Fidelity Bank Records 210.0% Growth In Profit To N385.2bn
Fidelity Bank Plc, released its 2024 full-year Audited Financial Statements, reporting a 210 per cent growth in Profit Before Tax to N385.2bn.
According to the Bank’s results released on the Nigerian Exchange (NGX), Gross Earnings increased by 87.7 per cent to N1,043.4bn, driven by 106.9 per cent growth in interest and similar income to N950.6bn.
The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6 per cent expansion in earnings base to N6.3trn.
This led to a Profit After Tax of N278.1bn, representing a 179.6 per cent annual growth.
Commenting on the results, Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, said the company was delighted with its 2024 full-year performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments.
“Our impressive results led to a triple-digit increase (210.0 per cent) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024,” she said.
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1 per cent to N629.8bn, driven by a high-yield environment in 2024.
The bank sustained asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6 per cent. This led to an increase in its Net Interest Margin from 8.1 per cent in 2023 to 12.0 per cent.
Similarly, the bank deepens its market share in both the corporate and retail segments, with customer deposits increasing by 47.9 per cent from N4.0trn in 2023 to N5.9trn.
The increase was driven by strong double-digit growth across all deposit types. The Retail Banking Business gained significant traction with savings deposits increasing by 28.8 per cent to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023 to N4.4tn in 2024.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.
Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.
The bank recently completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92 per cent and 137.73 per cent, respectively. The positive result is a testament to the strength of the bank’s franchise in the capital market.
A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5 per cent.
The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Records 210.0% Growth In Profit To N385.2bn is first published on The Whistler Newspaper
