Our N2.10 Dividend to Shareholders Shows Capacity to Deliver Superior Returns—Fidelity Bank

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 April 29, 2025.

The dividend will be paid on April 29, 2025, to shareholders whose names appear on the register of members as of April 15, 2025.

Last week, the bank released its 2024 full-year audited financial statements, reporting a 210 per cent growth in profit before tax to N385.2 billion versus the N124.3 billion achieved in 2023, and a 179.6 per cent improvement in ...-tax profit to N278.1 billion.

As for the top-line, the lender grew its gross earnings by 87.7 per cent to N1.043 trillion, driven by 106.9 per cent rise in interest and similar income to N950.6 billion.

The increase in interest income was led by a combination of improved yield on earnings assets and 51.6 per cent expansion in earnings base to N6.3 trillion.

In the period under consideration, the bank’s net interest income increased by 127.1 per cent to N629.8 billion, driven by a high-yield environment in 2024.

To optimize its margin, the company sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6 per cent, leading to a jump in its net interest margin to 12.0 per cent from 8.1 per cent in the preceding year.

Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9 per cent to N5.9 trillion from N4.0 trillion in 2023FY due to strong double-digit growth across all deposit types.

The retail banking business gained significant traction with savings deposits increasing by 28.8 per cent to N1.1 trillion, 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 and advances to N4.4 trillion in 2024 from N3.1 trillion in 2023.

“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 per cent) in Profit Before Tax (PBT), rising from N124.3 billion in 2023 to N385.2 billion in 2024.

“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,” Mrs Onyeali-Ikpe stated.

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 per cent and 137.73 per cent, respectively.

The positive result is a testament to the strength of the bank’s franchise in the capital market. A total of N175.9 billion 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 per cent.

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.