Fidelity Bank’s shareholders have shown strong support for the ongoing recapitalization plan of Fidelity Bank Plc, while also commending the bank for its impressive performance over the years.
Shareholders have expressed their readiness to mobilize and provide massive support for the recapitalization process, citing Fidelity Bank’s resilience and investor-friendly approach as key factors.
The shareholders, representing Nigeria’s leading shareholders’ associations, have indicated their willingness to participate in any share offering by Fidelity Bank, as they believe in the bank’s potential for above-average returns in the future.
With nearly 400,000 shareholders, Fidelity Bank boasts the most diversified retail shareholders’ base among Nigerian banks.
This diverse base, although presenting challenges in corporate register management and stock volatility, reflects the popularity of Fidelity Bank’s stock.
The bank’s strong performance, with an average annual return of over 81% in the past five years, has outperformed major market indices and positioned it as a leading commercial bank in Nigeria.
The shareholders’ associations, including the Independent Shareholders Association of Nigeria (ISAN), the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), and the Pragmatic Shareholders Association of Nigeria, have all praised Fidelity Bank’s corporate governance, financial strength, and growth prospects.
They have expressed confidence in the bank’s future and its ability to meet the recapitalization requirements set by the Central Bank of Nigeria (CBN).
The recent interim report for the first quarter of 2024 has shown significant growth in key performance indicators for Fidelity Bank, with gross earnings increasing by 89.9% and profit before tax doubling by 120%.
The bank’s top-line performance has been driven by strong growth in interest and non-interest income, reflecting its expanding market share and support for national economic growth.
Overall, shareholders are optimistic about Fidelity Bank’s future and believe that the bank’s strong performance and strategic initiatives will continue to deliver value and returns for investors.
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