By Ayomide Otitoju
The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, has purchased 15 million shares of the bank in a transaction valued at N239.4 million.
Details disclosed on the Nigerian Exchange Limited (NGX) on Monday revealed that the transaction occurred between November 21 and 22, 2024, at an average price of N15.96 per share. Onyeali-Ikpe acquired 9 million shares at N16.10 each and an additional 6 million shares at N15.75 each.
The share acquisition, conducted as part of an insider trading notification, complies with regulatory requirements for directors’ share dealings in listed companies.
Fidelity Bank’s Financial Growth in Q3 2024
The announcement comes as Fidelity Bank continues to report robust financial performance. For the third quarter of 2024, the bank’s gross earnings surged by 98.7% to N772.5 billion, compared to N388.8 billion in the same period last year. This growth was primarily driven by higher interest income and increased operating income.
Net interest income saw a remarkable 141.4% rise, reaching N470.49 billion, up from N194.96 billion in Q3 2023. Similarly, fee and commission income grew by 54.4% to N56.28 billion, compared to N36.43 billion in the corresponding period of 2023.
Profit before income tax rose sharply by 153.9% to N281.41 billion, up from N110.99 billion in Q3 2023. Profit after tax also climbed by 144.3%, reaching N224.6 billion, compared to N91.75 billion recorded a year earlier.
Other comprehensive income, including fair value gains on equity instruments, contributed significantly to the bank’s performance, increasing by 141.4% to N23.66 billion from N9.79 billion in the prior year.
Strategic Investments
Onyeali-Ikpe’s share acquisition underscores confidence in the bank’s sustained growth trajectory. Fidelity Bank continues to strengthen its position as a leading financial institution, leveraging strategic investments and operational efficiency to deliver outstanding shareholder value.
