Fidelity Bank Plc has released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.
According to the audited financial statement, the bank’s Gross Earnings increased by 87.7% to N1,043.4 billion, driven by a 106.9% growth in interest and similar income.
The bank’s net interest income also appreciated by 127.1% to N629.8 billion, driven by a high-yield environment in 2024.
Fidelity Bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 to 12.0%.
The bank continued to deepen its market share in both corporate and retail segments, with customer deposits increasing by 47.9% from N4.0 trillion in 2023 to N5.9 trillion.
The Retail Banking Business gained significant traction, with savings deposits increasing by 28.8% to N1.1 trillion.
The bank’s Managing Director, Dr. Nneka Onyeali-Ikpe, announced a final dividend of N1.25 per share, bringing the total dividend for the 2024 financial year to N2.10 per share. This marks the bank’s consistent dividend payment since 2006.
Fidelity Bank successfully completed the first phase of its capital raising exercise, recognizing N175.9 billion as fresh capital.
The bank plans to conclude the second phase by Q3 2025, further strengthening its capital base and reaffirming its Tier 1 Bank status.
Fidelity Bank has received multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award and the 2024 Most Innovative Mobile Banking Application award.
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