Fidelity Bank Plc has reported a remarkable pre-tax profit of N385.2 billion for 2024, marking a 210% increase from the N124.3 billion achieved in 2023.

The bank also declared a dividend of N2.10 per share following its strong financial performance.

In a statement released on Monday, the bank highlighted an 87.7% rise in gross earnings, which reached N1.04 trillion. This growth was largely driven by a 106.9% increase in interest and similar income, which totaled N950.6 billion.

The boost in interest income was primarily due to higher yields on earning assets and a 51.6% growth in the earnings base, now totaling N6.3 trillion.

Consequently, the bank’s profit after tax surged by 179.6%, reaching N278.1 billion.

Dr. Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank, expressed her satisfaction with the results, noting: “We are delighted with our 2024 performance, which reflects strong growth across key revenue lines, enhanced asset quality, and solid progress in our strategic business segments.”

A deeper analysis of the financial performance revealed that net interest income increased by 127.1% to N629.8 billion, driven by the high-yield environment in 2024.

The bank also managed to optimize its margins by maintaining a high low-cost deposit profile, with 92.6% of its deposits being low-cost.

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This strategy helped lift the bank’s Net Interest Margin from 8.1% in 2023 to 12.0% in 2024.

Fidelity Bank also saw significant growth in customer deposits, which rose by 47.9% from N4 trillion in 2023 to N5.9 trillion.

This increase was driven by strong double-digit growth in all deposit categories, including a 28.8% rise in savings deposits, marking the 10th consecutive year of growth in this segment.

Despite the challenging economic conditions of 2024, the bank supported the real sector by increasing its Net Loans and Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024.

In line with its commitment to shareholders, the bank declared a final dividend of N1.25 per share, bringing the total dividend for the 2024 financial year to N2.10 per share.

The dividend is subject to approval at the upcoming Annual General Meeting (AGM) on April 29, 2025, with payments scheduled for the same day to shareholders registered as of April 15, 2025.

Additionally, Fidelity Bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were both oversubscribed.

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