Fidelity Bank Plc, has said it is targeting a 10 per cent loan growth for the financial year 2015.
The Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, who spoke on Thursday, May 7, at the bank’s annual general meeting for the 2014 financial year held in Lagos, also said the bank would deepen its play in the retail and small and medium scale enterprises (SMEs) segment in 2015, in order to sustain the growth realized in 2014.
The Fidelity Boss said: “Last year, we grew loan book by 26 per cent, but if you factor in devaluation, you will see that our actual growth last year was 18 per cent. This year, we have given a guidance of 10 per cent loan growth because we are not going to have the kind of big ticket transaction we had last year, like the Shell Divestment, which we played actively in.
“While maintaining our strong corporate banking play, SME banking would help you grow low cost deposits because the multinationals and upper market players cannot pay the type of interest rate you will charge. So, if we deepen our retail play, our cost of fund would be lower,” he explained.
Noting that 2015 would be a tough year for banks, he however stated that given the traction that Fidelity Bank had gained, he anticipates a greater financial year for the bank.