No Dividend for investors despite delayed results, as Fidelity posts 3.6% Earnings growth

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After a protracted wait, investors in Fidelity Bank Plc will not be receiving any dividend, as the Nigerian Bank’s management declared no dividend for the half year ended 30th June, 2018.

The Bank had earlier explained the delay in filling of its Audited Financial Statements for the half year ended June 30, 2018 as required by extant Rules of the Nigerian Stock Exchange (NSE), claiming the accounts were being 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 26th September 2018.

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

The bank also recorded 3.61% 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 earnings per share also appreciated by 31.06 percent from previous half year’s N0.31kobo to current half year’s N0.41kobo.

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

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