The shareholders of Fidelity Bank Plc have unanimously endorsed the payment of a cash dividend of 22 kobo per share for the year ended December 2020. This translates to a dividend yield of 9.2 per cent making it the 4th most rewarding bank for investors in the Nigerian Capital Market. The dividend was approved at the 33rd Annual General Meeting (AGM) of the bank held in Lagos on Friday.
Shareholders who spoke at the event praised the Board of Directors and the management team for the 38.7 percent increase in total customer deposits, which rose to N1.699 trillion in 2020 from N1.225 trillion in 2019, driven by strong double-digit growth in both local and foreign currency deposits.
Mustapha Chike-Obi, Chairman of the Board of Directors of Fidelity Bank, reassured shareholders at the AGM that the board and management of the bank would maintain the high corporate governance standards synonymous with Fidelity Bank and also ensure the bank continued in its growth trajectory in the years ahead. “We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modeling our governance practices to align with international best practice”, said Chike-Obi. Mrs. Nneka Onyeali-Ikpe, Fidelity Bank Chief Executive Officer (CEO) echoed the Chairman’s sentiments, stating that the bank’s financial performance for the period reflected the resilience of its business model in a challenging operating environment.
Speaking at the meeting, Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigeria Shareholders, commended the bank for posting encouraging performance in 2020 despite the challenges of the COVID-19 pandemic. Also speaking, Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the bank for declaring dividend in spite of unfriendly economic environment and the COVID-19 pandemic challenges.