FIDELITY BANK'S FY 2024 PERFORMANCE PRAISED BY SHAREHOLDERS

L – R: Executive Director/Chief Operations and Information Officer, Mr. Stanley Amuchie; Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe; Chairman, Mr. Mustafa Chike-Obi; and Company Secretary, Mrs. Ezinwa Unuigboje; (all of Fidelity Bank Plc) at the bank’s 37th Annual General Meeting held in Lagos recently.

Shareholders of tier-one lender Fidelity Bank Plc have commended the bank’s board and management for delivering an exceptional performance in the 2024 financial year.

During the bank’s 37th Annual General Meeting (AGM), held virtually on Tuesday, April 29, 2025, the National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, lauded the bank, stating, “This is a superlative performance. We, the shareholders, are grateful to management and staff for giving us a bank we can be proud of. It’s also worth noting that Fidelity Bank is now among the top three dividend-paying financial institutions in Nigeria.”

Echoing similar sentiments, the Chairman of the Zonal Shareholders Committee, Sir Tunji Okelana, praised the bank’s leadership, noting the remarkable transformation under the current administration.

“The achievements of the current MD surpass those of her predecessors. The staff supporting her are true assets. They truly embody Fidelity’s promise — they keep their word. I’m extremely pleased with the bank,” he said.

In his remarks, Chairman of the Board of Directors, Mr. Mustafa Chike-Obi, emphasized the bank’s resilience in a challenging global economic environment, highlighting record-breaking growth across all performance indicators, especially in Profit Before Tax (PBT).

He also announced the successful conclusion of the first phase of the bank’s capital raise initiative. “The 237.9% oversubscription in our Public Offer and 137.7% oversubscription in the Rights Issue clearly reflect the strength of our brand and investor confidence. With this support, we are moving swiftly to conclude the second phase of the capital-raising process,” he added.

Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, outlined the bank’s strategic direction for 2025, building on the success of FY 2024. “Our priorities in the 2025 financial year include completing the next phase of our capital raise, strengthening our asset base, enhancing operational efficiency and digital innovation, and pursuing strategic regional expansion into select African markets,” she said.

According to the bank’s 2024 Annual Report, available on its website and distributed to shareholders, Fidelity Bank recorded a 210% increase in Profit Before Tax to N385.2 billion. Gross earnings rose by 87.7% to N1.043 trillion, driven by a 106.9% growth in interest and similar income to N950.6 billion. Deposits also grew significantly by 47.9%, rising from N4.0 trillion in FY 2023 to N5.9 trillion in FY 2024, while advances increased from N3.1 trillion to N4.4 trillion.

Several resolutions were passed at the AGM, including the declaration of a final dividend of N1.25 per share, the election of non-executive directors Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam, the election of Mr. Sufiyanu Ibrahim Garba as Executive Director, and the re-election of Mr. Mustafa Chike-Obi and Engr. Henry Obih as non-executive director.

Ranked among Nigeria’s top-performing banks, Fidelity Bank Plc is a full-fledged commercial deposit money bank serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria, and its UK-based subsidiary, FidBank UK Limited.

The bank has received numerous local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by the BusinessDay BAFI Awards, the 2024 Most Innovative Mobile Banking Application award from Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award from Global Brands Magazine. Fidelity Bank was also recognized as Nigeria’s Best Bank for SMEs by the Euromoney Awards for Excellence and named Export Financing Bank of the Year by the BusinessDay BAFI Awards.