Fidelity Bank Reports Outstanding 210% Growth in PBT to N385.2bn for FY 2024

…Declares N2.10 Per Share as Total Dividend

Fidelity Bank Plc has announced a remarkable 210% increase in Profit Before Tax (PBT) to N385.2 billion for the 2024 financial year, underscoring its strong financial performance and strategic business growth. The bank’s full-year Audited Financial Statements, released on the Nigerian Exchange (NGX) on March 28, 2025, highlighted robust gains across key financial metrics.

Gross earnings surged by 87.7% to N1,043.4 billion, driven by a 106.9% rise in interest and similar income to N950.6 billion. The bank attributed the growth in interest income to improved yields on earning assets and a 51.6% expansion in the earnings base, which reached N6.3 trillion. Consequently, Profit After Tax (PAT) soared by 179.6% to N278.1 billion.

Commenting on the outstanding results, Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated:

“We are delighted with our stellar 2024 financial performance, which reflects strong growth across key revenue lines, enhanced asset quality, and strategic expansion in our business segments. Our impressive results fueled a triple-digit surge in Profit Before Tax (PBT) from N124.3 billion in 2023 to N385.2 billion in 2024.”

Key Financial Highlights:

• Net Interest Income: Jumped by 127.1% to N629.8 billion, benefiting from a high-yield environment in 2024.
• Net Interest Margin: Increased from 8.1% in 2023 to 12.0%, supported by a strong low-cost deposit profile at 92.6%.
• Customer Deposits: Expanded by 47.9% from N4.0 trillion in 2023 to N5.9 trillion, with all deposit categories recording double-digit growth.
• Savings Deposits: Grew by 28.8% to N1.1 trillion, marking the 10th consecutive year of double-digit growth.
• Net Loans & Advances: Increased from N3.1 trillion in 2023 to N4.4 trillion, reinforcing the bank’s commitment to financing the real sector.

Dividend Declaration & Capital Expansion

As part of its unwavering commitment to shareholder value, Fidelity Bank has declared a final dividend of N1.25 per share, bringing the total dividend payout for FY 2024 to N2.10 per share. Subject to shareholder approval at the Annual General Meeting (AGM) on April 29, 2025, the dividend will be disbursed to shareholders whose names appear on the register of members as of April 15, 2025.

Fidelity Bank’s strong market confidence was further demonstrated by the successful completion of the first phase of its capital raising exercise in 2024. The public offer and rights issue were oversubscribed by 237.92% and 137.73%, respectively, resulting in a capital injection of N175.9 billion. This significantly bolstered the bank’s Capital Adequacy Ratio (CAR) to 23.5%. Plans are in place to complete the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, cementing Fidelity Bank’s status as a Tier 1 financial institution.

Industry Recognition & Market Leadership

With over 9.1 million customers across 251 business offices and extensive digital banking channels in Nigeria and the UK, Fidelity Bank continues to establish itself as a leader in financial services. The bank’s achievements in 2024 were recognized with numerous local and international accolades, including:

• Excellence in Digital Transformation & MSME Banking Award – BusinessDay Banks and Financial Institutions (BAFI) Awards.
• Most Innovative Mobile Banking Application – Global Business Outlook for the Fidelity Mobile App.
• 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 Banks and Financial Institutions (BAFI) Awards.

Fidelity Bank’s outstanding performance in 2024 underscores its resilience, market leadership, and commitment to delivering superior value to stakeholders. As it progresses toward further expansion and capitalization, the bank remains well-positioned for sustained growth in Nigeria’s dynamic financial landscape.

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