Home Banking No dividend for Fidelity Bank’s shareholders on marginal growth

No dividend for Fidelity Bank’s shareholders on marginal growth

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Shareholders of Fidelity Bank Plc no shareholder will receive dividend payout from the bank for the half year operation period ended June 30, 2018, the bank’s financial statement has revealed.

This is despite the fact that the financial institution’s Earnings Per Share (EPS) appreciated by 31.06 percent from previous half year’s N0.31kobo to current half year’s N0.41kobo.

However, the bank had earlier explained the delay in filling of its audited financial statements for the half year as required by extant Rules of the Nigerian Stock Exchange (NSE), claiming the accounts were delayed because the audit of the financial statements was still ongoing.

Ordinarily, it would be settled in the mind of many investors that the bank’s records being scrutinized should come with a dividend element no matter how little, but the financial institution book value remains positive according to its half year result released by the exchange on 26 September 2018.

The financial statement indicated a growth of 31.06 percent in the profit after tax (PAT) to N11.8 billion of H1’2018 from N9 billion of HI’2017.

Similarly, the lender recorded 3.61 percent growth in gross earnings of N85 billion in the corresponding period the previous year to N88 billion recorded in the current period under review.

The current period’s PE Ratio is at 4.16X and the earnings yield at 24.04 percent.