Fidelity Bank proposes 20k/share dividend, as profit increases by 24%

Buoyed by impressive performance, Fidelity Bank plans to pay a dividend of 20 kobo translating to N5.8 billion compared to the dividend of 11 kobo paid in 2018.

The bank, in its Full year 2019 financial results released to the Nigerian Stock Exchange (NSE), showed strong growth across key income and balance-sheet lines.  Gross Earnings grew by 14 per cent to N215.5 billion from N189 billion in 2018, while Profit before tax rose by 21 per cent to N30.4 billion compared with N25.1 billion recorded in the previous year.

Similarly net profits surged by 24 per cent from N22.9 billion from 2018 in 2018 to N28.4 billion in 2019. In other indices, Net Interest Income increased by 13.2 per cent to N83.1 billion in 2018. Net Operating Income rose by 15.6 per cent from N97.2 billion to N112.3 billion whilst Total Assets grew by 22.9 per cent from N1.7 trillion to N2.1 trillion in the period under review.

Commenting on the results, Fidelity Bank CEO, Mr Nnamdi Okonkwo expressed delight with the performance “We are delighted at the results which clearly showed that we sustained our performance trajectory and continued to increase our market share driven by significant traction in our chosen business segments,” he said.

On Digital Banking he said the results were enhanced by new initiatives in the retail lending segment and the deepening of the bank’s existing digital products.  According to him “We now have 47.4 per cent of our customers enrolled on the mobile/internet banking products, 82.0 per cent of total transactions now done on digital platforms and 31.1 per cent of fee-based income now coming from our digital banking business.”

He further revealed that the efforts aimed at strengthening the bank’s foothold of the retail market, is yielding significant results with savings deposits rising by 20.7 per cent to N275.2 billion making it the 6th consecutive year of double-digit growth. “Savings deposits now accounts for about 22.5 per cent of total deposits, an attestation of our increasing market share in the retail segment.”

 

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NIGERIAN TRIBUNE

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