Fidelity Bank Shareholders Praise Performance And Back Recapitalisation Plan

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Shareholders of Fidelity Bank have expressed strong approval of the bank’s recent performance and are ready to support its ongoing recapitalisation effort. They commended the bank’s consistent growth and profitability over the years.

Mr Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), highlighted Fidelity Bank’s reliability and the trust it has built among investors. He urged the bank’s board to maintain high standards of corporate governance to ensure sustained growth.

Dr Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), praised the bank’s corporate governance and financial stability. He noted the successful acquisition of Union Bank UK as evidence of Fidelity Bank’s financial strength and effective management.

Umar also pointed out that Fidelity Bank’s decision to pay an interim dividend has been well-received by shareholders. He believes this move, along with other positive financial results, gives investors confidence in the bank’s future.

Mrs Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, lauded the bank’s leadership and its ability to deliver impressive results despite economic challenges. She cited significant growth in pre-tax profit and gross earnings as indicators of the bank’s robust performance.

Bakare also mentioned the bank’s strong dividend policy, which has yielded substantial returns for investors. She expressed confidence that the upcoming rights issue will be well-received and likely oversubscribed, given the bank’s track record.

Mr Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, echoed these sentiments, praising the bank’s balance sheet and its ability to provide good dividends. He believes Fidelity Bank is well-positioned to offer even better returns in the future.

The broad support from various shareholders underscores the positive market sentiment towards Fidelity Bank’s recapitalisation plan. With nearly 400,000 shareholders, the bank boasts a highly diversified investor base, enhancing its market stability.

Fidelity Bank’s recent financial reports further support this optimism. In the first quarter of 2024, the bank saw significant growth in key performance indicators, including a 90 percent increase in gross earnings and a 120 percent rise in profit before tax.

The bank’s expanding market share, increased deposits, and higher loan advances demonstrate its strong start to the year. Shareholders remain optimistic about the bank’s future prospects, confident that it will continue to deliver strong financial results and solid returns on their investments.

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