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.
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