Fidelity bank promises shareholders better returns

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The managing director/chief executive officer of Fidelity Bank, Mr. Nnamdi Okonkwo, has said that the bank will catalyze growing opportunities in the Nigerian economy to deliver good returns to shareholders in 2018.

Speaking at the bank’s 30th Annual General Meeting (AGM) held in Lagos recently Okonkwo said the bank would continue to focus on redesigning its systems and processes to enhance service delivery and deepen cost optimization initiatives to reduce operating and service costs.

Whilst shedding light on the evolving dynamics in the financial services industry, Okonkwo noted that the bank will continue to increase the adoption and migration of customers to its digital platforms and increase its retail banking market share through the delivery of innovative products and services.

“We will enhance our robust electronic banking processes and products thereby deepening our hold on the retail and commercial markets, small and medium scale enterprises and niche corporate clientele” he stated.

Whilst business operations were challenged by limited foreign currency liquidity in the banking industry, low financing opportunities especially in the public sector space and high cost of business operations, Fidelity Bank delivered very strong results in 2017, a performance he attributed to balance sheet optimization and a focused execution of its medium-term strategies “Clearly, our success in 2017 financial year has set a strong pedestal for sustained growth in revenue. We are optimistic about a favorable operating environment and we look forward to delivering decent set of numbers at the end of 2018 financial year” Okonkwo said.

Meanwhile, shareholders at the AGM who spoke against the backdrop of the banks FY2017, which saw profits rise by nearly 100per cent, praised the Board, management and staff, acknowledging the tremendous strides it has made in strengthening its corporate governance policies and deepening its retail play with technology.

The president of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Faruk Umar, lauded the bank for declaring dividend of N3.1 billion which translates to 11 kobo per share.

He described the development as “very delightful” especially coming at a time when some other institutions are unable to pay dividends.

Also speaking to the shareholders, the chairman, Fidelity Bank, Mr. Ernest Ebi, said the bank is strategically poised to successfully navigate the business environment in 2018.

He expressed optimism that the expected improvements in the global landscape would trickle down to the domestic economy to consolidate the comforting business climate witnessed towards the end of 2017.

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