Fidelity Bank Shareholders Approve N11.59bn Final Dividend For 2022

Shareholders of Fidelity Bank Plc have approved N11.59 billion final dividend, representing 40 kobo per share for the year ended December 31, 2022.

They also commended the board and management of the bank for delivering an exceptional performance in full year 2022. This was made known at the bank’s 35th Annual General Meeting (AGM) held virtually.

The board of directors proposed a final dividend of N0.40 per share and interim dividend of N0.10 per share paid on September 22, 2022, bringing the total dividend for 2022 to N0.50 per share.

Speaking at the AGM, the chairman emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu applauded the bank’s management for listening to shareholders and declaring an interim dividend.

On his own part, national chairman of the Progressive Shareholders Association Mr. Okezie Boniface lauded the bank for coming to customers’ aid during the period of the naira redesign policy, explaining that the bank’s branches and Automated Teller Machines (ATM) always provided customers with Naira notes.

He also commended the bank’s leadership for prioritizing Corporate Social Responsibility (CSR) initiatives across its focus areas of youth empowerment, health and social welfare, education and environmental conservation and sustainability.

According to the bank’s financial results for 2022, the bank grew by double digits along all the major indicators. Customer deposits increased by 27.4 per cent from N2.0 trillion in 2021 full year to N2.6 trillion. Net loans and advances rose by 27.6 per cent from N1.7 trillion in 2021 full year to N2.1 trillion in 2022. Total Assets grew by 21.6 per cent from N3.3 trillion in 2021 to N4.0 trillion in the period under review.

The chairman, Fidelity Bank, Mr. Mustafa Chike-Obi said: “when we set the audacious target of attaining Tier one status a few years ago, we did not expect a smooth ride due to the endemic challenges in our operating environment. 

“However, we were able to weather the storm because our business is built on a foundation of good corporate governance, effective risk management and shareholders’ value enhancement.”

Also, the managing director/chief executive officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe stated that, “the bank is growing in leaps and bounds and the capital would enhance our capacity to accommodate the business volumes coming our way. 

“This is in addition to improving our technology especially in the light of the Cashless drive and creating more secured platforms that can handle the challenges posed by cybercrime.”