Fidelity Bank Share Dividend Surges 29%

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Shareholders of Fidelity Bank Plc are to claim about 29 per cent more on dividend for the financial year ended December 31, 2014, with the unanimous approval of 18 kobo per ordinary share of 50 kobo dividend, from 14 kobo in 2013.

In its released financial statements for the year ended 31, December 2014, Fidelity Bank’s revenue climbed to N132.401 billion from N126.918 billion in 2013 while profit after tax rose by 78.68 per cent to N13.796 billion from N7.721 billion.

Fidelity Bank Plc posted interest income of N104.3 billion in 2014, up 21 per cent from N86 billion in 2013, while net interest income  before impairments increased by 58 per cent to  N48.8 billion from  N30.8 billion in 2013. Profit before tax (PBT) increased by 72 per cent to N15.5 billion from N9.0 billion in 2013.

 

Speaking at the bank’s Annual General Meeting held at the Civic Centre, Lagos, the Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo noted that the 2014 performance is a positive reinforcement of the medium term strategic objectives.

 

He explained that the bank has a solid platform for growth, underpinned by strong customer loyalty and significant investments in physical and electronic distribution channels.

 

“Our retail banking strategy gathered increased momentum in 2014 with the bank acquiring  over 471,000 new retail customers, consumer loans growing by over 21 per cent and core low-cost retail deposit by 18 per cent which lowered our average cost of customer deposits”.

 

 

He revealed that Management’s resolve to support the productive sector of the economy and grow a new generation of passionate entrepreneurs was further accentuated with the creation of the Fidelity Managed SME team that provides financing, business advisory services, capacity development and shared technology platform to SMEs.

 

“In recognition of our leadership role in the MSME banking space, we were invited to partner with the Federal Government and its agencies on various SME schemes. The Bank of Industry Limited (BOI) selected our bank as one of the 10 SME friendly banks it is partnering with to finance SMEs.

 

The Central Bank of Nigeria also appointed our bank as one of the deposit money banks to serve on its working committee on the creation of a Mobile Collateral Registry for SMEs in Nigeria.”

 

Earlier the Chairman of the bank, Chief Christopher Ezeh had in his opening remark noted the exceptional performance of the Bank in spite of the economic whirlwind occasioned by the drop in the global oil prices.

 

 

“As you have noticed, developments in the international markets presented some challenges to both the real sector and the financial sector of our economy”, adding that “It is, however, important to state that your bank’s performance was within expectations and that its growth potentials are promising”.

 

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