Mr. Nnamdi Okonkwo, Managing Director/Chief Executive, Fidelity Bank, has assured shareholders that the bank will capitalize on growth opportunities in the Nigerian economy, to deliver better returns in 2018.
Speaking at the bank’s 30th Annual General Meeting, AGM, in Lagos, Okonkwo said the bank would continue to focus on redesigning its systems and processes to enhance service delivery, just as it will deepen cost optimization initiatives to reduce operating expenses and cost-to-service. While shedding light on the evolving dynamics in the financial services industry, Okonkwo noted that the bank will continue to increase the adoption and migration of customers to its digital platforms and increase its retail banking market share through the delivery of innovative products and services. “We will enhance our robust electronic banking processes and products thereby deepening our hold on the retail and commercial markets, small and medium scale enterprises and niche corporate clientele” he stated.
Whilst business operations were challenged by limited foreign currency liquidity in the banking industry, low financing opportunities especially in the public sector space and high cost of business operations, Fidelity Bank delivered very strong results in 2017, a performance he attributed to balance sheet optimization and a focused execution of its medium-term strategies “Clearly, our success in 2017 financial year has set a strong pedestal for sustained growth in revenue. We are optimistic about a favorable operating environment and we look forward to delivering decent set of numbers at the end of 2018 financial year” Okonkwo said.