announces a N2.10 total dividend per share. The 2024 full-year audited financial statements of Fidelity Bank Plc, a leading financial institution, showed a 210% increase in profit before taxes to N385.2 billion. The Bank’s findings, which were made public on the Nigerian Exchange (NGX) on Friday, March 28, 2025, showed that its gross earnings climbed by 87.7% to N1,043.4 billion, powered by a 106.9% increase in interest and comparable revenue to N950.6 billion.
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A combination of a 51.6% increase in earnings base to N6.3 trillion and a better yield on earnings assets drove the increase in interest income. As a result, the profit after tax increased by 179.6% to N278.1 billion. “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,” said Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc, in response to the results.
Profit Before Tax (PBT) increased by a triple digit (210.0%) as a result of our outstanding performance, from N124.3 billion in 2023 to N385.2 billion in 2024. A closer look at the bank’s financial performance showed that a high-yield environment in 2024 was the main driver of the 127.1% increase in net interest income, which reached N629.8 billion. The bank maintained a high low-cost deposit profile of 92.6% in order to retain its asset yields above funding cost and maximise its margin.
As a result, its net interest margin increased from 8.1% in the fiscal year 2023 to 12.0%. In a same vein, the bank’s market share in the corporate and retail sectors grew further, with customer deposits rising from N4.0 trillion in 2023FY to N5.9 trillion. Strong double-digit growth across all deposit types was the main driver of the rise. With savings deposits rising 28.8% to N1.1 trillion, the retail banking sector saw tremendous growth. This was the tenth straight year that savings deposits grew by double digits annually. The bank increased its Net Loans & Advances from N3.1 trillion in 2023FY to N4.4 trillion in 2024FY, demonstrating its ongoing support for the real sector of the economy despite the challenging economic conditions of 2024.
“This outstanding result shows that we can provide our stockholders with higher returns. We have announced a final dividend of N1.25 per share in accordance with our pledge to them, making our total dividend for the 2024 fiscal year N2.10 per share,” Onyeali-Ikpe said. Subject to shareholder approval at its Annual General Meeting (AGM) on April 29, 2024, Fidelity Bank, which has been paying dividends continuously since 2006, will provide a total dividend of N2.10 per share to investors for the 2024 fiscal year. Shareholders whose names are on the register of members as of April 15, 2025, will receive the dividend on April 29, 2025.
As you may remember, the bank successfully concluded the first round of its capital raising effort in 2024 with a rights issue and public offer that were oversubscribed by 137.73% and 237.92%, respectively. The favourable outcome demonstrates how strong the Bank’s capital market franchise is. The procedure resulted in the recognition of N175.9 billion as fresh capital in the 2024 fiscal year, improving its Capital Adequacy Ratio (CAR) to 23.5%.
To further enhance its capital basis and confirm its achievement of Tier 1 Bank status in the Nigerian banking industry, the bank intends to complete the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline. With more than 9.1 million clients served by its 251 business branches and many online banking platforms in Nigeria and the UK, Fidelity Bank Plc is a fully operational commercial bank.
The Bank has won numerous national and international awards, such as the BusinessDay Banks and Financial Institutions (BAFI) Awards’ 2024 Excellence in Digital Transformation & MSME Banking Award, Global Business Outlook’s 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App, and Global Brands Magazine’s 2024 Most Innovative Investment Banking Service Provider award.
The Bank was also named the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards and the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence.
