Fidelity Bank Plc, has assured shareholders of value from their investments at the end of the ongoing 2018 financial year.
The managing director of the lender, Nnamdi Okonkwo,gave the assurance at the bank’s 30th Annual General Meeting (AGM) in Lagos as shareholders unanimously approved the payment of N3.186 billion as final dividend for the full year ended December 31, 2017.
The dividend, which is subject to withholding tax, amounts to 11 kobo per ordinary share of 50 kobo each, and it will be paid on May 25, 2018 to shareholders whose names appear on the register of members at the close of business on May 11, 2018.
Okonkwo, who responded to shareholders questions concerning the 2017 audited financial statement, noted that “clearly, our success in 2017 financial year has set a strong pedestal for sustained growth in revenue.
We are optimistic about a favourable operating environment and we look forward to delivering decent set of numbers at the end of the 2018 financial year.”
He explained that with the relative stability experienced in the last quarter of 2017 and the improved macroeconomic indices, declining headline inflation rate, improving business climate and economic growth as well as foreign exchange liquidity, the outlook for 2018 financial year is positive.
He noted that the bank will increase the adoption and migration of customers to their digital platforms and increase their retail banking market share through innovative products and services.
Highlight of the audited account shows that revenue grew by 12.9 per cent, while decline in total expenses translated by N1.5bn which translates to N9.1bn increase in profit after tax to N18.8bn from N9.7bn recorded same period in the 2016 financial year.
The bank has over 3.9 million customers who are serviced across its 231 business offices and various other digital banking channels.
