Net Interest Income also jumped by 127.1% to N629.8 billion, supported by a high-yield environment and a strong low-cost deposit mix of 92.6%, boosting the Net Interest Margin from 8.1% in 2023 to 12.0% in 2024
Fidelity Bank Posts 210% Surge in PBT to N385.2bn in FY 2024, Declares N2.10 Per Share Dividend
Fidelity Bank Plc, a leading financial institution, has reported an exceptional 210% increase in Profit Before Tax (PBT), reaching N385.2 billion in its 2024 full-year Audited Financial Statements. The results, published on the Nigerian Exchange (NGX) on Friday, 28 March 2025, highlight the bank’s robust performance amid a challenging economic landscape.
The bank’s Gross Earnings soared by 87.7% to N1,043.4 billion, fueled by a 106.9% rise in interest and similar income to N950.6 billion. This growth stemmed from higher yields on earning assets and a 51.6% expansion of the earnings base to N6.3 trillion. Profit After Tax climbed to N278.1 billion, reflecting a 179.6% year-on-year increase. Net Interest Income also jumped by 127.1% to N629.8 billion, supported by a high-yield environment and a strong low-cost deposit mix of 92.6%, boosting the Net Interest Margin from 8.1% in 2023 to 12.0% in 2024.
Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, commented, “Our 2024 full-year results reflect remarkable growth in revenue, enhanced asset quality, and significant progress in our strategic business areas. This stellar performance delivered a triple-digit PBT increase, rising from N124.3 billion in 2023 to N385.2 billion in 2024, underscoring our ability to thrive in a dynamic market.”
The bank expanded its market presence in both retail and corporate segments, with customer deposits growing by 47.9% to N5.9 trillion from N4.0 trillion in 2023. Retail Banking shone with savings deposits up 28.8% to N1.1 trillion, marking a decade of consistent double-digit growth. Net Loans & Advances also rose from N3.1 trillion to N4.4 trillion, reinforcing the bank’s commitment to supporting Nigeria’s real economy.
Onyeali-Ikpe added, “This strong performance reflects our dedication to delivering value to shareholders. We are pleased to announce a final dividend of N1.25 per share, bringing the total dividend for 2024 to N2.10 per share.” Subject to approval at the Annual General Meeting (AGM) on 29 April 2025, the dividend will be paid on the same day to shareholders registered as of 15 April 2025. Fidelity Bank has maintained its dividend tradition since 2006.
In 2024, the bank completed the first phase of its capital-raising efforts, raising N175.9 billion through an oversubscribed Public Offer (237.92%) and Rights Issue (137.73%). This bolstered its Capital Adequacy Ratio to 23.5%, with plans to finalize the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, solidifying its Tier 1 status.
Serving over 9.1 million customers through 251 business offices and digital channels in Nigeria and the UK, Fidelity Bank continues to earn accolades, including the 2024 Excellence in Digital Transformation & MSME Banking Award (BusinessDay BAFI Awards), Most Innovative Mobile Banking Application (Global Business Outlook), and Best Bank for SMEs in Nigeria (Euromoney Awards for Excellence). Read More
