Fidelity Bank approves N60 million for chairman’s annual salary, directors to get N40 million each

May 26, 2024 | Entertainment, News


Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the stock market.

Fidelity Bank’s shareholders have sanctioned a new compensation package of N60 million for the chairman for the fiscal year 2024.

Fidelity Bank
Fidelity Bank approves N60 million for chairman’s annual salary, directors to get N40 million each
Source: UGC

This information was revealed in a document titled ‘Resolutions from the 36th Annual General Meeting’ submitted to the Nigeria Exchange Group.

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According to the resolution, each non-executive director will receive an annual payment of N40 million.

The bank stated that this resolution will stay in effect for future years until it is reviewed at a subsequent annual general meeting.

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The resolution read:

“That non-executive directors’ compensation be and is, hereby, fixed at N40m for each non-executive director and N60m for the chairman for the fiscal year ending December 31, 2024, and succeeding years until reviewed by the Company in the Annual General Meeting.”

It would be recalled that following the strong performance of its stocks in 2023, the NGX upgraded Fidelity Bank Plc from a low-priced stock to a medium-priced stock.

Other resolutions reached at the AGM

The directors of Fidelity Bank have proposed a final dividend of 60 kobo per share to shareholders for the 2023 financial year, marking a 20% increase compared to last year’s dividend.

Fidelity Bank posted an impressive 120.1% growth in Profit Before Tax from N17.9 billion at the end of Q1 2023 to N39.5 billion for Q1 2024.

Gross earnings increased by 89.9% yoy to N192.1 billion from N101.1 billion in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% you).

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Source: Legit.ng





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