Leadership (Abuja)
13 October 2008
Fidelity Bank Plc has declared profit of N13.356 billion for the financial year ended June 30, 2008 .
According to the bank's financial result, the Profit After Tax (PAT) grew by 183 per cent or N8.642 billion when compared with N4.160 billion recorded in the comparative period of 2007.
Similarly, the Profit Before Tax (PBT) which stood at N4.403 billion in the preceding year went up substantially to N15.795 billion, indicating a growth rate of N11.392 billion or 219 per cent.
An analysis of the bank's result further showed that gross earnings surged by 72 per cent from N 24.859 billion achieved in the corresponding period of 2007 to N42.66 billion within the period under review.
The shareholders fund which stood at N30.101 billion in the previous year rose significantly to N136.371 billion, representing a growth rate of 353 per cent.
However, with the bank's aggressive funds mobilisation, its total deposit grew by 115 per cent from N176.416 billion recorded in the preceding year to N378.543 billion at the end of June 30, 2008 .
Total Assets plus contingents also recorded an increase of 111 per cent from N 276.605 billion to N584.74 billion while total reliabilities of the bank rose by N210.45 billion or 112.05 per cent from N187.818 billion made in the comparative period of 2007 to N 398.27 billion.
The share capital of the bank also went up from N8.23 billion at the end of June 2007 to N14.481 billion while share premium grew from N11.177 billion recorded in the previous year to N101.37 billion within the period under review.
Following the huge profit posted by the bank, the board of directors has recommended dividend payout of 30 kobo as against 16 kobo it paid in the previous year.
The board and management of the bank said that the company register would be closed between October 13 and 17, 2008 while dividend warrant would be posted to shareholders immediately on November 13, 2008 after investors' approval.
Be the first to Write a Comment!
Copyright © 2008 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
