Fidelity Bank posts N28.1bn profit, proposes payout of 22 kobo per share

 

Fidelity Bank Plc has proposed a dividend payout of N6.4bn following strong full-year results for the financial year ended December 31, 2020.

According to the Nigerian Stock Exchange results that were released on Wednesday, March 31, 2021, the bank posted a 50.9 per cent growth in Core Operating Profits from N29.8bn in 2019 FY to N44.9bn.

Net Revenue also increased by 15.0 per cent from N111.8bn in 2019 FY.

The dividend payout value proposed by the Board of Fidelity Bank translates to a 22 kobo dividend per share to shareholders.

Fidelity Bank Chief Executive Officer, Nneka Onyeali-Ikpe, said that the recent report showed the resilience of the bank’s business model.

She said, “We are pleased with our financial performance, which clearly showed the resilience of our business model as core operating profit increased by 50.9 per cent to N44.9bn from N29.8bn in 2019FY.”

Onyeali-Ikpe also referenced that the bank’s response to the global pandemic was conservative, adding that the Nigerian bank had also grown its digital platform immensely.

She adds, “(The bank) took a conservative stance in recognition of the impact of the global pandemic, which has redefined business risks and opportunities in the new normal.”

According to reports, Fidelity Bank’s digital banking has seen over 52.8 per cent of their customers enrolled on the bank’s mobile/Internet banking compared to 47.4 per cent in 2019FY.

The bank also reports that 88.4 per cent of customers’ transactions were done on the digital platform products and more than 81 per cent of total transactions done on digital platforms.

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