Fidelity bank records over N100bn savings deposits in 2017

Fidelity bank records over N100bn savings deposits in 2017
Mohammed Lawal Balarabe, Acting MD/CEO, Fidelity Bank
United Bank for Africa

Mr Mohammed Balarabe, the Deputy Managing Director of Fidelity Bank Plc, said the bank recorded an increase of over N100 billion in the bank’s savings deposit account in 2017.

Balarabe, who said this at the final draw of Fidelity Bank’s “Get Alert in Millions Promo,” in Abuja on Wednesday, said the feat was made possible due to the implementation of financial inclusion strategy adopted by the bank.

He said that through the promo, the bank’s customer base increased in 2017, leading to the triple digit growth in savings deposits.

“Savings is a very important culture that is critical for the economy and the individual.

“On a personal level, you should save for a rainy day and also to bring into fruition that business you have always dreamt about.

“As a bank, promoting savings culture has also been very profitable for us.

“We have grown our savings deposit tremendously. In the past one year, we have grown by over N100 billion and that is a major feat for us,” he said.

Balarabe said Fidelity Bank had given out N110 million to 185 customers through its ‘Get Alert in a Million’ promo, which commenced in Oct., 2017 and ended in May.

Our correspondent reports that an Aba-based entrepreneur, Mr Batholomew Nnalue, won the N10 million star prize of the promo.

Ms Nwasike Chidera and Ms Augustine Nkiru won N3 million each from the bi-monthly draws for the South East and South-South respectively.

Similarly, Ms Imoedemhe Osi and Jennifer Nnanna from South-South and South East won N2 million each.

Nnalue, the Star Prize winner, said he would invest the N10 million in his hide and skin business in Aba.

Meanwhile, Mr Malachi Oahimire of the National Lottery Commission said the commission monitored the selection process and the winners were indeed randomly selected in accordance to lay down rules.

Fidelity Bank has given out over N355 million to its loyal customers since 2007, while many others have won houses, scholarships, electronics and other consolation prices.

The bank in its 2017 audited report filed with the Nigerian Stock Exchange (NSE), reported a 94 per cent growth in profit for the year ended Dec. 31, 2017.

This followed the bank’s return to the international capital market and successful issuance of a 400 million dollars Eurobond that was over-subscribed by over 200 per cent.

The bank’s gross earnings increased by 18.3 per cent from N152 billion to N179.9 billion, and profit after tax grew by 93.7 per cent from N9.7 billion to N18.9 billion.