Fidelity Bank Plc has released its full-year Audited Financial Statements for 2024, reporting a 210 percent growth in Profit Before Tax PBT, which rose to N385.2billion.
According to the Bank’s results released on the Nigerian Exchange NGX, on Friday, 28 March 2025, Gross Earnings increased by 87.7per cent to N1,043.4bn, driven by 106.9per cent growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6per cent expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6percent annual growth.
Commenting on the results, Managing Director/CEO, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, said: “We are delighted with our 2024 full-year (FY) performance, which showed 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 (210.0per cent) in Profit Before Tax PBT, rising from N124.3bn in 2023 to N385.2bn in 2024.”
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1per cent to N629.8 billion, driven by a high-yield environment in 2024. To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6per cent. This led to an increase in its Net Interest Margin from 8.1per cent in 2023 FY to 12.0per cent.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9per cent from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types. The Retail Banking Business gained significant traction with savings deposits increasing by 28.8per cent to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting AGM on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.
It will be recalled 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 237.92per cent and 137.73per cent, respectively. The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognised as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio CAR, at 23.5per cent. The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
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