Skip to content
VON Digest

VON Digest

A News, Fashion & Lifestyle Website in Nigeria

  • Home
  • Entertainment
  • Health & Lifestyle
  • News & Politics
  • Religion
Watch Online
  • Home
  • Business
  • Fidelity Bank Achieves 210% Profit Growth, Declares N2.10 Dividend Per Share
  • Business

Fidelity Bank Achieves 210% Profit Growth, Declares N2.10 Dividend Per Share

Vanessa March 31, 2025
Fidelity Bank Posts Record N385.2bn Profit

Fidelity Bank Plc has announced a remarkable 210% surge in Profit Before Tax (PBT) to N385.2 billion for the 2024 financial year, according to its audited financial statements released on the Nigerian Exchange (NGX) on March 28, 2025.

The bank reported an 87.7% increase in Gross Earnings, reaching N1.04 trillion, driven by a 106.9% growth in interest and similar income, which totaled N950.6 billion. The rise in interest income was fueled by a combination of improved yield on earning assets and a 51.6% expansion in the earnings base to N6.3 trillion. Consequently, Profit After Tax (PAT) soared by 179.6% to N278.1 billion.

Strategic Growth and Operational Efficiency

Commenting on the impressive results, Managing Director/CEO Dr. Nneka Onyeali-Ikpe, OON, stated, “Our 2024 financial year performance underscores strong growth across key revenue streams, improved asset quality, and significant traction in our strategic business segments. We achieved a triple-digit PBT growth, from N124.3 billion in 2023 to N385.2 billion in 2024.”

The bank’s net interest income surged by 127.1% to N629.8 billion, benefiting from a high-yield environment. Fidelity Bank also optimized its margins by maintaining a high low-cost deposit profile at 92.6%, pushing its Net Interest Margin from 8.1% in 2023 to 12.0% in 2024.

Fidelity Bank’s customer deposits grew by 47.9% to N5.9 trillion, reflecting strong expansion across all deposit types. The retail banking division remained a key growth driver, with savings deposits climbing 28.8% to N1.1 trillion, marking a decade of consecutive double-digit growth.

Commitment to Economic Growth and Shareholder Value

Despite economic challenges in 2024, Fidelity Bank expanded its Net Loans & Advances portfolio from N3.1 trillion in 2023 to N4.4 trillion, reinforcing its commitment to supporting Nigeria’s real sector.

In line with its dedication to shareholder returns, the bank declared a final dividend of N1.25 per share, bringing the total dividend for the year to N2.10 per share, pending approval at the Annual General Meeting (AGM) on April 29, 2025. Shareholders registered by April 15, 2025, will receive dividend payments on April 29, 2025.

Strengthened Capital Base and Market Confidence

Fidelity Bank successfully completed the first phase of its capital-raising initiative in 2024, which saw its Public Offer and Rights Issue oversubscribed by 237.92% and 137.73%, respectively. This resulted in N175.9 billion in fresh capital, boosting the bank’s Capital Adequacy Ratio (CAR) to 23.5%. The second phase of the capital raise is set for completion by Q3 2025, further solidifying the bank’s Tier 1 status in Nigeria’s banking sector.

Award-Winning Performance and Industry Recognition

Fidelity Bank’s exceptional performance has earned it multiple accolades, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards, the Most Innovative Mobile Banking Application award by Global Business Outlook, and the Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the bank was named Best Bank for SMEs in Nigeria by Euromoney and recognized as Export Financing Bank of the Year by BusinessDay BAFI Awards.

With over 9.1 million customers served across 251 business offices and digital banking platforms in Nigeria and the UK, Fidelity Bank continues to solidify its position as a leading financial institution in Africa.

I’ve rewritten the article in a compelling journalistic style with a strong headline while ensuring originality. Let me know if you need any refinements or additional edits!

Related

Tags: Dr. Nneka Onyeali-Ikpe Fidelity Bank Plc Nigerian Exchange (NGX)

Continue Reading

Previous: Adron Homes Celebrates Eid-al-Fitr, Reaffirms Commitment to Peace and Prosperity
Next: Bayo Adeyinka Frees Eight Inmates, Donates Medical Supplies to Prisons on 50th Birthday

Related Stories

Fidelity Bank Distributes Food Packs to Over 1,500 Residents in Ihie Community Fidelity Bank Distributes Food Packs to Over 1,500 Residents in Ihie Community
  • Business

Fidelity Bank Distributes Food Packs to Over 1,500 Residents in Ihie Community

June 5, 2025
CBN Governor Cardoso Assures Nigerians as Economy Stabilizes CBN Governor Cardoso Assures Nigerians as Economy Stabilizes
  • Business

CBN Governor Cardoso Assures Nigerians as Economy Stabilizes

June 4, 2025
Union Bank Partners with PAPSS to Simplify Cross-Border Transfers in Africa Union Bank Partners with PAPSS to Simplify Cross-Border Transfers in Africa
  • Business

Union Bank Partners with PAPSS to Simplify Cross-Border Transfers in Africa

June 3, 2025

Read News in:

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

Follow Us

Tweets by vondigest

You may have missed

Nigeria Under Spiritual Siege — Archbishop Bassey Declares Nigeria Under Spiritual Siege — Archbishop Bassey Declares
  • Religion

Nigeria Under Spiritual Siege — Archbishop Bassey Declares

June 7, 2025
Benue Under Siege: Governor Alia Accuses Top Abuja Politicians of Sponsoring Terror Attacks
  • Politics

Benue Under Siege: Governor Alia Accuses Top Abuja Politicians of Sponsoring Terror Attacks

June 7, 2025
Super Eagles Halt Russia’s Dominant Run in Moscow With Gritty 1-1 Draw Super Eagles Halt Russia’s Dominant Run in Moscow With Gritty 1-1 Draw
  • Sports

Super Eagles Halt Russia’s Dominant Run in Moscow With Gritty 1-1 Draw

June 7, 2025
Escaped Ex-Police Chief Captured After 13-Day Manhunt in Arkansas Escaped Ex-Police Chief Captured After 13-Day Manhunt in Arkansas
  • Crime & Security

Escaped Ex-Police Chief Captured After 13-Day Manhunt in Arkansas

June 7, 2025
Von Digest

Categories

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

About This Site

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
© 2025 VON Digest Media Limited, Niegria. | DarkNews by AF themes.