By Aduragbemi Omiyale

The chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, has said the total dividend of N2.10 per share to shareholders for the 2024 financial year is a demonstration of the company’s capacity to deliver superior returns to investors.

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 the post-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.

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) on Tuesday revealed that its Net Foreign Exchange Reserves (NFER) position stood at $23.11 billion as of December 31, 2024, as gross external reserves also increased to $40.19 billion from $33.22 billion at the close of 2023.

In a notice yesterday, the apex bank said this was its highest NFER in more than three years, as it was higher than the 2023, 2022, and 2021 figures by $3.99 billion, $8.19 billion, and $14.59 billion, respectively.

It noted that the latest NFER only shows a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.

The banking sector watchdog disclosed that the expansion occurred even as it continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position.

The CBN stated that the rise in reserves reflects a combination of strategic measures it has undertaken, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations.

The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” the Governor of the central bank, Mr Olayemi Cardoso, commented.

NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.

Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.

Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.

By Aduragbemi Omiyale

Customers of a mid-level commercial bank in Nigeria, FCMB Limited, are finding it difficult to use their debit cards to complete their financial transactions, Business Post has learned.

However, the management of the company has apologised for this service downtime, noting that it is working effortlessly to resolve the issues.

For the past hours, FCMB customers have been unable to seamlessly use the debit cards issued by the lender to carry out transactions, leaving some of them frustrated.

While reacting to this problem, the bank said it was aware of the glitch, advising them to use any of its alternative channels like the *329# code, FCMB Mobile app and FCMB online for their transactions in the meantime as it makes efforts to resolve the issue.

“You may have been experiencing issues transacting with our debit cards. Please note that we are working quickly to fix it, and we’ll be back up in no time.

“In the meantime, please use our alternative channels for your transactions.

“Thank you for your patience and thank you for choosing FCMB,” the statement from the bank, which apologised “for all inconveniences experienced,” disclosed.