Mr. Ernst Ebi, the board Chairman of fidelity bank Plc, has stated that the bank is ready to put in all measures in place as to reduce its high Non-Performing loans (NPLs).

He said this at the just concluded 29th Annual General Meeting (AGM) of the bank, which was held in Lagos, noting that the bank would deploy both legal and other means to recover debts which has increased to 6.6 per cent of its total loan portfolio.

The Chairman said:” We are very aggressive in our loan recovery strategy and de-risking the business environment so as to reduce and address impairments.”

Meanwhile, the shareholder of the bank approved the payment of a total dividend per share of 14kobo as a result of improved total interest income which raised to 16 per cent representing N123.2billion in 2016..

However, the banks’ shareholders noted that 2016 was remarkable in the bank performance, especially in key measures and indicators, despite the challenging economic environment in Nigeria.

Also, the bank’s external auditors, KPMG Nigeria and the Audit committee in their separate statements at the AGM, affirmed that the 2016 financial records and books of account by fidelity bank, were in line with the provisions of the International Financial Reporting Standards (IFRS), Financial Reporting Council of Nigeria (FRCN) and the Company and Allied Matters Act (CAMA).

The National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Okezie Boniface commended Fidelity Bank for the dividend payment and the sterling 2016 performance, but charged the bank to expand its operation to other part of the Abia state

Another shareholder, Mr Nona Awoh on his part charged the bank on the full disclosure of fraud statement, saying that the bank must try to protect the shareholders by driving down the unclaimed dividend form N1.8billion to below. He, however, urged the bank to work assiduously in ensuring that the internal control systems are efficient.

Similarly, Mr Patrick Ajudua, described fidelity Bank as the leader in the financial market and lauded them for the 2016 report but cautioned the Central Bank for unnecessary financial punishment to erring banks. He stressed that the actions of the apex bank is killing the growth of the banking industry.

Ajudua also, in his observation, commended the bank for the case of gender balance, as the board of fidelity Bank had also 5 women on board at the moment.

Sir Sunny Nwosu commended the board of the bank for the 2016 financial year result, he was particularly impressed by the arrival of the new chairman of the bank, Ernst Ebi, with the high knowledge from the apex bank, where he served as former CBN deputy governor