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Tag: Fidelity Bank

Fidelity to redesign operations, optimise cost

Fidelity to redesign operations, optimise cost

Finance
As shareholders okay 22 kobo dividend in full yearFidelity Bank Plc has assured shareholders that the bank would focus on redesigning its systems and processes, deepen cost optimisation and enhance the overall risk monitoring framework to improve shareholders’ value in the current financial year. Its Chief Executive Officer, Nneka Onyeali-Ikpe, while speaking at the 33rd yearly general meeting held in Lagos at the weekend, said the bank would ensure that both internal and external risks are identified and mitigated to consolidate its growth profile. Besides, shareholders approved a dividend of 22 kobo per share to shareholders whose names appear in the register of members at the close of business on April 16, 2021. This translates to a dividend yield of 9.2 per cent, making it t...
Bank records N28.1bn profit, to pay N6.4bn benefit

Bank records N28.1bn profit, to pay N6.4bn benefit

Business
Fidelity Bank Plc has announced its financial results for the year ended December 31, 2020, showing resilience by posting growth in core operating profits, net revenue and other key financial indices. It posted a 50.9 per cent growth in core operating profits from N29.8 billion in 2019 to N44.9 billion while net revenue increased by 15 per cent from N111.8 billion in 2019, Customer deposit, which is a measure of consumer confidence, rose by 38.7 per cent from N1.225 trillion to N1.699 trillion while total assets grew by 30.5 per cent from N2.114 trillion in 2019 to N2.758 trillion. However, due to increase in bank’s loan provisions to shield it from headwinds, profit before tax(PBT) dropped by 7.6 per cent to N28.1 billion from N30.4 billion in 2019. Encouraged by the heal...
COVID-19: Fidelity Bank Cuts Profit Target

COVID-19: Fidelity Bank Cuts Profit Target

Finance
Fidelity Bank Plc said wednesday it has cut its profit target for the year, citing the impact of the coronavirus pandemic. The bank also said it had set aside money for a Eurobond coupon payment due in two weeks, before the country begins a lockdown. The mid-tier bank now expects to see a 15 per cent drop in profit this year, to N25.8 billion, compared with its 2019 profit of N30.4 billion, its Chief Operations and Information Officer Gbolahan Joshua told Reuters. “We assume that Q2 is going to be soft after the disruptions associated with coronavirus,” he told Reuters. Africa’s largest economy has been hit hard by the coronavirus pandemic. It is struggling for foreign income from its production of oil, for which prices have slumped due to a drop in demand from China and a pri...