The shareholders of Fidelity Bank Plc have endorsed the payment of a cash dividend of 22 kobo per share to all shareholders whose names appear in the register of members at the close of business on April 16, 2021.
The bank, in a statement titled ‘Fidelity Bank approves 22 kobo dividend per share for FY2020’ on Saturday, said this translated to a dividend yield of 9.2 per cent.
It disclosed this during the 33rd annual general meeting in Lagos, according to the statement.
The statement said shareholders, who spoke at the event, praised the board of directors and the management team for the 38.7 per cent increase in total customer deposits, which rose from N1.23tn in 2019 FY to N1.69tn, and was driven by strong double-digit growth in both local and foreign currency deposits.
The Chairman of the board of directors, Fidelity Bank, Mustapha Chike-Obi, reassured shareholders at the meeting that the board and management of the bank would maintain the high corporate governance standards synonymous with the bank and ensure the bank continued in its growth trajectory in the years ahead.
“We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modeling our governance practices to align with international best practice,” Chike-Obi said.
The Chief Executive Officer, Fidelity Bank, Mrs Nneka Onyeali-Ikpe, said the bank’s financial performance for the period reflected the resilience of its business model in a challenging operating environment.
Onyeali-Ikpe revealed that local currency deposits grew by 49.6 per cent to N1.4tn and constituted 82.5 per cent of total customer deposits.
According to her, foreign currency deposits grew by 3.3 per cent to N298.2bn and now accounts for 17.5 per cent of total deposits.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]