Shareholders of Fidelity Bank Plc have expressed their appreciation for the remarkable performance delivered by the board and management of the bank in the fiscal year 2022.
This recognition was made during the bank’s 35th Annual General Meeting (AGM) held virtually on Tuesday, May 23, 2023.
One of the prominent voices of the shareholders, Sir Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), praised the bank’s management for their attentiveness to the concerns of shareholders and their decision to declare an interim dividend.
The move showcased the bank’s commitment to ensuring shareholder value and transparency.
Furthermore, Mr. Okezie Boniface, the National Chairman of The Progressive Shareholders Association, commended Fidelity Bank for its outstanding support to customers during the challenging period of the Naira redesign policy.
Boniface highlighted the bank’s branches and Automated Teller Machines (ATMs), which consistently dispensed Naira notes, ensuring customer convenience.
He also acknowledged the bank’s unwavering dedication to corporate social responsibility (CSR) initiatives, specifically in the areas of youth empowerment, health and social welfare, education, and environmental conservation and sustainability.
In its recently released 2022 annual report, which was made available on the bank’s website and distributed to shareholders, Fidelity Bank showcased remarkable growth across all major indicators. Customer deposits recorded a substantial increase of 27.4%, growing from N2.0 trillion in the 2021 fiscal year to N2.6 trillion.
Net Loans and Advances also experienced a significant surge, rising by 27.6% from N1.7 trillion in 2021 to N2.1 trillion in 2022.
The bank’s Total Assets demonstrated impressive growth, reaching N4.0 trillion, an increase of 21.6% compared to N3.3 trillion in the previous year.
Addressing the AGM, Mr. Mustafa Chike-Obi, Chairman of the Board of Directors, Fidelity Bank Plc, acknowledged the challenges faced by the bank while striving to achieve its audacious goal of attaining Tier 1 status.
He emphasized that the bank’s success could be attributed to its foundation of good corporate governance, effective risk management, and continuous enhancement of shareholders’ value.
During the interactive session, a shareholder inquired about the utilization of capital raised in the recent private placement exercise.
In response, Mrs. Nneka Onyeali-Ikpe, the bank’s CEO, stated, “The bank is experiencing significant growth, and the raised capital will boost our capacity to handle the increasing business volumes.
It will also enable us to enhance our technology, particularly in light of the Cashless drive, and develop secure platforms to counter the challenges posed by cybercrime.”
In addition to these discussions, various resolutions were considered and approved at the AGM. These included the declaration of a final dividend of 40 kobo per share, the re-election of non-executive directors Mrs. Amaka Onwughalu and Chief Nelson Nweke, and the election of Executive Director Mrs. Pamela Shodipo.
Fidelity Bank Plc is a full-fledged customer commercial bank with a strong presence in Nigeria, serving over 8 million customers through its 250 business offices and digital banking channels.
The bank’s commitment to excellence has been recognized by prestigious awards such as Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.
Fidelity Bank has also been honored with the titles of “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
