Fidelity Bank to pay N3.2b dividend to shareholders

Fidelity Bank Plc is proposing a N3.2 billion dividend payout to shareholders. The payout followed the bank’s strong financial result for the year-ended December 31, 2018.

The bank posted a 4.8 per cent growth in Gross Earnings from N180.2 billion to N188.9 billion while Profit Before Tax soared by 30.6 per cent to N25.1 billion, when compared with the N19.2 billion it recorded in 2017.

Profit After Tax grew by 29 per cent from N17.7 billion in 2017 to N22.9 billion in 2018, while Operating Income rose by 13.9 per cent from N85.9 billion to N97.2 billion. Customer Deposit, which is a measure of consumer confidence rose by 26.3 per cent from N775.2 billion to N979.4 billion just as total assets grew by 24 per cent from N1.4trillion to N1.7trillion.

“We are delighted by our 2018 numbers, which clearly shows a sustained performance trajectory. We are growing our market share with continued traction in our chosen business segments. We recoded double digits growth in interest income on our liquid assets, digital banking, FX and other income lines,” said Fidelity Bank CEO, Nnamdi Okonkwo.

As seen in recent years, the bank’s digital retail banking approach has continued to yield positive results. Savings recorded its fifth consecutive year of double digits growth with a 27.7  per cent increase to peak at N228 billion.  ”Savings accounts for over 23 per cent of our total deposits, an attestation of our increasing market share in the retail segment,” he said.

Okonkwo was also enthused with the progress of its digital banking play stating that over 42 per cent of customers are now enrolled on the bank’s mobile/internet banking products and more than 81 per cent of total transactions done on digital platforms, resulting in 25 per cent of fee-based income, coming from digital banking.