|By Adejumo Adekunle-
– Declares N2.10 per share dividend
– Retail banking hits 10th year of double-digit growth
Fidelity Bank Plc has posted a staggering 210% surge in Profit Before Tax (PBT) for the 2024 financial year, hitting N385.2 billion, according to its Audited Financial Statements released on the Nigerian Exchange (NGX) on March 28, 2025.
The bank’s Gross Earnings soared by 87.7% to N1.043 trillion, fueled by a 106.9% increase in interest and similar income, which stood at N950.6 billion. The impressive performance was driven by a combination of improved yields on earning assets and a 51.6% expansion in the bank’s earnings base to N6.3 trillion. This resulted in a Profit After Tax (PAT) of N278.1 billion, reflecting a 179.6% year-on-year increase.
Commenting on the results, Fidelity Bank’s Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, attributed the success to strategic execution and resilience. “We are delighted with our 2024 full-year performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a triple-digit increase in Profit Before Tax, rising from N124.3 billion in 2023 to N385.2 billion in 2024,” she said.
Sustained Growth Across Key Metrics
Fidelity Bank’s net interest income surged by 127.1% to N629.8 billion, propelled by a high-yield environment and an efficient cost-management strategy. The bank maintained its asset yield above funding costs by sustaining a high low-cost deposit profile at 92.6%, which boosted its Net Interest Margin from 8.1% in 2023 to 12.0% in 2024.
Customer deposits rose by 47.9%, climbing from N4.0 trillion in 2023 to N5.9 trillion, as the bank deepened its market share in both corporate and retail segments. The retail banking division remained a stronghold, recording its 10th consecutive year of double-digit growth in savings deposits, which jumped by 28.8% to N1.1 trillion.
Despite economic headwinds, Fidelity Bank intensified its support for the real sector, increasing its Net Loans & Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024, further cementing its role as a key driver of economic growth.
Strong Shareholder Returns & Capital Expansion
In line with its commitment to shareholder value, the bank declared a final dividend of N1.25 per share, bringing the total dividend for the 2024 financial year to N2.10 per share. The dividend will be paid on April 29, 2025, to shareholders whose names appear on the register as of April 15, 2025.
Fidelity Bank successfully completed the first phase of its capital-raising exercise in 2024 through a Public Offer and Rights Issue, which were oversubscribed by 237.92% and 137.73%, respectively. The exercise injected N175.9 billion in fresh capital, boosting the bank’s Capital Adequacy Ratio (CAR) to 23.5%. The second phase of the capital-raising initiative is set to conclude in Q3 2025, reinforcing the bank’s position as a Tier 1 financial institution ahead of the Central Bank of Nigeria’s recapitalization deadline.
Industry Recognition & Awards
Fidelity Bank’s strong financial performance and innovation earned it several prestigious awards in 2024, including:
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Excellence in Digital Transformation & MSME Banking (BusinessDay BAFI Awards)
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Most Innovative Mobile Banking Application (Global Business Outlook)
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Most Innovative Investment Banking Service Provider (Global Brands Magazine)
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Best Bank for SMEs in Nigeria (Euromoney Awards for Excellence)
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Export Financing Bank of the Year (BusinessDay BAFI Awards)
With a customer base exceeding 9.1 million, serviced across 251 business offices and various digital banking platforms in Nigeria and the UK, Fidelity Bank remains a formidable force in the financial sector, setting new benchmarks for growth and profitability.
