Fidelity Bank shareholders reap big as profits surge

Fidelity Bank Plc has earned widespread praise from its shareholders following an outstanding financial performance for the 2024 fiscal year. At the bank’s 37th Annual General Meeting (AGM), held virtually on April 29, 2025, shareholders lauded the management and board for delivering record-breaking results.

Chief Boniface Okezie, National Chairman of The Progressive Shareholders Association, applauded the bank’s ranking among Nigeria’s top three dividend-paying institutions, describing it as a remarkable milestone. Similarly, Sir Tunji Okelana, Chairman of the Zonal Shareholders Committee, praised Managing Director Dr. Nneka Onyeali-Ikpe, calling her tenure the most successful in Fidelity’s history and commending her leadership team.

Chairman of the Board, Mr. Mustafa Chike-Obi, attributed the strong results to the bank’s resilience in the face of global economic pressures. He highlighted key achievements, including a 210% increase in Profit Before Tax and investor confidence shown by the oversubscription of the bank’s recent capital raise initiative.

In her address to shareholders, Dr. Onyeali-Ikpe detailed the bank’s strategic focus for 2025. Plans include concluding the next phase of the capital raise, strengthening the bank’s asset base, enhancing operational efficiency, and accelerating digital innovation. She also announced the bank’s intention to expand regionally into selected African markets, building on its 2024 momentum.

According to Fidelity Bank’s 2024 Annual Report, Gross Earnings rose by 87.7% to N1.043 trillion, driven by a 106.9% growth in interest income. Customer deposits jumped from N4.0 trillion in 2023 to N5.9 trillion in 2024, while loans and advances grew from N3.1 trillion to N4.4 trillion, underscoring the bank’s strong financial health and sustained growth.

Shareholders also approved key resolutions, including the declaration of a final dividend of N1.25 per share and the appointment and re-election of several directors.

With over 9.1 million customers across Nigeria and the United Kingdom, Fidelity Bank continues to reinforce its position as one of the most innovative and SME-focused financial institutions in the country.