By Ayomide Otitoju
Fidelity Bank Plc has announced a remarkable financial performance for the 2024 fiscal year, posting a 210% growth in Profit Before Tax (PBT) to N385.2 billion. The bank’s full-year Audited Financial Statements, released on the Nigerian Exchange (NGX) on Friday, March 28, 2025, highlight significant expansion across key revenue lines.
Gross earnings surged by 87.7% to N1.04 trillion, driven by a 106.9% increase in interest and similar income to N950.6 billion. The rise in interest income was attributed to an 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.
Strong Financial Growth Amid Economic Challenges
Commenting on the results, Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer of Fidelity Bank, expressed satisfaction with the bank’s performance:
“We are delighted with our 2024 full-year performance, which demonstrated strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a 210% increase in Profit Before Tax, rising from N124.3 billion in 2023 to N385.2 billion in 2024.”
A further review of the bank’s performance shows that Net Interest Income increased by 127.1% to N629.8 billion, supported by a high-yield environment in 2024. Fidelity Bank optimized its margins by maintaining a high low-cost deposit profile at 92.6%, which contributed to a rise in Net Interest Margin from 8.1% in 2023 to 12.0% in 2024.
Market Expansion and Increased Deposits
Fidelity Bank deepened its market share in both corporate and retail banking segments. Customer deposits surged by 47.9%, rising from N4.0 trillion in 2023 to N5.9 trillion in 2024, with strong double-digit growth across all deposit types. The bank’s Retail Banking Business continued its upward trajectory, recording a 28.8% increase in savings deposits to N1.1 trillion, marking the 10th consecutive year of double-digit growth in this segment.
Despite economic headwinds, the bank continued to support the real sector, growing its Net Loans & Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024.
Dividend Payout and Capital Strengthening
Fidelity Bank has proposed a final dividend of N1.25 per share, bringing the total dividend for 2024 to N2.10 per share, subject to shareholders’ approval at its Annual General Meeting (AGM) on April 29, 2025. The dividend will be paid on the same day to shareholders whose names appear on the register of members as of April 15, 2025.
The bank successfully completed the first phase of its capital raising exercise in 2024 through a Public Offer and Rights Issue, which were oversubscribed by 237.92% and 137.73%, respectively. This raised N175.9 billion in fresh capital, significantly boosting its Capital Adequacy Ratio (CAR) to 23.5%. The second phase of the capital raise is expected to conclude by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, reinforcing Fidelity Bank’s path to becoming a Tier 1 bank in Nigeria.
Recognition and Industry Achievements
Fidelity Bank continues to garner recognition for its excellence in banking. In 2024, the bank received several awards, including:
Excellence in Digital Transformation & MSME Banking – BusinessDay Banks and Financial Institutions (BAFI) Awards
Most Innovative Mobile Banking Application – Global Business Outlook
Most Innovative Investment Banking Service Provider – Global Brands Magazine
Best Bank for SMEs in Nigeria – Euromoney Awards for Excellence
Export Financing Bank of the Year – BusinessDay BAFI Awards
