By InvestAdvocate
Lagos (INVESTADVOCATE)-Shareholders of Fidelity Bank Plc on Friday May 25, 2018 approved the sum of 11 kobo per share dividend for the year ended December 31, 2017.
This is coming on the heels of the bank’s 30th Annual General Meeting (AGM) as the board of directors of the Fidelity Bank had offered investors 11 kobo per share dividend for the period compared to 14 kobo paid in 2016 end. The 11 kobo per share dividend amounts to N3.12 billion compared to N4.05 billion last financial year.
Ernest Ebi, chairman of the bank that Fidelity Bank is strategically poised to successfully navigate the business environment in 2018. He expressed optimism that the expected improvements in the global landscape would trickle down to the domestic economy to consolidate the comforting business climate witnessed towards the end of 2017.
On his part, Nnamdi Okonkwo, managing director (MD) of the bank at the AGM said the Fidelity Bank would continue to focus on redesigning its systems and processes to enhance service delivery, just as it will deepen cost optimisation initiatives to reduce operating expenses and cost-to-service.
The bank will catalyse growing opportunities in the Nigerian economy, to deliver good returns to shareholders in 2018,” he affirmed.
According to him, the lender will continue to increase the adoption and migration of customers to its digital platforms and increase its retail banking market share through the delivery of innovative products and services. “We will enhance our robust electronic banking processes and products thereby deepening our hold on the retail and commercial markets, small and medium scale enterprises and niche corporate clientele” he added.
Umar Faruk, president of Association for the Advancement of the Rights of Nigerian Shareholders commended the bank for declaring dividend of 11 kobo per share. He said this was very delightful coming at a time when a number of other institutions are unable to pay dividends.
Fidelity Bank in 2016 end paid a dividend of 14 kobo per share compared to 11 kobo approved for the 2017 financial year end.
A review of the period ended December 31, 2017shows that pretax profit grew 83.5 percent to N20.30 billion from N11.06 billion recorded a year ago.
Post tax profit of the bank increased 93.7 percent to N18.85 billion from N9.73 billion posted in the corresponding period of 2016.
Gross earnings appreciated to N179.89 billion from N152.05 billion declared in 2016 end, the lender said in a filing with the Nigerian Stock Exchange (NSE).
At the close of Monday’s trading on the Nigerian bourse, share price of Fidelity Bank plunged 4.74 percent to N1.81 kobo from N1.90 kobo traded the previous session; losing 0.09 kobo per share.
