FY 2024: Fidelity Bank Records 210% Growth in PBT to ₦385.2 Billion
…Declares a Total Dividend of ₦2.10 Per Share
Leading financial institution, Fidelity Bank Plc, has released its audited full-year financial statements for 2024, reporting a remarkable 210% growth in Profit Before Tax (PBT) to ₦385.2 billion.
According to the results published on the Nigerian Exchange (NGX) on Friday, March 28, 2025, Gross Earnings increased by 87.7% to ₦1,043.4 billion, driven by a 106.9% rise in Interest and Similar Income to ₦950.6 billion. The growth in Interest Income was fueled by an improved yield on earning assets and a 51.6% expansion in the bank’s earnings base to ₦6.3 trillion. As a result, Profit After Tax (PAT) surged by 179.6% to ₦278.1 billion.
Strong Performance Across Key Metrics
Commenting on the impressive results, Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc, stated: “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 triple-digit increase in Profit Before Tax (PBT), rising from ₦124.3 billion in 2023 to ₦385.2 billion in 2024.”
A deeper analysis of the bank’s financial performance revealed:
- Net Interest Income grew by 127.1% to ₦629.8 billion, driven by a high-yield environment.
- The bank optimized its Net Interest Margin, increasing it from 8.1% in 2023 to 12.0% in 2024, by maintaining a 92.6% low-cost deposit profile.
- Customer deposits grew by 47.9% to ₦5.9 trillion (from ₦4.0 trillion in 2023), reflecting double-digit growth across all deposit types.
- The Retail Banking Business recorded a 28.8% increase in savings deposits to ₦1.1 trillion, marking the 10th consecutive year of double-digit growth.
Despite macroeconomic challenges in 2024, Fidelity Bank continued its strong support for the real sector, increasing Net Loans & Advances from ₦3.1 trillion in 2023 to ₦4.4 trillion in 2024.
Dividend Payout and Capital Raising Initiatives
Dr. Onyeali-Ikpe further emphasized: “This remarkable performance underscores our commitment to delivering superior returns to our shareholders. Accordingly, we have declared a final dividend of ₦1.25 per share, bringing the total dividend for the 2024 financial year to ₦2.10 per share.”
Having consistently paid dividends since 2006, Fidelity Bank’s total dividend of ₦2.10 per share for 2024 is subject to shareholders’ approval at the upcoming Annual General Meeting (AGM) on April 29, 2025. The dividend will be paid on April 29, 2025, to shareholders whose names appear on the register of members as of April 15, 2025.
It is noteworthy that the bank successfully completed the first phase of its capital-raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively. This capital raise resulted in ₦175.9 billion being recognized as fresh capital in 2024, strengthening its Capital Adequacy Ratio (CAR) to 23.5%.
The bank plans to conclude the second phase of capital raising by Q3 2025, ahead of the Central Bank of Nigeria’s (CBN) deadline, further solidifying its Tier 1 Bank status in the Nigerian banking industry.
A Leading Force in the Banking Sector
Fidelity Bank Plc is a full-fledged commercial bank serving over 9.1 million customers across 251 business offices and multiple digital banking channels in Nigeria and the United Kingdom.
The bank has earned numerous local and international awards, including:
- Excellence in Digital Transformation & MSME Banking Award – BusinessDay BAFI Awards (2024)
- Most Innovative Mobile Banking Application (Fidelity Mobile App) – Global Business Outlook (2024)
- Most Innovative Investment Banking Service Provider – Global Brands Magazine (2024)
- Best Bank for SMEs in Nigeria – Euromoney Awards for Excellence
- Export Financing Bank of the Year – BusinessDay BAFI Awards
With a strategic focus on digital transformation, retail banking expansion, and capital efficiency, Fidelity Bank continues to strengthen its market leadership and deliver exceptional value to stakeholders.
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