Fidelity Bank rewards shareholders with N5.8bn
Fidelity Bank Plc has concluded arrangements to pay its shareholders N5.8 billion dividends for its 2019 operations compared to N3.19 billion paid in 2018.
The dividend payment which translates to 20k per shares was almost a 50 percent increase over the 11 kobo per share paid the shareholders in 2018.
Fidelity Bank’s Chief Executive Officer, Mr. Nnamdi Okonkwo who confirmed this, attributed the development to the sustained performance of the bank in its chosen segment.
According to him, “We are delighted at the results which clearly showed that we sustained our performance trajectory and continued to increase our market share driven by significant traction in our chosen business segment”.
Fidelity Bank, quoted on the Nigerian Stock Exchange (NSE), began its banking operations in 1988 as a merchant bank. It commenced commercial banking and then became a universal bank in February 2000.
In its 2019 performance, the bank’s Gross Earnings grew by 14 percent to N215.5 billion from N189 billion in 2018, even as its profit before Tax jumped by 20 percent to N30.4 billion against N25.1 billion recorded in the corresponding period of 2018.
Fidelity Bank also posted 24 percent increase in its net profit which surged to N28.4billion in 2019 compared with N22.9 billion in 2018.
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