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Register of members closes April 18, 2017, while payment date is May 4, 2017, Highlight of the 2016 full year account shows that profit before tax went down from N14,024 billion in 2015 to N11,061 billion in 2016. Profit after tax also dropped from N13,904 billion in 2015 to N9,734 billion in 2016. Earnings per share stood at 34 kobo which is below 48 kobo that was recorded same period in 2015.
According to a statement from the bank, the managing director Nnamdi Okonkwo said the 2016 performance reflected the sound fundamentals of the bank’s evolving business model. “Our financial performance in full year 2016 reflects the sound fundamentals of our evolving business model as we continued with the disciplined execution of our medium-term strategy which positions the business for improved and sustainable profitability,’’ Okonkwo said.
He explained that profits dipped due to N4.8 billion cost incurred as Fidelity Bank discontinued its Legacy Gratuity and Retirement Scheme. “Excluding this one-off charge, profit before tax for the year would have been at N15.8 billion” Okonkwo said. Adding that the performance was driven by the upgrade of its core banking system which provided a superior architecture that enhanced its operational efficiency and deepened the bank’s electronic banking capabilities.
