• Thursday, May 23, 2024
businessday logo

BusinessDay

Fidelity Bank proposes 60kobo final dividend as full year profit soars

Fidelity Bank records 120.1% growth in Q1 PBT to N39.5bn

Fidelity Bank Plc has released its audited financial statements for the year ended December 31, 2023.

The bank recorded impressive full year results with group gross earnings of N555.830 billion in year 2023, from N337.050 billion in 2022.

The bank’s profit before tax (PBT) increased to N124.260 billion from N53.677 billion in 2022 financial year, while the banks profit after tax (PAT) increased to N99.454 billion from N46.724 billion in 2022.

The Board of Directors of the Group, pursuant to the provisions of Section 379 of the Companies and Allied Matters Act (CAMA) 2020, propose a final dividend of N0.60kobo per share (December 31, 2022: N0.50kobo per share) for the 2023 financial year.

Read also: Nigeria’s big banks take lead in hunt for new capital

The proposed final dividend of N0.60kobo per share and interim dividend of N0.25kobo per share paid on September 22, 2023, brings the total dividend for 2023 to N0.85kobo per Ordinary Share to be paid from the retained earnings account as at December 31, 2023.

The proposed dividend will be presented for shareholders’ approval at the Bank’s 36th Annual General Meeting. If approved, the
proposed dividend will be paid net of withholding tax at the applicable tax rate.

Fidelity Bank Plc completed the acquisition of the United Kingdom component on the 26th of July 2023 from the Union bank plc ( A Nigerian Parent ) at a value of $50,000,000 with a charge of gap between the Completion net assets value and the Planned net asset value on the Purchase considration which has now been completed in the sum of $1,800,000 based on the Sales Purchase Agreement between the Seller and Fidelity Bank Plc, Nigeria.