Fidelity Bank FY 2024 Performance Earns Shareholder Praise Amid Record Growth

By DAMILOLA ADESULU

Shareholders Commend Fidelity Bank at 37th AGM

Fidelity Bank Plc has received widespread commendation from shareholders following its stellar performance in the 2024 financial year. During the 37th Annual General Meeting (AGM) held virtually on April 29, 2025, shareholders praised the bank’s board and management for delivering what many described as a superlative financial performance.

Chief Boniface Okezie, National Chairman of The Progressive Shareholders Association, expressed the sentiments of many shareholders, saying, “This is a superlative performance and we the shareholders are grateful to management and staff for giving us a bank to be proud of.”

Strategic Leadership Drives Record-Breaking Growth

Chairman of the Zonal Shareholders Committee, Sir Tunji Okelana, applauded the leadership of the bank, led by Managing Director/CEO Dr. Nneka Onyeali-Ikpe. “The achievements of the current MD have surpassed that of everyone who held that office before her,” he noted, commending the workforce as “assets” to the institution.

Board Chairman Mr. Mustafa Chike-Obi highlighted that despite global economic challenges, the bank posted unprecedented figures. “We demonstrated exceptional resilience, achieving record-breaking growth across all performance indicators, most notably our Profit Before Tax (PBT),” he said.

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Record Financial Performance in FY 2024

According to Fidelity Bank’s 2024 Annual Report, the bank recorded a 210% year-on-year growth in Profit Before Tax (PBT), reaching ₦385.2 billion. Gross Earnings surged by 87.7% to ₦1.04 trillion, while interest and similar income grew by 106.9% to ₦950.6 billion.

Other key performance metrics included:

• A 47.9% increase in deposits, growing from ₦4.0 trillion in 2023 to ₦5.9 trillion in 2024.
• An increase in Advances from ₦3.1 trillion to ₦4.4 trillion year-on-year.

Capital Raise Success Reflects Investor Confidence

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Mr. Chike-Obi also reported the successful conclusion of the first stage of the bank’s capital-raise program. “The Public Offer was oversubscribed by 237.9% and the Rights Issue by 137.7%,” he revealed. “This speaks volumes about the confidence investors have in the Fidelity brand.”

Strategic Vision for 2025

Managing Director Dr. Onyeali-Ikpe unveiled the bank’s strategic roadmap for 2025, emphasizing plans to:

• Complete the next phase of capital raise.
• Strengthen asset base and operational efficiency.
• Invest in digital innovation.
• Explore regional expansion into selected African markets.

Dividend Declaration and Board Resolutions

In recognition of the impressive performance, shareholders approved a final dividend payout of ₦1.25 kobo. Additional AGM resolutions included:

• Election of non-executive directors Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam.
• Election of Mr. Sufiyanu Ibrahim Garba as Executive Director.
• Re-election of non-executive directors Mr. Mustapha Chike-Obi and Engr. Henry Obih.

Recognized Excellence in Banking

Fidelity Bank’s performance has not gone unnoticed. The bank has won multiple awards including:

• Excellence in Digital Transformation & MSME Banking Award – BusinessDay BAFI Awards 2024.
• Most Innovative Mobile Banking Application – Global Business Outlook 2024.
• Most Innovative Investment Banking Service Provider – Global Brands Magazine 2024.
• Best Bank for SMEs in Nigeria – Euromoney Awards for Excellence 2024.
• Export Financing Bank of the Year – BusinessDay BAFI Awards 2024.

Fidelity Bank: A Growing Force in Nigerian Banking

With a customer base of over 9.1 million and a strong footprint across 255 business locations in Nigeria and the UK, Fidelity Bank continues to solidify its position as one of Nigeria’s top-tier financial institutions. Its customer-centric approach, innovative banking services, and commitment to value creation for shareholders have earned it a place among the elite in the country’s banking sector.

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