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The board of directors at Fidelity Bank has suggested a final dividend payment of 60 kobo per share to be given to shareholders for the financial year 2023.
This marks a 20% increase from the previous year's dividend of 50 kobo.
The announcement was made in the company's audited annual reports and financial statements for 2023, which were submitted to the Nigerian Exchange Limited on Monday.
According to the report, "In accordance with Section 379 of the Companies and Allied Matters Act (CAMA) 2020, the board of directors of the group proposes a final dividend of N0.60k per share (compared to N0.50k per share on 31 December 2022) for the 2023 financial year.
The proposed final dividend of N0.60k per share, combined with the interim dividend of N0.25k per share paid on September 22, 2023, brings the total dividend for 2023 to N0.85k per Ordinary Share, to be paid from the retained earnings account as of December 31, 2023."
According to the audited results, Fidelity Bank’s profit before income tax rose by 131.49 per cent to N124.26bn from N53.68bn in 2022. Similarly, profit after tax also went up to N99.45bn from N46.72bn.
“During the financial year, the bank acquired a wholly owned subsidiary, Fidelity Bank UK Limited (former Union Bank UK Plc) at “a value of $50m with a charge of the gap between the completion net asset value and the planned net asset value on the purchase consideration, which has now been completed in the sum of $1.8m based on the Sales Purchase Agreement between the seller and Fidelity Bank Plc Nigeria.”
It added that a former Executive Director of North, Mr Hassan Imam, retired from the board with effect from January 10, 2024, following his appointment as the managing director of Keystone Bank.
