Mr Nnamdi Okonkwo, CEO
… Proposes Dividend of 11kobo Per Share
Fidelity Bank Plc, in a clear demonstration of its resilience and stability, has announced an impressive financial result for the year-ended December 31, 2018.
The performance which capped a remarkable year, showed strong growth in Gross Earnings, Profits and other key financial indicators.
The top Nigerian lender, which has become the clear leader among Tier 2 banks, posted a 4.8 per cent growth in Gross Earnings from N180.2BN to N188.9BN whilst Profit Before Tax soared by 30.6 per cent to N25.1BN, when compared with the 19.2BN it recorded in 2017.
Profit After Tax grew by 29 per cent from N17,7BN in 2017 to N22.9BN in 2018, whilst Operating Income rose by 13.9 per cent from N85.9BN to N97.2BN. Customer Deposit, which is a measure of consumer confidence rose by 26.3 per cent from N775.2BN to N979.4BN just as Total Assets grew by 24 per cent from N1.4TRN to N1.7TRN.
In other indices, Non-Performing Loans (NPLs) Ratio dropped to 5.7 per cent from 6.4 percent in the 2017FY due to a combination of recoveries, loan write-offs and the absolute growth in the loan book.
Other Regulatory Ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 16.7 percent and Liquidity Ratio at 39.0 percent.
Buoyed by the strong results, Fidelity Bank is proposing a N3.2BN payout, which translates to 11 kobo dividend to shareholders.
According to said Fidelity Bank CEO, Nnamdi Okonkwo ;“We are delighted by our 2018 numbers, which clearly shows a sustained performance trajectory. We are growing our market share with continued traction in our chosen business segments. We recoded double digits growth in interest income on our liquid assets, digital banking, FX and other income lines”.
As seen in recent years, the bank’s digital retail banking approach has continued to yield positive results.
Savings recorded its 5th consecutive year of double digit growth with a 27.7 per cent increase to peak at N228BN.
“Savings accounts for over 23 per cent of our Total Deposits, an attestation of our increasing market share in the retail segment”, Okonkwo stated.
Okonkwo was also very enthused with the progress of its digital banking play stating that over 42 per cent of customers are now enrolled on the bank’s mobile/ internet banking products and more than 81 per cent of total transactions done on digital platforms, resulting in 25 per cent of fee-based income, coming from digital banking.
