Fidelity Bank on Thursday declared dividend of 14 kobo per share from a profit after tax of N5. 36 billion declared for its financial year ended Dec. 31, 2011.
The bank recorded profit after tax of N6.11 billion in the preceding year.
The bank’s chairman, Dr, Christopher Ezeh, announced the results at its 24th Annual General Meeting (AGM) in Lagos.
The bank’s profit before tax during the period was N7.67, million against N8.65 billion declared in 2010.
According to Ezeh, the bank’s fixed assets rose by 6.9 per cent to N27.03 billion from the N25.27 billion in 2010.
Its net assets also increased to N137.48 billion in 2011 from N136.18 billion in the previous year.
The chairman said that the improvement was remarkable considering the fact that the banking industry was just recovering from financial crisis.
He assured the shareholders that the bank would work harder to improve on the dividend payout.
Reginald Ihejiah, the managing director, said that the company made efforts to strengthen its internal risk management and technology structures.
He said that the bank planned to also improve on its business efficiency levels, particularly in the area of service delivery.
He said that the bank was re-engineering its processes in line with the CBN’s cash-less policy.
Timothy Adesiyan, the President of the Nigerian Shareholders Solidarity Association, said that shareholders appreciated the decision of the bank on the 14 kobo dividend.
He advised the bank to evolve measures that would increase the profitability of its operations so that shareholders could get better dividend in the current financial year.
``I hope that at the end of current financial year, shareholders would receive higher returns as well as bonus issues,’’ he said