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BANKING AND FINANCE

Fidelity Bank Assures Greater Returns Through Digitisation

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Shareholders of Fidelity Bank Plc are in for greater returns in 2019 financial year with the lender’s sustained investment in digital innovations that would engender enhanced customer service delivery and open fresh streams of revenue.

Indications to this effect were given in Lagos, by the CEO of Fidelity Bank, Mr. Nnamdi Okonkwo during the bank’s 31th Annual General Meeting (AGM) where the audited financial report for the year ended December 31, 2018, was presented to shareholders.

According to Okonkwo, the bank would not relent on efforts to increase the adoption rates and migration of customers to its digital banking platform.

“We are investing heavily in digital technologies to drive our retail strategy, reduce cost and consequently improve revenue and returns for our shareholders,” he said.

With 25 per cent of the bank’s fee-based income coming from digital banking, the Fidelity boss disclosed that the lender was introducing a digital lending solution and AI-Chatbots to spur further growth in the industry verticals, where it currently operates.

On the overall outlook of the bank, Okonkwo said Fidelity Bank was on track towards breaking into the league of Tier one bank by 2022, saying that “The 2018 financial year marked the beginning of the second phase of the growth aspirations of your bank and I am happy, we closed the year impressively.”

Gross earnings in full year, 2018 increased by 4.8 per cent to close at N188.9 billion driven primarily by 22.7 per cent growth in earning assets. Total deposit, increased by 26.3 per cent to N979.4 billion from N775.3 billion, just as current and domiciliary accounts grew in double digit

In other indices, profit – before- tax soared by 30.6 per cent to N25.1 billion, when compared to the N19.2 billion it recorded in 2017. Similarly profit – after- tax increased by 29 per cent to N22.9 billion from N17.8 billion in 2017.


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