Report has said that Fidelity Bank Plc is proposing a N3.2 billion dividend payout to shareholders, it stated that the payout followed the bank’s strong financial result for the year-ended December 31, 2018.
From the report, the bank posted a 4.8 per cent growth in Gross Earnings from N180.2 billion to N188.9 billion while Profit Before Tax soared by 30.6 per cent to N25.1 billion, when compared with the N19.2 billion it recorded in 2017.
It was found that Profit After Tax grew by 29 per cent from N17.7 billion in 2017 to N22.9 billion in 2018, while Operating Income rose by 13.9 per cent from N85.9 billion to N97.2 billion. Customer Deposit, which is a measure of consumer confidence rose by 26.3 per cent from N775.2 billion to N979.4 billion just as total assets grew by 24 per cent from N1.4trillion to N1.7trillion.
The Fidelity Bank CEO, Nnamdi Okonkwo said that they are delighted by their 2018 numbers, which clearly shows a sustained performance trajectory, also stating that they are growing their market share with continued traction in their chosen business segments adding that they recorded double digits growth in interest income on our liquid assets, digital banking, FX and other income lines.
Report observed that Okonkwo was also 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.