Fidelity Bank Tops List of Most Capitalized Banks in Q3 2023

Fidelity Bank Tops List of Most Capitalized Banks in Q3 2023

RALD NEWS MEDIA REPORT: Fidelity Bank Tops List of Most Capitalized Banks in Q3 2023

In a recent financial revelation, Fidelity Bank emerges as one of Nigeria's most capitalized banks, boasting a robust capital base of N410.75 billion as of September 2023, a significant surge from N314.3 billion in the preceding year.

This recognition aligns with the impending recapitalization drive announced by Central Bank Governor, Dr. Olayemi Cardoso, at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria on November 24, 2023. Fidelity Bank's proactive stance was evident when shareholders unanimously approved a capital-raising exercise via a Public Offer and Rights Issue during an Extra-Ordinary General Meeting held virtually on August 11, 2023.

Zenith Bank claims the top position in terms of shareholders' funds, reporting an impressive N1.92 trillion in the third quarter of 2023, up from N1.31 trillion in 2022. Notably, it also leads as Nigeria's highest profit generator for 2023, boasting a pre-tax profit of N505 billion.

United Bank for Africa (UBA) secures the second spot with a total shareholders' fund of N1.778 trillion, showcasing stability with a capital adequacy ratio of 28.3 percent as of FY 2022.

Access Holdings and First Bank Holdings follow closely, with N1.64 trillion and N1.37 trillion in total equity, respectively. Meanwhile, Ecobank and GTCO Holdings occupy the fifth and sixth positions with shareholders' funds of N1.373 trillion and N1.273 trillion, respectively.

Stanbic IBTC Holdings holds the seventh spot, reporting a capital base of N471 billion as of September 2023, while Fidelity Bank, with its N410.75 billion capital base, secures a comfortable position ahead of any potential recapitalization efforts.

FCMB stands as the ninth most capitalized bank, boasting a capital base of N373.7 billion, a notable increase from N275.8 billion in 2022. Sterling Bank completes the top 10, revealing a capital base of N165.84 billion in Q3 2023, compared to N154 billion in the previous year.