Fidelity Bank Plc has received resounding commendations from its shareholders following the release of its impressive 2024 full-year financial results. At the bank’s 37th Annual General Meeting (AGM), held virtually on Tuesday, April 29, 2025, key shareholder groups lauded the institution’s board and management for delivering record-breaking performance.
Chief Boniface Okezie, National Chairman of The Progressive Shareholders Association, described the bank’s achievements as “superlative,” adding, “We, the shareholders, are proud of what Fidelity has become. It’s now among the top three dividend-paying banks in Nigeria.”
Similarly, Sir Tunji Okelana, Chairman of the Zonal Shareholders Committee, praised the bank’s leadership, saying, “The current MD has outperformed all her predecessors. Her team reflects the Fidelity brand, they keep their word. I’m very pleased with the bank.”
In his address, Mr. Mustafa Chike-Obi, Chairman of the Board of Directors, highlighted the bank’s resilience amidst global economic challenges. “We recorded exceptional growth across all key indicators, especially our Profit Before Tax,” he stated. He also announced the successful completion of the first phase of the bank’s capital-raise exercise, noting an oversubscription of 237.9% in the Public Offer and 137.7% in the Rights Issue.
Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, expressed optimism about 2025, stating, “Our focus this year is to complete the next phase of our capital raise, strengthen our asset base, boost operational efficiency, and expand strategically into key African markets.”
Fidelity Bank’s 2024 financials revealed a 210% surge in Profit Before Tax to N385.2 billion. Gross earnings rose by 87.7% to N1.04 trillion, driven by a 106.9% increase in interest income. Deposits grew from N4.0 trillion to N5.9 trillion, while advances climbed to N4.4 trillion from N3.1 trillion.
At the AGM, shareholders also approved several resolutions, including a final dividend payout of N1.25 kobo, appointments of new directors, and re-elections of existing ones.
Serving over 9.1 million customers across digital platforms, 255 branches, and a UK subsidiary, Fidelity Bank continues to cement its position as a top-tier Nigerian bank. The bank has also scooped numerous awards in 2024 for digital innovation, SME banking, and investment services from BusinessDay, Global Business Outlook, and Euromoney.
