Fidelity Bank recovers N8bn debt in 2014

monjola sotubo

May 21, 2015 5:36 PM

This was disclosed by the bank’s Managing Director, Nnamdi Okonkwo during a presentation of facts and figures at the Nigerian Stock Exchange (NSE) in Lagos.

Chief Executive Officer of Fidelity Bank, Nnamdi-Okonkwo

Fidelity Bank has said that it recovered N8 billion in debts owed to it in the 2014 financial year.

This was disclosed by the bank’s Managing Director, Nnamdi Okonkwo during a presentation of facts and figures at the Nigerian Stock Exchange (NSE) in Lagos.

“In 2014 , we grew loan book by 26 per cent, but if you factor in devaluation, you will see that our actual growth last year was 18 per cent. This year, we are targeting a 10 per cent loan growth because we are not going to have the kind of big ticket transaction we had last year, like the Shell Divestment, which we played actively in,” Okonkwo said.

"This year 2015 is going to be tough, but we will do all we can to meet our projections. We anticipates a greater financial year for the financial institution,” he added.

Okonkwo said further that the bank would deepen its play in the retail and Small and Medium-Scale Enterprises (SMEs) segment in 2015 in order to sustain the growth it realized in 2014.

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