Fidelity Bank Plc delivered an outstanding financial performance in 2024, with gross earnings surging 87.7% to ₦1.043 trillion, up from ₦555.83 billion in 2023.
Profit before tax (PBT) soared 210% to ₦385.215 billion, while profit after tax (PAT) jumped 179.5% to ₦278.106 billion.
Building on this momentum, the bank proposed a final dividend of ₦1.25 kobo per share, bringing the total 2024 dividend to ₦2.10 kobo per share, including the ₦0.85 kobo interim dividend paid in October 2024.
Stronger Balance Sheet And Higher Deposits
Meanwhile, Fidelity Bank expanded its balance sheet significantly.
Loans and advances to customers rose to ₦4.387 trillion, while deposits climbed to ₦5.937 trillion.
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Interest Income Fuels Performance
Analysts at CardinalStone linked this success to a 106.9% rise in interest income, which contributed 91% of total earnings.
Net interest income (NII) soared 127.1% to ₦629.8 billion, while the net interest margin (NIM) widened to 10.5%.
Improved Efficiency And Asset Quality
As a result, the cost-to-income ratio (CIR) improved to 42.9%, while non-performing loans (NPLs) dropped to 2.5%, highlighting stronger asset quality.
Fidelity Bank will pay the dividend electronically on April 29, 2025 to shareholders registered by April 15, 2025, pending approval at the 37th AGM.
With these impressive results, the bank continues to strengthen its position as a leader in Nigeria’s financial sector.
