By JKNewsMedia
FIDELITY BANK has posted an extraordinary 210% growth in Profit Before Tax (PBT), reaching N385.2 billion for the 2024 financial year. Gross earnings surged by 87.7% to N1.043 trillion, fueled by a 106.9% rise in interest income to N950.6 billion.
The bank, in a statement, says this was driven by stronger yields on earning assets and a 51.6% expansion in the bank’s earnings base to N6.3 trillion, leading to a 179.6% increase in Profit After Tax (PAT) to N278.1 billion.
Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, OON, expressed satisfaction with the bank’s outstanding performance, stating, “We are delighted with our 2024 full-year results, which demonstrated robust growth across revenue lines, improved asset quality, and significant progress in strategic business segments.”
The financial report also highlights a 127.1% jump in net interest income to N629.8 billion, capitalising on a high-yield environment. The bank maintained a low-cost deposit profile of 92.6%, pushing its Net Interest Margin from 8.1% in 2023 to 12.0%.
Deposits grew by 47.9% to N5.9 trillion, with all deposit types recording strong double-digit growth. Retail banking continued its momentum, achieving a 28.8% increase in savings deposits to N1.1 trillion—marking the tenth consecutive year of double-digit growth in this segment.
Despite challenging economic conditions, the bank expanded its Net Loans & Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024, reinforcing its commitment to supporting the real sector.
“This outstanding performance underscores our ability to deliver strong returns to shareholders. In line with this, we have declared a final dividend of N1.25 per share, bringing total dividends for the 2024 financial year to N2.10 per share,” Onyeali-Ikpe stated.
Since 2006, the bank has consistently paid dividends, with the 2024 dividend pending shareholder approval at its Annual General Meeting (AGM) on 29 April 2025. Payments are set for 29 April 2025 to shareholders listed as of 15 April 2025.
Capital strength was further reinforced in 2024 following an oversubscribed Public Offer and Rights Issue, which raised N175.9 billion in fresh capital, pushing the Capital Adequacy Ratio (CAR) to 23.5%.
A second-phase capital raise is scheduled for completion by Q3 2025, ahead of regulatory deadlines, solidifying the bank’s Tier 1 status in Nigeria’s banking sector.
