BAFI: Fidelity Bank wins Commercial Bank of the Year

●Okonkwo bags CEO of the Decade Award


Fidelity Bank Plc at the weekend clinched the award for Commercial Bank of the Year at the 2020 edition of BusinessDay Banks and Other Financial Institutions (BAFI) Awards held in Lagos.
The bank won the award in recognition of its support for economic activities in the real sectors of the Nigerian economy, particularly for its consistency in enhancing the development and competitiveness of Micro Small Medium Enterprises (MSMEs).
Receiving the award on behalf of the bank at the presentation ceremony, which took place at the Lagos Continental Hotel, Victoria Island, Lagos, Fidelity Banks’s Executive Director, Corporate Bank, Mr. Obaro Odeghe, dedicated it to the bank’s teeming customers, whom he said were central to the bank’s overall strategic intent.
“The reward for hard work they say is more work. We are encouraged to continue to do more for the benefits of our customers and the overall economy,” he stated.
Also, on the night, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, was honored as the banking sector CEO of the Decade for “transforming Fidelity Bank into one of the fastest growing and most trusted financial services brands in Nigeria.”
The organisers specifically noted some of his key achievements to include the rebranding project, which drove an increased youth appeal; revamping of the bank’s performance management culture to instill a culture of performance; technology refresh and digital  transformation in furtherance of the digital retail strategy he implemented.
Leveraging on the realigned and repositioned operating structures, reenergised workforce and a more appealing brand, the bank recorded a consistent growth in financial performance under his leadership.
Specifically, PBT grew of 236% from N9.0bn to N30.4bn in 2019; RoE rose from 5.5 per cent to 13.3 per cent; Customer Deposits grew by 68 per cent billion to N312.1bn. Other notable achievements of the Fidelity CEO include Net Loans and Advances growth of 174 per cent from N426.1 billion to N1,165.8 billion; Customer Base increase by 121 per cent from 2.4 million to 5.3 million and Digital Banking penetration improvement from 1.0 per cent to 50.1 per cent, accounting for 28.4 per cent of total fee income.




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