Fidelity Bank Plc has reported a remarkable financial performance for the year ending December 31, 2024, showcasing substantial growth across key financial metrics. The bank’s strategic initiatives and operational efficiency have significantly contributed to these impressive results.
Gross Earnings Surge
In 2024, Fidelity Bank’s gross earnings reached ₦1.043 trillion, marking an 87.7% increase from the previous year. This growth was primarily driven by a 106.9% rise in interest and similar income, which totaled ₦950.6 billion.
Net Interest Income Growth
The bank’s net interest income experienced a substantial boost, climbing to ₦629.77 billion a 127.1% increase compared to the prior year. This improvement reflects Fidelity Bank’s effective asset and liability management strategies.
Profitability Milestones
Fidelity Bank’s profit before tax (PBT) soared by 210.0% to ₦385.21 billion. Similarly, profit after tax (PAT) rose by 179.6% to ₦278.11 billion, underscoring the bank’s enhanced profitability and operational efficiency.
Asset Base Expansion
The bank’s total assets grew by 41.5%, reaching ₦8.821 trillion. This expansion was supported by a 94.3% increase in cash and cash equivalents, which amounted to ₦707.45 billion, indicating robust liquidity and a solid foundation for future growth.
Retained Earnings and Dividend Declaration
Fidelity Bank’s retained earnings surged by 182.8% to ₦185.25 billion, reflecting the bank’s strong internal capital generation capabilities. In light of this performance, the bank declared a dividend of ₦1.25 per share, rewarding shareholders for their continued support.
Operational Highlights
Fraud Loss Reduction: In the first half of 2024, Fidelity Bank achieved an 88% reduction in fraud-related losses, decreasing from ₦3.8 billion in December 2023 to ₦457 million.
Shareholding Confidence: The bank’s CEO acquired shares worth $141,794, signaling strong confidence in the institution’s growth trajectory.
