Shareholders of Fidelity Bank Plc Tuesday approved a total of N6.08 billion dividend pay-out declared by the bank in its 2012 audited financial reports.
That translates to 21 kobo per share for shareholders of the bank.
Speaking at the bank’s 25th Annual General Meeting in Abuja, the Managing Director/Chief Executive Officer, Fidelity Bank, Mr. Reginald Ihejiahi said the bank’s gross earnings in the period under review grew by 62.3 per cent to N119.4 billion from N73.6 billion the previous year, while its net interest and discount income also increased by 20.5 per cent to N36.8 billion from N30.6 billion in 2011.
He said the improved performance was as a result of prudent balance sheet management.
The Fidelity Bank boss said: “We are delighted with our 2012 result which shows a strong rise in profitability compared to 2011, particularly the momentum sustained in the growth in our non interest income, arising from aggressive business acquisition and the linkage effect of a well implemented branch development programme.
“We have remained focused in the prudent management of our balance sheet without compromising quality or safety, having made good progress in gathering stable and balanced funding base that enables us to continue to exploit the various opportunities that have continued to present themselves in the Nigeria economy.”
He added: “With so many opportunities available in infrastructure, power, oil and gas, production expansion, agriculture, small and medium scale enterprises financing, among others, the existence of increasing number of well-structured indigenous companies looking to expand market share, and the disciplined implementation of the Import-substitution Policy of the Federal Government, we are seeing increased business volumes and yields particularly from new businesses.
“ In 2013, we will remain focused on growing our balance sheet efficiently with particular emphasis on low cost deposits, strengthening the implementation of cost reduction measures and re-allocating resources to more profitable business segments, while we seek increased market share.”
Source: Thisday (by James Emejo)
