Fidelity Bank Plc released its 2013 FY results showing a 6.5% increase Gross Earnings to N127billion. Other highlights of the result are as follows;
- Net Interest Income dropped 16% to N30.8billion (2012: N35.8billion)
- Operating profit also dropped 56% to N9billion (2012:N20.5billion)
- Profit after tax dropped 57% to N7.1billion (2012: N18billion)
- Return on equity for the year was just 4.8%
- They also proposed a dividend payment of 14kobo per share payable May 2nd 2014. You are qualified for dividends if you buy on or before April 11th 2014
Hahahahaha… Alarm Bells indeed. We know the current CRR crises is not responsible for this bad result bcoz this is a result of last year. And 2014 result could be worse for FIdelity if they dont tighten their belt properly. I sympathize with Fidelity share holders. For those who are looking for cheap stocks this is the best time to watch Fidelity to take advantage of it. In my own opinion anything more than 1.50 Naira for this stock is too priced to buy.
That is not true, Fidelity shares can never fall to 1.5, I would advise not to buy the shares above 2.35