Fidelity Bank Amends its Unaudited Q4 Financial Statements to Correct a Significant Arithmetic Error
Fidelity Bank, a tier-two Nigerian lender has made an embarrassing arithmetic based correction to its 2023 Unaudited Financial Statements.
Fidelity Bank in a statement to shareholders on the Nigerian Exchange Limited (NGX) said that after the upload of the Bank’s Q4, 2023 Unaudited Financial Statements, it noticed that the negative sign attributable to the tax value of N20.766 billion was inadvertently omitted.
“Hence increasing the value of the Profit After Tax of the Group for December 2023 to N142.82 billion instead of reducing it to N101.29 billion,” the bank said.
“The affected areas have been corrected preparatory for a further upload.”
Fidelity Bank shares are up 5.07% year-to-date, and has a market capitalization of N330 billion.
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