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Fidelity Bank to establish 26 more branches

By BusinessNews Staff on May 6, 2014

Fidelity Bank Plc has received the approval of the Central Bank of Nigeria to establish 26 new branches across the country.

The Managing Director/Chief Executive Officer of the bank, Mr. Nnamdi Okonkwo, said this in Uyo on Friday during the bank’s Annual General Meeting.

He said the bank established 13 new branches during the 2013 financial year to take its services closer to its customers.

“We also received the approval to establish 26 additional new branches from the CBN, which will be fully implemented before the end of 2014 at targeted locations. During the year, 13 new branches were added to our physical distribution channels, which provide our valued customers with improved convenience for their business transactions,” he said.

Okonkwo stated that the bank’s audited results for the financial year ended December 31, 2013 showed a profit before tax at N9.03bn; while gross earnings increased by 6.5 per cent to N126.92bn as against N119.14bn recorded in 2012.

He explained that the bank’s total assets went up by 18.2 per cent to N1.081tn in the year under review, from N914.36bn in 2012.

Okonkwo noted that the total customer deposits increased by 12.5 per cent from N716.75bn in 2012 to N806.32bn last year, adding that the bank’s net loans and advances grew by 23.3 per cent to N426.08bn in 2013 from N345.50bn a year earlier.

He put the shareholders’ funds at N163.46bn.

The Fidelity Bank boss said byDecember 31, 2013, the bank had fully deployed and integrated 574 Automatic Teller Machines and 7,759 Points of Sale terminals.

Okonkwo stated that the bank’s shareholders had unanimously approved 14 kobo per ordinary share of 50 kobo as dividend payable to those whose names appeared on the bank’s register at the close of business on April 12, 2014 as earlier proposed by the directors for the financial year ended December 31, 2013.

[Punch]

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