Fidelity Bank extends Onyeali-Ikpe’s employment contract as GMD/CEO to 2026

Fidelity Bank Plc has announced its Board of Directors’ decision to extend the employment contract of its GMD/CEO, Nneka Onyeali-Ikpe, from 2024 to 2026.

The decision was taken at the Board meeting on February 12, 2024, according to a notice at the Nigerian Exchange Limited (NGX). The extension is in furtherance of the Bank’s strategic objectives and premised on Nneka Onyeali-Ikpe’s sterling performance since assumption office on January 1, 2021.

Fidelity Bank recently released its full-year (FY) 2023 financial statements, reporting Gross Earnings growth of 72 percent to N575.421 billion from N334.966 billion in 2022. Its profit after tax (PAT) rose in 2023 to N99.902 billion from N47.165 billion in 2022, up by 112 percent.

Fidelity Bank grew its Net Loans and Advances by 46percent in 2023 to N3.093trillion, from N2.115trillion in 2022, while its deposits almost doubled in 2023, reaching a new high of N4.049trillion from N2.591trillion in 2022, up by 56percent.

The Board is confident that Fidelity Bank’s performance will continue its upward trajectory under Nneka Onyeali-Ikpe’s leadership and looks forward to working closely with her and the Executive Management Team on the execution of various strategic initiatives including international expansion.

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Fidelity Bank shares were among the outperformers in 2023. The N11.40 per share it closed on February 13 represents an increase by 5.1 percent year-to-date (YtD).

“Our target price is revised upward to N15 (Previous: N13). Our updated Profit After Tax (PAT) projection yields Earnings Per Share (EPS) of N4.70 for FY’24 (FY’23: N3.12).

“While maintaining a dividend payout ratio of 22percent and raising our 12-month target price to N15, we reiterate our BUY rating on the stock,” said Lagos-based Vetiva research analysts in their February 5 note tilted “Fidelity Bank: Navigating growth amidst evolving regulatory landscape”.

Looking ahead to 2024, the bank anticipates a stronger performance in core banking activities, the analysts noted.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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