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Fidelity Bank

Fidelity Bank’s shareholders approve N4.6bn total dividend for 2015FY

Fidelity Bank
Fidelity Bank
Shareholders of Fidelity Bank have endorsed the bank’s N4.6 billion total dividend, culminating to16 kobo per share dividend due to every investor of the bank for the 2015 financial year.
Reviewing its performance during the yearly general meeting of the bank held in Lagos, weekend, Acting Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mohammed Balarabe explained that the 16 kobo per ordinary share of 50 kobo each amounts to N4.6 billion, adding that it is subject to withholding tax at the appropriate tax rate, which will be deducted before payment.
He added that with the dividend payment, the bank has maintained a tradition of consistent dividend payout for the past 10 years.
He noted that the bank’s 2015 performance reflects the disciplined execution of the management’s medium term strategy and the resilience of evolving business models despite the extremely challenging business environment in 2015.
Specifically, the bank’s gross earnings for the period ended December 31, 2015, according to him, grew to N146.9 billion from N136.1 billion recorded in 2014 Financial Year (FY) while Profit after Tax (PAT) for the period ended December 31, 2015 rose marginally to N13.9 billion as against N13.8 billion made in the comparable period last year.
Similarly, total equity increased by 6.0 percent to N183.5 billion from N173.1 billion in 2014 FY, net operating income stood at N83.9 billion, a moderate 12.5 percent rise from N74.6 billion in 2014 FY.
Balarabe, however, noted that the financial year under review was challenging due to a number of factors such as the difficult operating environment, the tight monetary stance of the Central Bank of Nigeria (CBN), implementation of the Treasury Single Account (TSA) and currency devaluation concerns which culminated in negative earnings headwinds in the banking industry.
He added that the performance of the bank showed resilience, amid harsh operating environment. “We are able to achieve this through a sustained income stream built on qualitative services, innovative products and a clear understanding of the varying needs of our customers”, he explained.
Chairman of the bank, Chief Christopher Ezeh had in his opening remark noted the bank performed relatively well in spite of the economic headwind occasioned by the free fall in the global oil prices and attendant capital controls of the CBN.
Ezeh said the tough business environment reflected more on the fees and commission income of the Bank, which dropped by 20.8 percent to N23.3 billion from N29.4 billion due to regulatory restrictions on foreign exchange transactions.

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