Fidelity Bank attracts investors
January 29th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
For shares of a bank rated by many as a penny stock, the equities of Fidelity Bank are presently arousing the interest of Nigerian investors. This is evident as the banks shares emerged as the most active stock in December in terms of volume traded.
This single occurrence did not happen by chance, but rather on purpose. The bank in consolidation exercise was able to pay dividends to it shareholders, as well as grow its top line and bottom line operations.
Owing to the high demand presently for its shares on the floor of the stock exchange, the price of the stock appreciated from N2.15 as at January 3, 2007 to N3.11 on January 26, 2007.
During its financial year ended June 30, 2006, the bank recorded a profit before tax of N3.58 billion on gross earnings of N11.57 billion as against a profit before tax of N1.56 billion and gross earnings of N6.16 billion the previous year. The company was able to pay a dividend of N0.11 to its shareholders.
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