Fidelity Bank Plc has earned widespread commendation from shareholders following a stellar financial performance in the 2024 fiscal year, marked by a staggering 210% growth in Profit Before Tax (PBT) to N385.2 billion.
At the bank’s 37th Annual General Meeting (AGM) held virtually on April 29, 2025, shareholders praised the leadership and strategic direction that have positioned Fidelity among Nigeria’s top-tier financial institutions. National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, described the results as “superlative,” highlighting the bank’s emergence as one of the top three dividend-paying institutions in the country.
“This is a bank we are proud of,” he said. “Management and staff have given us reasons to be confident in Fidelity’s future.”
Similarly, Sir Tunji Okelana, Chairman of the Zonal Shareholders Committee, applauded the Managing Director, Dr. Nneka Onyeali-Ikpe, for surpassing the achievements of her predecessors. “She and her team are the true embodiment of Fidelity, they keep their word,” he said.
The bank’s Board Chairman, Mr. Mustafa Chike-Obi, noted that despite global economic challenges, Fidelity Bank demonstrated “exceptional resilience,” achieving record growth across all key metrics. The bank also reported a successful first phase of its capital raise initiative, with the public offer oversubscribed by 237.9% and the rights issue by 137.7%.
“This oversubscription reflects the strength of our brand and investor trust,” Chike-Obi added, promising swift completion of the second tier of the capital raise.
Looking ahead, Dr. Onyeali-Ikpe outlined priorities for 2025 that include completing the capital raise, enhancing operational efficiency and digital innovation, and expanding into select African markets.
Fidelity’s 2024 financial results show a robust 87.7% increase in gross earnings to N1.04 trillion, fueled by a 106.9% rise in interest and similar income. Deposits grew by 47.9% to N5.9 trillion, while total loans and advances increased to N4.4 trillion.
Key resolutions passed at the AGM included a final dividend payout of N1.25 kobo per share and the election and re-election of board members, reinforcing governance stability.
With over 9.1 million customers served through digital channels, 255 business offices, and its UK subsidiary FidBank UK Limited, Fidelity continues to earn recognition. In 2024 alone, the bank bagged multiple local and international awards, including accolades for digital transformation, innovation in mobile banking, and SME support.
