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...For a better society... Monday, October 04 2004 Vol 17 No.30 News Editorial Opinion Labour Politics Sports Features Columnists Business Money/Market Energy Alaba Market Foreign News Fidelity Bank profit hits N1bn FIDELITY Bank Plc has recorded a profit before tax of N1.08 billion. The figures were contained in the banks audited accounts for year ended June 2004, which the Central Bank of Nigeria (CBN) approved over the weekend. This makes it two consecutive years the bank has crossed the billion naira profit mark. The bank experienced a leap in its total assets base which now stands at N34.8 billion, representing 33 per cent growth over last year’s figures. Deposit base of the bank also grew to N20.56 billion from N16.89 billion in 2003. The growth in deposit base is significant because it represents not just an increase in market share but also serves as a measure of confidence reposed on it by its customers. Fidelity Bank also experienced a growth in its gross earnings which rose to N5.5 billion from N4.4 billion, representing 20 per cent growth over 2003. This result is a confirmation of the acceptance of Fidelity as a major brand name and would be a big boost to the bank in its recapitalisation efforts. Fidelity Bank had recently announced a two-prong recapitalization programme, which involves raising of capital through private placement in the first instance. At the weekend, spirits were high amongst management and staff of the bank for what they considered excellent performance. Managing director of the bank, Mr Reginald Ihejiahi said the bank owed the results to the customers and stakeholders whose faith in the bank had remained unwamering. He also disclosed that the recapitalisation programme of the bank was receiving excellent support from all stakeholders. The Fidelity Bank’s result will be formally presented to its shareholders at its annual general meeting (AGM) coming up soon. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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