Home Brand Talk Fidelity Bank Received Praise from Shareholders for its Double-Digit Revenue Growth in the 2022 fiscal year.
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Fidelity Bank Received Praise from Shareholders for its Double-Digit Revenue Growth in the 2022 fiscal year.

Shareholders of leading financial institution, Fidelity Bank Plc, have commended the board and management of the bank for delivering an exceptional performance in FY 2022. This was made known at the bank’s 35th Annual General Meeting (AGM) held virtually on Tuesday, May 23, 2023.

During the Annual General Meeting (AGM), Sir Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), commended the management of Fidelity Bank for listening to shareholders and declaring an interim dividend. Mr. Okezie Boniface, National Chairman of The Progressive Shareholders Association, praised the bank for its assistance to customers during the Naira redesign policy, highlighting the bank’s provision of Naira notes through its branches and Automated Teller Machines (ATMs). He also lauded the bank’s commitment to Corporate Social Responsibility (CSR) initiatives in areas such as youth empowerment, health and social welfare, education, and environmental conservation and sustainability.

The bank’s 2022 annual report, available on its website and distributed to shareholders, revealed strong growth across major indicators. Customer deposits increased by 27.4% to N2.6 trillion, while net loans and advances rose by 27.6% to N2.1 trillion. Total assets grew by 21.6% to N4.0 trillion.

Mr. Mustafa Chike-Obi, Chairman of the Board of Directors, expressed his satisfaction with the bank’s progress, noting that their business success was built on a foundation of good corporate governance, effective risk management, and enhancement of shareholders’ value. In response to a shareholder’s question about the deployment of capital raised in a recent private placement exercise, Mrs. Nneka Onyeali-Ikpe, the bank’s CEO, emphasized that the capital would strengthen their capacity to handle increasing business volumes, improve technology, particularly in light of the Cashless drive, and enhance cybersecurity measures.

Several resolutions were discussed and approved during the AGM, including the declaration of a final dividend of 40 kobo, the re-election of non-executive directors Mrs. Amaka Onwughalu and Chief Nelson Nweke, and the election of an Executive Director, Mrs. Pamela Shodipo.

Fidelity Bank is a customer-focused commercial bank operating in Nigeria, serving over 8 million customers through its 250 business offices and digital banking channels. The bank has received accolades such as Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 from the Global Banking and Finance Awards. It has also been recognized as the Fastest Growing Bank and MSME & Entrepreneurship Financing Bank of the Year at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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