Fidelity Bank’ Shareholders are to share N4.05 billion

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The management of Fidelity Bank Plc have allocated N4.05 billion to share among its 405,221 esteem Shareholders as part of their shareholding which translating to 14 kobo dividend for the full year ended December 31, 2016 for every ordinary share of 50 kobo, which If the dividend is approved at the bank’s Annual General Meeting (AGM), which is slated for May 4, 2017 at the Shell Hall Muson Centre Lagos it will be subject to withholding tax at the appropriate tax rate, which will be deducted before payment.Register of members closes April 18, 2017, while payment date is slated to May 4, 2017.

The highlight of the 2016 full year account shows that 2016 Gross Earnings stood at N152,021million to that of N146,948million in 2015, profit before tax went down from N14,024 billion in 2015 to N11,061 billion in 2016. Profit after tax also dropped from N13,904 billion in 2015 to N9,734 billion in 2016.

Other indices are earnings per share which stood at 34 kobo which is below 48 kobo that was recorded same period in 2015, Net interest income in 2016 stood at N61,928million to that of 2015 figures of N60,864million while impairment charge hits the roof in 2016 figures of N8,671million compared with N5,764million in 2015

In a statement from the bank, the managing director Nnamdi Okonkwo said the 2016 performance reflected the sound fundamentals of the bank’s evolving business model. “Our financial performance in full year 2016 reflects the sound fundamentals of our evolving business model as we continued with the disciplined execution of our medium-term strategy which positions the business for improved and sustainable profitability,’’ Okonkwo said.

He explained that profits dipped due to N4.8 billion cost incurred as Fidelity Bank discontinued its Legacy Gratuity and Retirement Scheme. “Excluding this one-off charge, profit before tax for the year would have been at N15.8 billion” Okonkwo said. Adding that the performance was driven by the upgrade of its core banking system which provided a superior architecture that enhanced its operational efficiency and deepened the bank’s electronic banking capabilities.

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