Leading financial institution, Fidelity Bank Plc, released its 2024 full-year audited financial statements, reporting a 210 percent growth in profit before tax (PBT) to N385.2 billion.
According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, March 28, 2025, gross earnings increased by 87.7 percent to N1,043.4 billion, driven by 106.9 percent growth in interest and similar income to N950.6 billion.
The increase in interest income was led by a combination of improved yield on earnings assets and 51.6 percent expansion in earnings base to N6.3 trillion.
This led to a profit after tax of N278.1 billion, representing a 179.6 percent annual growth.
Commenting on the results, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said: “We are delighted with our 2024 full-year (FY) 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 (210.0 percent) in Profit Before Tax (PBT), rising from N124.3 billion in 2023 to N385.2 billion in 2024.”
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1 percent to N629.8 billion, driven by a high-yield environment in 2024.
To optimise its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6 percent. This led to an increase in its Net Interest Margin from 8.1 percent in 2023 full year to 12.0 percent.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9 percent from N4.0 trillion in 2023 full year to N5.9 trillion.
The increase was driven by strong double-digit growth across all deposit types.
The Retail Banking Business gained significant traction with savings deposits increasing by 28.8 percent to N1.1 trillion, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1trillion in 2023FY to N4.4 trillion in 2024FY.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share,” explained Onyeali-Ikpe.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024.
The dividend will be paid on April 29, 2025 to shareholders whose names appear on the register of members as at April 15, 2025.
It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92 percent and 137.73 percent respectively.
The positive result is a testament to the strength of the Bank’s franchise in the capital market.
A total of N175.9 billion was recognised as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5 percent.
The bank plans to conclude the second phase by third quarter of 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
