Okonkwo tasks nation on professionalism
By Nsikan Ikpe
Fidelity Bank Plc has expressed its commitment to remain focused on the execution of its medium term strategic objectives and targets. This is even as the lender continues to work on redesigning its systems and processes to help enhance its service delivery mechanisms.
Speaking at the 31st Annual General Meting of Fidelity Bank Plc, Managing Director/Chief Executive Officer, Nnamdi Okonkwo stressed the need to remain focused and promote professionalism to enhance national economic growth.
‘We will continue to increase the adoption and migration of customers to our digital platform and increase our retail banking market share through innovative products and services,’ the CEO affirmed.
Earlier in his speech, the Chairman, Fidelity Bank, Mr. Ernest Ebi, maintained that the Bank will drive innovations through continual process improvement, cutting edge technology, product differentiation and improved service delivery.
The Chairman in his presentation of the bank’s financial position to shareholders disclosed that the bank has embarked on a robust digital transformation process that has witnessed the implementation of some digital initiatives including the setting-up of a digital lab and the introduction of various digital lending products.
The bank paid N3.2 Billion dividend for the year ended December 31, 2018, which translates to 11 kobo on every share held by shareholders. Profit before tax (PBT) for the 2018 financial year increased by 31.57 per cent from N19 Billion in 2017 to N25 Billion in FY 2018.
Profit After Tax (PAT) also increased by 29.0 per cent to N22.9 Billion from N17.8 Billion Naira in the 2017 financial year. Gross earnings further increased by 4.8 per cent to N188.9 Billion primarily driven by 22.7 per cent growth in earning assets. As for total assets, it grew by 24 per cent from N1.4 Trillion to N1.7 Trillion. However, the non-performing loans (NPLS) Ratio dropped to 5.7 percent from 6.4 percent in 2017 full year (FY)
Mr Nnamdi Okonkwo, CEO, Fidelity Bank Plc