By Modupe Gbadeyanka
There is excitement in the air as Fidelity Bank pays a dividend of N4.1 billion to its shareholders despite the challenging environment it operated in last year.
The N4.056 billion dividend payout, representing 14 kobo per ordinary share, was approved at the 29th Annual General Meeting (AGM) of the company held last week in Lagos.
Speaking at the meeting, Managing Director of Fidelity Bank, Mr Nnamdi Okonkwo, attributed success of the lender to various innovations and quality services rendered to customers. He said the bank is gradually penetrating more into the market in Nigeria.
According to him, more people now bank with Fidelity Bank because of the quality services it renders to customers.
On his part, Chairman of the financial institution, Mr Ernest Ebi, said Fidelity Bank would have done better, but for the slowdown in business activities in 2016 caused by lower government revenues arising from depressed oil prices, lower interest rate regime, rising inflation rate.
He further said lower consumer disposable income, tougher operating environment and the the current devaluation on asset quality had an impact on the bank’s performance last year.
However, he expressed optimism that the 2017 financial year would be better than the previous year.
Adedapo Adesanya