Fidelity Bank Plc has proposed a final dividend of N0.60k per share for the fiscal year ended 31 December 2023.
This was disclosed in the Bank’s audited annual report and financial statements for 2023 filed on the Nigerian Exchange Group (NGX) on Monday.
According to the statement, “The proposed Final dividend of N0.60k per share and interim dividend of N0.25k per share paid on September 22, 2023, brings the total dividend for the year under review to N0.85k per ordinary share to be paid from the retained earnings account as at 31 December 2023.”
The proposed dividend by the company’s Board of Directors of the is pursuant to the provisions of Section 379 of the Companies and Allied Matters Act (CAMA) 2020 and will be presented for shareholders’ approval at the Bank’s 36th Annual General Meeting. If approved, the proposed dividend will be paid net of withholding tax at the applicable tax rate.
In its s audited financial statements for the year under review, the bank recorded impressive full year results with an impressive 64 per cent rise in its Gross earnings to N555.83 billion from N337.05 billion recorded in the previous year indicating a substantial improvement in revenue generation.
The bank’s profit before tax (PBT) also increased to N124.26 billion from N53.67 billion in 2022 financial year, while profit after tax (PAT) grew to N99.454 billion from N46.724 billion in the previous year. Fidelity also grew its total assets from N3.98 trillion in 2022 to N6.23 trillion in the year under review signalling a 56.28 per cent growth. The Bank’s Board expressed confidence that it’s performance will continue its upward trajectory under the leadership of its Group Managing Director /Chief Executive Officer, Nneka Onyeali-Ikpe as it recently announced the extension of her employment contract from 2024 to 2026.
In a statement by the bank, “The extension is in furtherance of the its strategic objectives and premised Onyeali-Ikpe’s sterling performance since assumption of office on January 1, 2021 and looks forward to working closely with her and the Executive Management Team on the execution of various strategic initiatives including international expansion.”