Fidelity Bank Overview
A commercial bank with International Authorisation established in 1987 and licensed by the Central Bank of Nigeria (CBN).
The Bank currently has over 400,000 diverse shareholders.
Listed on the Nigerian Stock Exchange (NSE) in May 2005 and has consistently paid dividends annually since being listed.
Issued a 5 year $300million Eurobond in May 2013 which was listed on the Irish Stock Exchange, the bond was fully redeemed in May 2018.
Issued a ₦30billion local currency bond in May 2015.
Issued a $400million Eurobond in Oct 2017, also listed on the Irish Stock Exchange.
Strategic business focus is on Niche Corporate Banking, SMEs, Retail and Electronic Banking.
Currently has 250 business offices, 833 ATMs and 10,951 POSes.
- Total Earnings up by 5.7% to ₦51.2bn
- PBT up by 1.4% to ₦6.6bn
- Deposits up by 10.4% to ₦1,352.3bn
- Net Loans up by 3.4% to ₦1,165.8bn
- Cost to income Ratio of 71.3%
- Cost of risk of 0.7%
- NPL Ratio of 4.8%
- Liquidity Ratio of 31.6%
- Capital Adequacy Ratio of 17.7%
- Q1 2020 Call – 4 May 2020
Fidelity Bank was incorporated in 1987 as a private limited company with a Merchant Banking License, with the primary objective of participating and contributing to the growth of the Nigerian economy through the provision of quality financial services. As part of its growth strategy, Fidelity Bank converted to a commercial bank in 1999, became public limited company in August 1999 and secured a Universal Banking License in February 2001. In line with the Central Bank of Nigeria’s (CBN) modified universal banking regime, Fidelity Bank was granted an International Banking Licence in 2011.
A well-experienced and highly-regarded management team has successfully grown the Bank based on the principles of passion, excellence and sound risk-management framework. Fidelity Bank’s long term aspiration is to become one of the most profitable tier-I banks in Nigeria and plans to achieve this objective by exploring both organic and inorganic growth opportunities.
Fidelity Bank has grown from a marginal player in 1987, into a stable and respectable banking institution. Notably in 2005, Fidelity Bank acquired FSB International Bank Plc (“FSB”) and Manny Bank Plc (“Manny”) to create one of the top 10 Nigerian banks.
Fidelity Bank currently has an extensive branch network with presence across all the major cities in Nigeria and in all the state capitals. The Bank remains financially sound with a robust balance sheet and sound Capital Ratios.
Fidelity Bank is diversely owned. The current authorized share capital of the Bank is NGN16,000,000,000.00 (sixteen billion Naira), divided into 32,000,000,000 (thirty two billion) ordinary shares with a nominal value of 50 kobo each. Its paid-up share capital currently stands at NGN14,481,292,846.
The Bank has a diverse shareholder base and currently has over 400,000 shareholders comprising Nigerian citizens and corporations as well as foreign investors. The bank continues to receive significant support for its policy objectives from its shareholders, who also support its capital raising and business development efforts.
Share Holding Structure
Share holding Analysis 1
The range of share holding as at December 31, 2019 is as follows:
Share holding Analysis 2
Ownership Structure as at December 31, 2019
- Board & Management = The current Board Members and the Executive Management Team of Fidelity Bank Plc
- Foreign Institutional Investors = Institutional Investors with foreign addresses holding more than 1million shares
- Local Fund Managers = Fund Managers with registered offices in Nigeria
- Local Institutional Investors = Shareholders with local addresses holding more than 100 million shares
- Others = Other shareholders apart from the four groups listed above
The Bank has a formal Insider Trading Policy that prohibits all “Insiders” and their “Connected Persons” (as defined in the Policy) from dealing in the Company’s securities at certain times.
The provisions of the Policy are based on terms no less exacting than the standards defined in the Listing Rules of the Nigerian Stock Exchange. The objectives of the Policy include the following:
- Promote compliance with the provisions of the Investments and Securities Act (ISA) 2007, the Securities and Exchange Commission Code of Corporate Governance and the Listing Rules of the Nigerian Stock Exchange.
- Ensure that all persons to whom the policy applies (affected persons), who possess material non-public information do not engage in insider trading or tipping.
The Policy has been communicated to all persons to whom it is applicable including Employees, Directors and members of the Shareholders Audit Committee. The Company Secretary periodically notifies affected persons of when trading in the Bank’s securities is either permitted (Open Periods) or prohibited (Blackout periods).
In compliance with the recently released Securities and Exchange Commission (SEC) rules relating to the Complaints Management Framework of the Nigerian Capital Market, please be notified that Fidelity Bank Plc. has adopted a Complaints Management Policy. The Bank shall receive and entertain all Shareholders’ complaints arising out of issues covered under the Investments and Securities Act (ISA), 2007, the Rules and Regulations made pursuant to the ISA, the rules and regulations of Securities Exchanges and guidelines of recognised trade associations as directed.
Kindly refer to http://sec.gov.ng/rules-relating-to-complaints-management-framework.html for more clarification and further details.
Fidelity Bank Plc.
Fidelity Bank has consistently paid dividends in the last 13 years, even in the most turbulent time in the Nigerian banking industry. In the last 5 years, dividends have moved within the band of + or – 20.0% of 17.5 Kobo per share.
The Bank’s composite risk rating is sound and does not preclude it from paying more than 30% of its net profit.
Currently, Fidelity Bank’s guidance for dividend payment is between 30 % and 50% of annual net profit.
|Financial Year||Amount Per Share|
Results Release Calendar
|Financial Results||Release Dates|
|H1 2020 Audited Results||24 Aug 2020|
|9M 2020 Unaudited Results||20 Oct 2020|
|2020 FY Audited Results||22 Mar 2021|
|2015 / 2016||2016 / 2017||2017 / 2018||2018 / 2019||2019 / 2020|
|Long Term IDR||B||B-||B-||B-||B-|
|Short Term IDR||B||B||B||B||B|
|Long Term IDR||BBB+ (nga)||BBB+ (nga)||BBB+ (nga)||BBB+ (nga)||BBB+ (nga)|
|Short Term IDR||F2 (nga)||F2 (nga)||F2 (nga)||F2 (nga)||F2 (nga)|
Global Credit Rating
|2015 / 2016||2016 / 2017||2017 / 2018||2018 / 2019||2019 / 2020|
|Long Term IDR||A-||A-||A-||A-||A-|
|Short Term IDR||BA2-||A2-||A2-||A2-||A2-|
First Registrars & Investor Services Limited
Plot 2, Abebe Village Road, Iganmu
P. M. B. 12692, Marina
Lagos State, Nigeria.
The Registrars can also be contacted via telephone, fax, email or their website as detailed below:
Tel: 234-1-279 9880, 234-1-270 1078 to 79
Fax: 234-1-270 1071 to 72
Enquiries may also be referred to the Company Secretary of Fidelity Bank Plc at the Bank’s Head Office at:
No. 2, Kofo Abayomi Street Victoria Island
P. O. Box 72439, Victoria Island Lagos State
Tel: 234-1-2700542, 234-1-2700528, 234-1-2716624.
Contact Persons: Ezinwa Unuigboje (Company Secretary)
Enquiries may also be made from the Head of Customer Service at all Fidelity bank Plc business offices.
2. 9 Ordinary Shares of Manny Bank Plc were exchanged for 2 Ordinary Shares of Fidelity Bank Plc. REPORTING SYSTEM
As a matter of internal policy, the bank announces its financial results within 24 hours of approval of the audited accounts by the Central Bank of Nigeria.
Fidelity Securities Limited
Plot 688 Ahmodu Tijani Close,
Off Sanusi Fafunwa Street,
Victoria Island, Lagos
Tel: +234 1 462 7208
E-mail – email@example.com
First Registrars & Investor Services Limited,
No. 2, Abebe Village Road,
PMB 12692, Marina Lagos.
Tel: +234 1 279 9880
E-mail – firstname.lastname@example.org
The Company Secretary,
Fidelity Bank Plc
Tel: +234 1 271 6624