Fidelity Bank propose 60 kobo dividend for shareholders

Onwubuke Melvin
Onwubuke Melvin

The Board of Directors of Fidelity Bank has proposed a final dividend of 60 kobo per share to shareholders for the 2023 financial year.

This was disclosed in its audited annual reports and financial statements for 2023 filed with the Nigerian Exchange Limited on Monday.

The report shows an increase of 20 per cent when compared to last year’s 50 kobo dividend.

Part of the report read, “The board of directors of the group, in pursuant to the provisions of Section 379 of the Companies and Allied Matters Act (CAMA) 2020, proposes a final dividend of N0.60k per share (31 December 2022: N0.50k per share) for the 2023 financial year.

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

Key Highlights

Fidelity Bank’s profit before income tax rose by 131.49 per cent to N124.26bn from N53.68bn in 2022.

Profit after increased to N99.45bn from N46.72bn.

Profit before income tax

According to the financial report, 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.

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