Fidelity Bank’s profit surges 

Fidelity Bank has captured the attention of investors and industry analysts following a remarkable 210 percent surge in its Profit Before Tax (PBT) for the 2024 financial year, marking one of the most significant growth stories in Nigeria’s banking sector. Pan-African investment advisory expert, Udeme Etukeyen, expressed deep admiration for the bank’s performance, calling it […]

Fidelity Bank has captured the attention of investors and industry analysts following a remarkable 210 percent surge in its Profit Before Tax (PBT) for the 2024 financial year, marking one of the most significant growth stories in Nigeria’s banking sector.

Pan-African investment advisory expert, Udeme Etukeyen, expressed deep admiration for the bank’s performance, calling it “nothing short of astonishing.”

In a recent commentary, Etukeyen highlighted the figures and strategies that have positioned Fidelity Bank as a rising star in the financial services landscape.

According to the bank’s full-year 2024 financial results, Fidelity Bank recorded a PBT of N385.2 billion, a massive jump from the previous year. The bank’s deposits also climbed by 47.9 percent, rising from N4.0 trillion in 2023 to N5.9 trillion in 2024. Gross earnings reached N1.043 trillion, reflecting an 87.7 percent increase, driven mainly by a 106.9 percent rise in interest and similar income.

“Was I impressed? Absolutely,” Etukeyen stated. “These results were nothing short of astonishing, and with great hope I sat my team to review our investment strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.”

The bank’s Q1 2025 results further reinforced investor confidence. Fidelity posted a 167.8 percent year-on-year increase in PBT, totaling N105.8 billion, up from N39.5 billion in Q1 2024. Gross earnings for the first four months of 2025 hit N315.4 billion, marking a 64.21 percent increase from the same period last year.

Etukeyen attributed Fidelity’s rise to a combination of strategic focus areas and solid leadership.

“We quickly appraised the fundamentals and key success factors to include their focus on the strategic youth economy, the creative and digital transformation sector, bullish inroads in MSME financing, and gender inclusion,” he said.

He also praised the bank’s executive leadership, particularly its Managing Director.

“My team of analysts, mostly female, went on about Fidelity MD being one of the most experienced and affable Amazons in the industry,” Etukeyen noted. “Truth remains you can’t but admire the bank’s leadership and strides.”

Beyond domestic growth, Fidelity Bank is also making global moves. Etukeyen pointed to the strategic acquisition of Union Bank UK and the bank’s planned expansion into other African and European markets as indicators of bold ambition.

“You just can see that such daring strides and impact would give competition and detractors sleepless nights,” he observed.

However, the investment expert also raised concerns about negative narratives being spun around the bank following its success.

He described efforts to stir controversy over a legal case involving one of the bank’s customers as “contemptuous” and “designed to destroy value.”

“With that judgement not going the way of pundits, a contemptuous attempt at calculating interest at unclassified rates from an initial N14 billion to cause an unnecessary scare or negative press on the bank speaks volumes,” he remarked.

Etukeyen called for a measured and professional response from the media and financial observers, stating that computations arising from the case should be handled calmly and transparently rather than through speculative reporting.

“One would think that interpretation of the judgment and computation of due figures be awaited instead of the usual bad blood generated and envisaged by toddler media characters,” he said.

Moreso, Etukeyen affirmed his faith in Fidelity Bank’s future, saying “It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel,” he wrote.