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HomeBusinessFidelity Bank assure capital market stakeholders on performance

Fidelity Bank assure capital market stakeholders on performance

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Fidelity Bank has assured capital market operators and other stakeholders of sustained impressive financial performance by the bank.

Fidelity Bank Managing Director/CEO Designate, Nneka Onyeali-Ikpe said that the corporate aspirations of the bank will remain the same under her leadership.

Onyeali-Ikpe will assume leadership of the bank by January 1, 2021 when she is expected to take over from Nnandi Okonkwo who will be completing his contract tenure by end of this year.

She told stock market stakeholders that; “We will continue to deliver superior returns and to do this, we will rely on the active support of the market and all stakeholders.”

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She commended the outgoing MD/CEO of the bank Okonkwo for laying a solid foundation for her and the new team, to take the bank to greater heights.

Speaking on his tenure, Okonkwo said he delivered on the promise, upon assuming office on January 1, 2014, to foster a robust engagement with the market, grow the bank and improve on key performance indices.

“I am happy to state that we have been able to grow our return on equity (ROE) which averaged at five percent in 2013 to 13.3 percent in 2019” he stated.

“We recently appointed five executive directors(EDs) from within and the incoming MD/CEO, Mrs. Onyeali-Ikpe, has been an integral part of management since 2015. She is part of the success story and we are convinced that the performance of the bank, under her leadership, will be even better,” he enthused.

He attributed the successful capital raising exercise of 2015 and 2017, when the bank raised N30 billion local bond and $400million Eurobond, respectively to the result of the deepening of investor engagements, through holding quarterly earnings calls and non-deal roadshows across different geographies.

Okonkwo disclosed that the bank is currently in the process of issuing N74 billion series 1 Bonds under its N100 million Bond issuance programme.

The doyen of the stockbrokers, Rasheed Yusuf commended the bank for the sustained financial performance and successful transition.

“It’s cheering news to us in the stockbroking community and the market that the new MD was appointed from within. Fidelity is a well-known brand with high expectations from us. You have been meeting our expectations, but we want more. We are eagerly looking forward to when you will become a Tier 1 bank. Please be assured that the market will give you all the required support,” Yusuf said.

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