Banking and Finance
FY 2024: Fidelity Bank records a 210.0% growth in PBT to N385.2bn
…Declares a total dividend of N2.10 per share
Lagos, Nigeria, March 29, 2025: 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.
Banking and Finance
Fidelity Bank Partners YEIDEP to Empower Nigerian Students
Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative designed to equip young Nigerians with the skills, support and opportunities required to build sustainable livelihoods.As part of the collaboration, Fidelity Bank is supporting the enrolment of students and young people into the YEIDEP programme, which aims to address youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.The next phase of the initiative will take place at Nnamdi Azikiwe University, Awka, where the institution has confirmed its readiness to host the enrolment exercise for students and youths across the Southeast region. According to the Office of the Vice Chancellor, the exercise is scheduled to hold from July 1 to July 3, 2026, at the University’s Convocation Arena and is expected to target more than 60,000 regular undergraduate students.Speaking on the partnership, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc, noted that empowering young people remains central to the bank’s vision of building a more inclusive and prosperous society.”At Fidelity Bank, we believe that Nigeria’s greatest asset is its people, particularly its youths. Equipping young Nigerians with the right skills, opportunities and financial support is essential to unlocking their potential and accelerating national development.”Through our digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships, we continue to provide young people with the tools they need to succeed in an increasingly competitive world. We recognize that access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and we are committed to creating pathways that help them overcome these barriers”, said Ede.The Bank added that its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises, which remain critical drivers of economic growth and job creation in Nigeria.Interested youths and students are encouraged to open accounts and register through the dedicated Fidelity Bank portal at https://eserve.fidelitybank.ng/oap/?youth=true.
Banking and Finance
Union Bank Calls for Collaborative Advocacy at NCF World Environment Day Symposium
L-R: Director, Communication, Policy and Advocacy, Nigerian Conservation Foundation (NCF), Mr. Kunle Olawoyin; Conservation Educator, National Park Service, Mrs. Ilesanmi Zuliat Hussain; Director, Business Development and Partnership, NCF, Mr. Uchenna Achunine; Chief Brand and Marketing Officer, Union Bank of Nigeria, Mrs. Olufunmilola Aluko; Divisional Head, Corporate Affairs, FCMB, Mr. Diran Olojo; Director, Department of Pollution Control and Environmental Health, Federal Ministry of Environment, Mrs. Olabimpe Adenaike; and Partner, KENNA Legal Practitioners, Mr. Daze Nga at the Nigerian Conservation Foundation Symposium held on June 19, 2026 at the Lekki Conservation Centre, Lekki, Lagos for the commemoration of World Environment Day.
Lagos, Nigeria – Union Bank, in partnership with the Nigerian Conservation Foundation (NCF), commemorated the 2026 World Environment Day with a symposium at the Lekki Conservation Centre in Lagos, calling for stronger collaboration to confront climate change, advance conservation and equip young people to lead a more sustainable future.
The gathering brought Union Bank together with leading stakeholders for frank discussions on environmental sustainability, climate action and shared responsibility, in keeping with this year’s World Environment Day theme, “Inspired by Nature. For Climate. For Our Future.” The conversation reflected a growing global consensus, captured in Sustainable Development Goal 13 on climate action and Sustainable Development Goal 17 on partnerships, that no single institution can meet the climate challenge alone.
Delivering her goodwill message, Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilola Aluko, urged businesses to match their commitments with action and pointed to the decisive role of finance in shaping a greener economy. She said,
“As a Bank that has been part of Nigeria’s story for over a century, Union Bank recognises that sustainable development and environmental responsibility must go hand in hand. We believe businesses have a role to play not only in what they say, but also in what they do. Banks play an important role because they help determine where capital flows. The choices financial institutions make about what to fund and what to encourage help shape the kind of economy we build. This is a responsibility we take seriously at Union Bank, and it is one of the reasons gatherings like these matter to us.”
Her remarks echo the globally recognised principle that the financial sector is a powerful lever in the transition to a low carbon economy, where decisions on lending and investment can either accelerate or slow the shift to cleaner growth.
In his keynote address, the Director General of the Nigerian Conservation Foundation, Dr Joseph Daniel Onoja, framed conservation as a matter of human survival:
“Nature has placed all the models that we need to be able to live well in it. When we talk about nature conservation or environmental conservation, we’re saying human conservation because nature, Mother Earth, will always take care of herself. If we don’t take care of it, it will take care of itself by getting rid of us. Now, it is in our best interest to take care of the earth and learn from her, because she has provided everything we need to do so.”
A panel session featuring secondary school students from within and beyond Lagos brought an intergenerational dimension to the day. The students urged businesses and individuals to prioritise climate conscious investments and cleaner energy sources, and exhibited innovations that turned waste into interior décor and clean energy. Their work offered a vivid illustration of Sustainable Development Goal 12 on responsible consumption and production, and of the creativity a younger generation brings to the climate conversation.
Union Bank remains committed to supporting initiatives that advance environmental protection, ecosystem restoration and the development of more sustainable communities for present and future generations. For an institution that has been part of Nigeria’s story for more than a century, safeguarding the environment is inseparable from building an economy that endures.
Banking and Finance
Fidelity Bank Wins DBN Award for Expanding First-time Credit Access to MSMEs
L -R: Nneoma Onuoha, Acting Team Lead, Development Finance & Intervention Funds, Fidelity Bank Plc; Anthony Asonye, Managing Director/Chief Executive Officer, Impact Credit Guarantee Limited (ICGL); Ugochi Osinigwe, Divisional Head, Small and Medium-scale Enterprises Banking; Imaobong Nkanta, Product Manager, SME Banking; and Chiwuike Okere, Team Lead, SME Banking, (all of Fidelity Bank Plc); at the Development Bank of Nigeria Service Ambassadors Award which held recently in Lagos.
Fidelity Bank Plc has again reinforced its leadership in small and medium-scale business banking as it emerged the winner of the Development Bank of Nigeria (DBN) Service Ambassadors Award for the Highest Impact on MSMEs Accessing Credit for the First Time.The award recognises the Deposit Money Bank that has successfully onboarded previously unbanked or credit excluded Micro, Small and Medium Enterprises across Nigeria, reflecting Fidelity Bank’s sustained commitment to deepening financial inclusion, improving access to credit and supporting enterprise growth.Speaking on the recognition, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe, expressed appreciation to DBN and reaffirmed the bank’s commitment to the growth of small and medium-scale businesses across the country.“We sincerely thank the Development Bank of Nigeria for this recognition, which affirms the impact of our work in expanding access to finance for MSMEs, especially businesses accessing formal credit for the first time. At Fidelity Bank, we remain devoted to supporting SMEs with the right mix of funding, advisory services, capacity building, market access and digital solutions that enable them to grow, create jobs and contribute meaningfully to the economy,” Osinigwe said.She added that the award would further encourage the bank to deepen its interventions in the SME sector and continue to provide practical solutions that help entrepreneurs overcome barriers to growth.The latest recognition builds on Fidelity Bank’s long-standing partnership with DBN and its consistent support for Nigeria’s MSME ecosystem. In 2025, the bank received the DBN Innovation Award in the Deposit Money Bank category, in recognition of its outstanding contribution to the development and delivery of innovative financial products and services tailored to MSMEs. The bank had also received the 2020 DBN Service Award for the Highest Disbursement to DBN-focused locations, a recognition that highlighted its role in facilitating access to affordable funding for small and medium-scale businesses across targeted markets.Over the years, Fidelity Bank has implemented several initiatives that support small and medium-scale businesses beyond access to loans. For instance, the bank established the Fidelity SME Hub in Gbagada, Lagos, as a dedicated facility for entrepreneurs, offering access to training halls, meeting rooms, networking spaces, business advisory support and creative studios for content production.The bank also recently launched its Fidelity Quarterly Business Forum, a strategic engagement platform designed to connect SME founders, business leaders, policymakers and industry experts for practical discussions on business growth, trade, innovation and sustainability. The maiden edition, held in Port Harcourt, focused on scaling trade and distribution businesses for sustainable growth, while providing entrepreneurs with relevant insights, networking opportunities and advisory support.In addition, Fidelity Bank has continued to support entrepreneurs through its SME Masterclass Series, which deliver practical capacity building in areas such as pricing, product quality, online sales, business visibility and preparation for international expansion. The initiative forms part of the bank’s broader commitment to equipping SMEs with tools they can apply immediately to improve competitiveness and profitability.The bank has also played a key role in the disbursement of the Federal Government of Nigeria MSME Intervention Funds, administered by the Bank of Industry, with a strategic focus on supporting qualified businesses and empowering women owned enterprises. Through its nationwide branch network, digital banking platforms and experienced relationship managers, Fidelity Bank continues to provide structured support to entrepreneurs across urban and rural communities.Fidelity Bank’s broader SME support architecture also includes export development and market access programmes. Through the Fidelity Nigeria International Trade and Creative Connect, the bank connects Nigerian businesses to international markets, including the United Kingdom and the United States. It also partners with the Nigerian Export Promotion Council and Lagos Business School on the Export Management Programme, which equips entrepreneurs and aspiring exporters with the skills, knowledge and networks required to compete in regional and global markets.The bank’s partnership with the National Credit Guarantee Company further strengthens its support for MSMEs by helping to reduce lending risks and expand access to finance. The collaboration also includes financial literacy and business management training to help MSME beneficiaries manage their loans effectively and build sustainable enterprises.With these interventions, Fidelity Bank continues to demonstrate a multi-dimensional approach to SME development, combining finance, advisory services, capacity building, digital enablement, market access and strategic partnerships to support businesses at different stages of growth.Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
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