Shareholders of Fidelity Bank have approved a 3.19 billion naira total dividend payout declared by the board of directors for the financial year ended December 31, 2018.
The dividend, which translates to 11 kobo per share was approved by shareholders at the bank’s 31st annual general meeting (AGM) held in Lagos at the weekend.
The National Chairman of New Dimension Shareholders Association, Mr. Patrick Ajudua, who spoke at the meeting, commended the board and management for maintaining a good dividend policy. He also advised the board to adopt strategies that would lead to the sustenance of the growth and profitability of the bank.
Also speaking at the event, the President of the Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, said the bank had maintained steady growth in spite of the challenging environment.
The Managing Director/Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, assured the shareholders of consistent and enhanced dividends in future. He said the bank had paid consistent dividend in the last 12 years, noting that the trend would be maintained.
Okonkwo stated that the bank would continue to invest heavily in technology in order to enhance activities through digital channels. He also added that the bank would continue to grow savings deposit, disclosing that savings deposits doubled in the last five years.
Referring to the bank’s 2018 performance, he said “our 2018 audited financial statement shows a strong double-digit growth in earning assets, customer deposits and revenues”.
Okonkwo explained that the bank was able to sustain cost discipline with growth in total operating expenses remaining below average headline inflation in 2018.