Shareholders hail Fidelity Bank’s 2024 results, endorse growth plans

Fidelity Bank Plc has received strong commendation from its shareholders following the release of its impressive 2024 financial year (FY) performance results.

At the bank’s 37th Annual General Meeting (AGM), held virtually on Tuesday, April 29, 2025, shareholders applauded the board and management for delivering what they described as a “superlative” financial performance and positioning the bank among Nigeria’s top-tier lenders.

Speaking during the AGM, the National Chairman of the Progressive Shareholders Association, Chief Boniface Okezie, praised the bank for exceeding expectations.

“This is a superlative performance, and we the shareholders are grateful to management and staff for giving us a bank to be proud of. Fidelity Bank has rightfully earned its position as one of the top three dividend-paying financial institutions in Nigeria,” he stated.

Similarly, the Chairman of the Zonal Shareholders Committee, Sir Tunji Okelana, commended the bank’s leadership and workforce, singling out the impact of Managing Director/CEO, Dr. Nneka Onyeali-Ikpe.

“The achievements of the current MD have surpassed those of anyone who has held the office before her. The staff working with her are true assets to the institution. They truly embody the Fidelity brand—they keep their word,” he said.

The Chairman of the Board of Directors, Mr. Mustafa Chike-Obi, described FY 2024 as a landmark year in the bank’s growth trajectory.

“Despite global economic headwinds, we demonstrated exceptional resilience, achieving record-breaking growth across all performance indicators, most notably our Profit Before Tax (PBT),” Chike-Obi said.

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He also highlighted the resounding success of the bank’s capital raise initiative, which was oversubscribed by 237.9% in its Public Offer and 137.7% in the Rights Issue.

“This strong show of investor confidence is a testament to the strength of the Fidelity brand. We are moving swiftly to complete the next phase of our capital-raise exercise,” he added.

In her address to shareholders, MD/CEO Dr. Onyeali-Ikpe outlined the bank’s forward-looking strategy for 2025.

“Our priorities this year include completing the next stage of our capital raise, strengthening our asset base, enhancing operational efficiency, accelerating digital innovation, and pursuing strategic regional expansion across select African markets,” she said.

Fidelity Bank’s 2024 annual report revealed an exceptional 210% growth in Profit Before Tax (PBT), rising to N385.2 billion. Gross earnings climbed by 87.7% to N1.04 trillion, bolstered by a 106.9% increase in interest and similar income, which hit ₦950.6 billion.

Customer deposits grew significantly by 47.9%, moving from ₦4.0 trillion in FY 2023 to ₦5.9 trillion, while loans and advances increased from ₦3.1 trillion to ₦4.4 trillion

The AGM also saw the passage of key resolutions, including the declaration of a final dividend of ₦1.25 per share.

Shareholders approved the election of new board members: Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam as non-executive directors, and Mr. Sufiyanu Ibrahim Garba as executive director. The re-election of Mr. Mustafa Chike-Obi and Engr. Henry Obih as non-executive directors was also ratified.

Fidelity Bank continues to expand its footprint in the Nigerian and international banking sectors, serving over 9.1 million customers via its digital platforms, 255 business offices across Nigeria, and its United Kingdom-based subsidiary, FidBank UK Limited.