2 weeks Ago By Marcel Okeke, THEWILL
May 19, (THEWILL)- Shareholders of Fidelity Bank Plc have endorsed the recommendation of the board of directors for a final dividend of N19.2 billion for the financial year 2023. The shareholders gave the approval at the company’s 36th Annual General Meeting (AGM) held virtually on Thursday.
The dividend, which was ratified at the AGM, amounts to N.60 kobo per share for the company’s shareholders The final dividend brings the total dividend for the review period to N.85 kobo per share, amounting to N27.
2 billion. The directors had approved and paid an interim dividend of 25 kobo per ordinary share of 50 kobo each on 32,000,000,000 shares, amounting to N8 billion for the half-year period ended June 30, 2023. Withholding tax was deducted at the time of payment.
The Chairman of Fidelity Bank Plc, Mr. Mustafa Chike-Obi, addressing shareholders at the AGM, noted that the bank has transitioned from a modest player in the Nigerian finance industry to a prominent and respected brand, proving its resilience and growth potential. Chike-Obi said that the bank’s story is a testament to the power of a well-crafted strategy He said the bank consistently surpassed industry benchmarks on crucial metrics such as deposit size, risk assets creation, and profit before tax (PBT), demonstrating its ability to deliver exceptional results.
“Our deposits increased by an impressive 56% in the review period, from N2.6 trillion in 2022 FY to N4.0 trillion.
Advances to customers rose by 46% from .
