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Fidelity Doubles Dividend Returns

Fidelity Bank (Bahamas) yesterday announced a further dividend payment of $0.07 per share to shareholders, doubling 2013 capital returns to investors.

The payment, which will be made to shareholders of record as at December 9, 2013, will bring total dividends paid in 2013 to $0.14 per share or an effective dividend yield of 4.7 per cent at the current stock price of $3 per share.

Anwer Sunderji, Fidelity Bank (Bahamas) chief executive, said: “The bank’s share price has appreciated by 43 per cent year-to-date, reflecting the solid results posted by the bank in 2013.

“Return on average assets (ROAA) for the first nine months of 2013 was 2.2 pe r cent, with return on average equity (ROAE) of 22 pe cent.”

Mr Sunderji added that non-performing mortgage loans continue to deteriorate, and year-end and future results will be impacted by increases in provisions and Government-imposed fees and levies.

The latest dividend will be paid to shareholders on December 16, 2013.

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