Fidelity Bank Plc, a leading financial institution, has announced its audited financial results for the full year 2024, showcasing a remarkable 210% increase in Profit Before Tax (PBT), which now stands at N385.2 billion.
The results, disclosed on the Nigerian Exchange (NGX) on March 28, 2025, reveal that Gross Earnings surged by 87.7% to N1,043.4 billion, primarily fueled by a 106.9% rise in interest and similar income, totaling N950.6 billion.
This growth in Interest Income was driven by a combination of enhanced yields on earning assets and a 51.6% increase in the earnings base, which reached N6.3 trillion. Consequently, the Profit After Tax rose to N278.1 billion, reflecting a 179.6% annual increase.
Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank, expressed her satisfaction with the bank’s performance in 2024, highlighting strong growth across key revenue streams, improved asset quality, and significant progress in their strategic initiatives.
Fidelity Bank’s net interest income surged by 127.1%, reaching N629.8 billion, thanks to a favorable high-yield environment in 2024. To enhance its margins, the bank kept its asset yields above funding costs by maintaining a low-cost deposit profile of 92.6%. As a result, its Net Interest Margin rose from 8.1% in the 2023 fiscal year to 12.0%.
The bank also expanded its market share in both corporate and retail sectors, with customer deposits climbing by 47.9%, from N4.0 trillion in the 2023 fiscal year to N5.9 trillion. This growth was fueled by strong double-digit increases across all deposit categories.
In the Retail Banking sector, savings deposits saw substantial growth, rising by 28.8% to N1.1 trillion, marking the 10th consecutive year of double-digit annual growth in this area.
Despite the challenging economic conditions in 2024, Fidelity Bank has continued to support the real sector by increasing its Net Loans and Advances from N3.1 trillion in the 2023 fiscal year to N4.4 trillion.
“This outstanding performance highlights our ability to provide exceptional returns to our shareholders. In keeping with our commitment, we have announced a final dividend of N1.25 per share, which brings the total dividend for the 2024 financial year to N2.10 per share,” stated Onyeali-Ikpe.
