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Fidelity Bank Plc., Nigeria’s top lender, weekend reported an impressive results for the 2016 financial year, grossing a whopping N152.0bn in earning for the year ended December 31, 2016 and is proposing to pay a dividend of 14kobo per share to shareholders. The full year audited results for the bank at the Nigerian Stock Exchange (NSE) show a 3.5 percent growth in gross earning, compared with N146 billion achieved in the corresponding period in 2015.
In other performance indices, net interest income grew by 1.7% from N60.9bn to N61.9bn, whilst total deposits, a measure of customer confidence, grew by 3%, rising from N769.6 billion in 2015 FY 2015 to N793.0 billion. Similarly total assets increased by 5.4% to N1,298.1bn from N1,231.7bn in the corresponding year. Profits however were moderated in the period under review by the one-off staff cost incurred during the year. Consequently PBT stood at N11.1bn down from N14.bn in FY2015.
Commenting on the enviable performance, Fidelity Bank CEO, Mr. Nnamdi Okonkwo, said ”Our financial performance in FY2016 reflects the sound fundamentals of our evolving business model as we continued with the disciplined execution of our medium-term strategy which positions the business for improved and sustainable profitability.”
He explained that profits dipped due to the cost of N4.8bn cost incurred as Fidelity Bank discontinued its legacy gratuity and retirement scheme.
“Excluding this one-off charge, PBT for the year would have been at N15.8bn,” he stated.
Meanwhile, the bank has disclosed that its retail and electronic banking strategy has continued to deliver impressive results with savings deposits growing by 30.1% to N155.0bn while customer enrollments on its flagship Instant Banking (*770#) and Online Banking products grew by over 200% leading to a 44.6% growth in net e-banking revenues to N7.5bn. This performance, according to Okonkwo, was “driven by the upgrade of our core banking system which provides a superior architecture that enhanced our operational efficiency and deepened our electronic banking capabilities.”
Fidelity Bank Plc is ranked amongst the top Nigerian banks, with presence in the major cities and commercial centers of Nigeria. Reputed for integrity and professionalism, Fidelity bank is driven by the vision of being number one in its chosen markets and a mission to provide banking and financial services in easy and accessible manner to customers and the entire banking publics.
Rising from a recent rebranding exercise, the bank is today one of the most visible bank brands in Nigeria, gaining accolades and recognition for its superior e-banking products and services and well as SME financing and promoting small businesses. Its SME financing strategy is delivered through a multi-faceted approach that includes robust business advisory, practical handholding and guidance of aspiring and existing entrepreneurs to building sustainable businesses.
Fidelity Bank Plc is also quoted on the Nigerian Stock Exchange.
