Fidelity Bank Plc has announced an impressive financial performance for the 2024 fiscal year, recording a 210% growth in profit before tax (PBT) to N385.2 billion. The bank also declared a total dividend of N2.10 per share, reaffirming its commitment to delivering value to shareholders.
According to its audited financial statements released on March 28, 2025, via the Nigerian Exchange (NGX), Fidelity Bank’s gross earnings surged by 87.7% to N1.04 trillion. This was primarily driven by a 106.9% rise in interest and similar income, which reached N950.6 billion. The bank’s net interest income also saw significant growth, increasing by 127.1% to N629.8 billion, fueled by a high-yield environment and an expanded earnings base.
Commenting on the results, managing director and chief executive officer, Dr. Nneka Onyeali-Ikpe, OON, expressed satisfaction with the bank’s performance. She highlighted the triple-digit increase in PBT, up from N124.3 billion in 2023, and emphasized the bank’s continued focus on asset quality and strategic business expansion.
Fidelity Bank recorded a 47.9% increase in customer deposits, rising from N4.0 trillion in 2023 to N5.9 trillion in 2024. This growth was attributed to double-digit increases across all deposit types, particularly savings deposits, which grew by 28.8% to N1.1 trillion—marking the 10th consecutive year of double-digit growth.
Additionally, the bank strengthened its support for the real sector by expanding net loans and advances from N3.1 trillion in 2023 to N4.4 trillion in 2024, despite prevailing economic challenges.
In line with its commitment to rewarding shareholders, Fidelity Bank declared a final dividend of N1.25 per share, bringing the total dividend for 2024 to N2.10 per share. The dividend is subject to shareholder approval at the bank’s annual general meeting (AGM) on April 29, 2025, with payments scheduled for the same date to shareholders listed as of April 15, 2025.
The bank also successfully raised fresh capital through a public offer and rights issue, which were oversubscribed by 237.92% and 137.73%, respectively. This exercise added N175.9 billion to the bank’s capital base, improving its capital adequacy ratio (CAR) to 23.5%. The bank aims to complete the second phase of its capital-raising plan by Q3 2025 to further solidify its Tier 1 status in the Nigerian banking sector.
Fidelity Bank’s achievements have earned it multiple awards, including excellence in digital transformation & MSME banking by BusinessDay BAFI Awards, most innovative mobile banking application (Fidelity Mobile App) by Global Business Outlook, most innovative investment banking service provider by Global Brands Magazine, best bank for SMEs in Nigeria by Euromoney Awards for Excellence, and export financing bank of the year by BusinessDay BAFI Awards.
With over 9.1 million customers serviced through 251 business offices and various digital banking channels in Nigeria and the UK, Fidelity Bank continues to solidify its position as a leading financial institution, committed to growth and innovation.