the bank’s gross earnings increased by 64.34% to N553.90 billion from N337.05 billion the year before.

The Lagos based bank’s net interest income for FY 2023 was N274.86 billion, which was 82% more than the net interest income for FY 2022, which was N152.70 billion.

The bank offered over N1.11 trillion in loans and advances to clients in the oil and gas industry, followed by the industrial sector (NN357.55 billion) and the transportation sector (N328.06 billion), according to the unaudited report.

In line with regulatory requirements, several lenders are expected to also estimate their possible loss to litigation and claims as they release their full-year audited results in the coming weeks.

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.

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.