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FY 2024: Fidelity Bank Records A 210.0% Growth In PBT To N385.2bn

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…Declares a total dividend of N2.10 per share

 

Leading financial institution, Fidelity Bank Plc, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.

 

According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.

 

Commenting on the results, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”

 

A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024. To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.

 

Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types. The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.

 

Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.

 

“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.

 

Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.

 

It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively. The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%. The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.

 

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

 

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit

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The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.

 

Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.

 

The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.

 

Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.

 

In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.

 

Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.

 

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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly

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The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.

 

The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.

 

This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.

 

According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).

 

The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.

 

“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.

 

The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.

 

Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.

 

The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.

 

“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.

 

The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”

 

It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.

 

JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.

 

 

 

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Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara

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Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.

 

Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.

Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.

Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.

The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.

According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.

“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.

“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.

“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.

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