Shareholders of Fidelity Bank Plc have approved the payment of a total dividend of N3.19 billion declared by the board of directors for the financial year ended December 31, 2018.
The dividend, which translates to 11 kobos per shares was approved by shareholders at the bank’s 31st annual general meeting (AGM) held in Lagos at the weekend.
Speaking at the meeting, National Chairman, New Dimension Shareholders Association, Mr Patrick Ajudua, commended the board and management for maintaining a good dividend policy. He also advised the board to adopt strategies that would lead to the sustenance of the growth and profitability of the bank.
Also speaking, President of the Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, said the bank had maintained steady growth in spite of challenging environment.
He commended the bank’s effort in ensuring aggressive loans recovery which impacted positively on its non-performing loan.
“We have a solid bank handled by professionals and our bank is in good hands,” Adesiyan said.
Addressing the shareholders, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Mr Nnamdi Okonkwo, assured them of consistent and enhanced dividend in future.
Okonkwo said the bank had paid a consistent dividend in the last 12 years, noting that the trend would be maintained.
According to him, investment in the bank is the for future, stressing that, the current dividend policy was to prepare for rainy days.
“We want the bank to be here tomorrow as going concern and we need capital to continue to be strong,” Okonkwo said.
He stated that that bank would continue to invest heavily in technology in order to enhance activities through digital channels.
He added that the bank would continue to grow savings deposit, disclosing that savings deposits doubled in the last five years.
Speaking on the 2018 financial performance, he said: “Our 2018 audited financial statement shows strong double-digit growth in earning assets, customer deposits and revenues.”
He explained that the bank was able to sustain cost discipline with growth in total operating expenses remaining below average headline inflation in 2018.
Also speaking, the bank’s Chairman, Mr Ernest Ebi, assured the shareholders that the board and management’s focus was to build a very strong bank that they would proud of.
Ebi said the bank would remain committed to corporate governance, risk management and strong capital in line with its five-year strategic plan aimed at delivering returns to all stakeholders.