COVID-19: Fidelity Bank reassures customers, staff of safety measures

Fidelity Bank says it will continue to take measures that will ensure the safety of customers, staff and other stakeholders during the period of COVID-19.

The bank, in a statement on Monday, said its Chairman, Mr Ernest Ebi, gave the reassurance at the bank’s 32nd Annual General Meeting (AGM) held recently in Lagos.

Ebi said the bank would remain committed to building a sustainable business, even in the midst of the challenges associated with the COVID-19 pandemic.

The chairman said that the board, in line with its oversight responsibilities, had been meeting virtually, to strategise on new opportunity areas to cushion the impact of the pandemic and to sustain the growth trajectory of the bank in recent years.

Mr Nnamdi Okonkwo, the bank’s Chief Executive Officer, was also quoted in the statement as saying it would explore new prospects that were opening up in the retail market.

Okonkwo said the bank would continue to focus on customer-centricity, innovation and digitisation, whilst keeping its eye on governance, risk and liquidity.

“We place a high premium on risk management and will continue to review our risk acceptance criteria in reaction to new market realities,” he stated.

The shareholders at the AGM unanimously endorsed the payment of a cash dividend of 20k per share, which translates to N5.79 billion for the year ended Dec. 31, 2019.

Meanwhile, the bank has started the 2020 financial year on a positive note with the announcement of its unaudited results for the three months ended March 31, 2020.

Gross earnings for the first quarter of the year grew by 5.7 per cent to N51.2 billion, from N48.4 billion in the previous year.

Profit before tax stood at N6.6 billion, representing a marginal drop from N6.7 billion recorded in the first quarter of 2019.

Shareholders’ funds grew by 3.6 per cent to N242 billion from N234 billion in 2019.