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Key Points
- Fidelity Bank CEO Nneka Onyeali-Ikpe acquired 15 million shares valued at N239.4 million ($141,794), reflecting confidence in the bank’s growth trajectory.
- Fidelity Bank reported stellar Q3 2024 financial results, with gross earnings surging by 98.7% to N772.5 billion ($457.54 million) and profit after tax rising by 144.3% to N224.6 billion ($133.03 million).
- The share acquisition aligns with Fidelity Bank’s performance under Onyeali-Ikpe’s leadership, showing its firm position in Nigeria’s banking sector.
Nneka Onyeali-Ikpe, managing director and CEO of Fidelity Bank Plc, has demonstrated her confidence in the bank’s future by acquiring 15 million shares. The transaction, valued at N239.4 million ($141,794), took place over two days, between November 21 and 22, 2024. Onyeali-Ikpe purchased 9 million shares at N16.10 per share ($0.0095) and an additional 6 million shares at N15.75 per share ($0.0093), resulting in an average acquisition price of N15.96 per share ($0.0094).
The transaction was disclosed to the Nigerian Exchange Limited (NGX) in compliance with regulatory requirements for insider dealings by directors of publicly listed companies. This acquisition highlights Onyeali-Ikpe’s personal belief in Fidelity Bank’s strategic direction and growth potential.
Fidelity Bank’s financial highlights
The share purchase coincides with Fidelity Bank’s impressive financial results for the third quarter of 2024. The bank reported a remarkable 98.7-percent increase in gross earnings, reaching N772.5 billion ($457.54 million), compared to N388.8 billion ($230.35 million) in the same period last year.
Fidelity Bank’s net interest income also saw significant growth, rising by 141.4 percent to N470.49 billion ($278.67 million), up from N194.96 billion ($115.47 million) in Q3 2023. The bank’s fee and commission income surged by 54.4 percent, reaching N56.28 billion ($33.33 million).
Profit before tax (PBT) soared by 153.9 percent to N281.41 billion ($166.68 million), up from N110.99 billion ($65.73 million) in Q3 2023. Profit after tax (PAT) increased by 144.3 percent, reaching N224.6 billion ($133.03 million), compared to N91.75 billion ($54.37 million) in the same period last year.
CEO’s confidence in Fidelity Bank’s growth
Onyeali-Ikpe’s acquisition of shares underscores her confidence in Fidelity Bank’s ability to maintain its impressive growth trajectory. The bank’s continued focus on innovation, customer satisfaction, and sustainable growth in a highly competitive banking environment is reflected in her decision.
Under Onyeali-Ikpe’s leadership, Fidelity Bank has consistently demonstrated resilience and adaptability, leveraging technology and strategic partnerships to drive service delivery and financial performance. Her personal investment in the bank signals her strong belief in its long-term potential.
Fidelity Bank’s role in Nigeria’s financial landscape
Fidelity Bank has solidified its position as one of Nigeria’s leading financial institutions, known for delivering value to its customers and shareholders. The bank has made notable strides in expanding its digital banking services and promoting financial inclusion across the country.
Beyond its financial achievements, Fidelity Bank’s ability to navigate the challenges of the Nigerian economic environment highlights its strong governance framework and operational efficiency. Onyeali-Ikpe’s recent investment serves as a testament to the bank’s robust fundamentals and promising future.
