By Olamilekan Okeowo
As part of ongoing effort to de-risk businesses and address level of impairment, Mr. Ernest Ebi, the Board Chairman of Fidelity bank Plc, has stated that the bank is ready to put all measures in place to reduce its high Non-Performing Loans (NPLs).
He dropped this hints at the just concluded 29th Annual General Meeting (AGM) of the bank, which was held in Lagos recently, noting that the bank would deploy both legal and other means to recover debts which has increased to 6.6 per cent of its total loan portfolio.
According to him,” We are very aggressive in our loan recovery strategy and de-risking the business environment so as to reduce and address impairments.”
Meanwhile, the shareholder of the bank approved the payment of a total dividend per share of 14kobo as a result of improved total interest income which rose to 16 per cent representing N123.2billion in 2016.
However, the banks’ shareholders noted that 2016 was remarkable in the bank performance, especially in key measures and indicators, despite the challenging economic environment in Nigeria.
Also, the bank’s external auditors, KPMG Nigeria and the Audit committee in their separate statements at the AGM, affirmed that the 2016 financial records and books of account by Fidelity Bank were in line with the provisions of the International Financial Reporting Standards (IFRS), Financial Reporting Council of Nigeria (FRCN) and the Company and Allied Matters Act (CAMA).
The National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Okezie Boniface commended Fidelity Bank for the dividend payment and the sterling 2016 performance, but charged the bank to expand its operation to other part of the Abia state
Ajudua also, in his observation, commended the bank for the case of gender balance, as the board of Fidelity Bank had also 5 women on board at the moment.
Sir Sunny Nwosu commended the board of the bank for the 2016 financial year result; he was particularly impressed by the arrival of the new chairman of the bank, Ernest Ebi, with the high knowledge from the apex bank, where he served as former CBN deputy governor
Responding, the chairman, Board of the bank Ernest Ebi thanked the shareholders for their continuous support and assured that Fidelity Bank will remain focused on efficient, viable and strategic financial services.
