Shareholders of Fidelity Bank Plc have approved a total dividend payout of N4.05bn proposed by the Board of Directors of the bank for the financial year ended December 31, 2011.

The amount, which translated to 14 kobo per share, will be posted on May 23, 2012, according to the bank.

The Managing Director and Chief Executive Officer, Fidelity Bank, Mr. Reginald Ihejiahi, assured the shareholders that the bank would continue to expand its retail business.

He spoke at the 24th Annual General Meeting of the bank on Thursday.

He added that in 2011, the bank established a total of 18 new branches at target locations, in line with the expansion strategy.

He said, “Nigeria’s population size and natural resources combine to present varied opportunities or economic growth and demand for banking services across various population categories. Our branch expansion category reflects these opportunity clusters. Our total branch network increased from 172 in 2010 to 185 as at December 2011.

“This measured growth in distribution points increased our capacity to distribute appropriate branded products and services as well as strengthen the linkage effects with our existing business office, which has huge implication for non interest-based income.”

Ihejiahi said that the bank would continue to strengthen and increase its share of corporate business through several initiatives, adding that it was able to enlarge its general business and loan portfolio by funding the telecommunications, power and infrastructure, oil and gas, processed food and agric sectors last year.

He said, “We have maintained our stand on the financing of pioneer power and infrastructure projects through the completion of N2.45bn 10 megawatts power plant in Marina, Lagos, for Island Power Limited and the syndicated N20.8bn 128 kilometre natural gas pipeline project for East Horizon Gas Limited.

“Our pipeline projects include the financing of the N2.2bn construction of a compressed natural gas plant by Gas Network Services Limited and N1.8bn construction of Treatment Technology and Company Limited.”

Ihejiahi said the bank concluded technology upgrades to its core banking solution called Finacle to provide effective alignment between best practice market risk process maps and treasury management process.

“To improve the quality and efficiency of the loan process and reduce the turnaround time and cost of loan processing.

Source: Punch