Fidelity Bank Records ₦385.2 Billion Profit Before Tax, Representing 210% Increase

Fidelity Bank has achieved a remarkable financial milestone, reporting a profit before tax of ₦385.2 billion for the 2024 fiscal year. This represents a significant 210% increase from the previous year. The bank’s gross earnings also surged by 87.7% to ₦1.04 trillion, driven by a 106.9% increase in interest and similar income.

Several factors contributed to this impressive growth, including an improved yield on earning assets and a 51.6% expansion in the earnings base, which reached ₦6.3 trillion. Despite economic uncertainties, Fidelity Bank maintained steady growth across key financial metrics, with net interest income climbing by 127.1% to ₦629.8 billion.

The bank’s CEO, Nneka Onyeali-Ikpe, expressed satisfaction with the bank’s performance, highlighting its resilience and strategic execution. Fidelity Bank also expanded its market share in both corporate and retail segments, with customer deposits increasing by 47.9% from N4 trillion in 2023 to ₦5.9 trillion in 2024.

In line with its commitment to delivering value to investors, the bank declared a total dividend of ₦2.1 per share for 2024. The proposed dividend is subject to shareholder approval at the upcoming Annual General Meeting (AGM) on April 29. Looking ahead, Fidelity Bank plans to further strengthen its capital base, with a capital adequacy ratio of 23.5% and plans to complete the second phase of its capital-raising scheme by Q3 2025.