…Declares a complete dividend of N2.10 per share
Main {financial} establishment, Fidelity Bank Plc, launched its 2024 full-year Audited {Financial} Statements, reporting a 210% progress in Revenue Earlier than Tax to N385.2 billion.
Based on the {Bank}’s outcomes launched on the Nigerian Alternate (NGX) on Friday, 28 March 2025, Gross Earnings elevated by 87.7% to N1,043.4bn, pushed by 106.9% progress in curiosity and related revenue to N950.6bn. The rise in Curiosity Earnings was led by a mix of improved yield on earnings belongings and 51.6% enlargement in earnings base to N6.3tn. This led to a Revenue After Tax of N278.1 billion, representing a 179.6% annual progress.
Commenting on the outcomes, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Government Officer, Fidelity Bank Plc stated, “We’re delighted with our 2024 full-year (FY) efficiency, which confirmed robust progress throughout key income strains, improved asset high quality, and vital traction in our strategic enterprise segments. Our spectacular outcomes led to a triple-digit improve (210.0%) in Revenue Earlier than Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”
An additional overview of the {financial} efficiency revealed that the {bank}’s internet curiosity revenue elevated by 127.1% to N629.8 billion, pushed by a high-yield atmosphere in 2024. To optimize its margin, the {bank} sustained its asset yields above funding price by sustaining a excessive low-cost deposit profile at 92.6%. This led to a rise in its Web Curiosity Margin from 8.1% in 2023 FY to 12.0%.
Equally, the {bank} continued to deepen its market share in each the company and retail segments, with buyer deposits rising by 47.9% from N4.0trn in 2023FY to N5.9trn. The rise was pushed by robust double-digit progress throughout all deposit varieties. The Retail Banking Enterprise gained vital traction with financial savings deposits rising by 28.8% to N1.1trn, marking the tenth consecutive yr of double-digit annual progress in financial savings deposits.
Regardless of the troublesome {economic} terrain in 2024, the {bank} has continued to help the true sector of the economic system by rising its Web Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.
“This outstanding efficiency demonstrates our capability to ship superior returns to our shareholders. In step with our dedication to them, we now have declared a last dividend of N1.25 per share, bringing our complete dividend for the 2024 {financial} yr to N2.10 per share”, defined Onyeali-Ikpe.
Having persistently paid dividends since 2006, Fidelity Bank pays buyers a complete dividend of N2.10 per share for the 2024 {financial} yr, topic to shareholders’ approval at its Annual Common Assembly (AGM) on 29 April 2024. The dividend can be paid on 29 April 2025 to shareholders whose names seem on the register of members as of 15 April 2025.
It will likely be recalled that the {bank} efficiently accomplished the primary part of its capital elevating train by means of a Public Provide and Rights Concern in 2024, which have been oversubscribed by 237.92% and 137.73%, respectively. The optimistic result’s a testomony to the energy of the {Bank}’s franchise within the capital market. A complete of N175.9bn was acknowledged as contemporary capital in 2024 {financial} yr from the train, which had a optimistic influence on its Capital Adequacy Ratio (CAR) at 23.5%. The {bank} plans to conclude the second part by Q3 2025, forward of the Central Bank of Nigeria’s deadline, which is able to additional strengthen its capital base and reaffirm its attainment of Tier 1 {Bank} standing within the Nigerian Banking Trade.
Fidelity Bank Plc is a full-fledged industrial {bank} with over 9.1 million prospects who’re serviced throughout its 251 enterprise workplaces and numerous digital banking channels in Nigeria and the UK.
The {Bank} is the recipient of a number of native and worldwide Awards, together with the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and {Financial} Establishments (BAFI) Awards; the 2024 Most Progressive Cellular Banking Utility award for its Constancy Cellular App by World Enterprise Outlook, and the 2024 Most Progressive Funding Banking Service Supplier award by World Manufacturers Journal. Moreover, the {Bank} was acknowledged because the Greatest {Bank} for SMEs in Nigeria by the Euromoney Awards for Excellence and because the Export Financing {Bank} of the 12 months by the BusinessDay Banks and {Financial} Establishments (BAFI) Awards.
