KEY POINTS
- Fidelity Bank CEO Nneka Onyeali-Ikpe acquired 15 million shares worth N239.4 million in compliance with regulatory insider trading rules.
- The bank’s Q3 2024 gross earnings surged by 98.7%, reaching N772.5 billion, driven by higher interest and operating income.
- Profit after tax increased by 144.3% to N224.6 billion, reflecting strong growth and market confidence in Fidelity Bank’s financial performance.
The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, has acquired 15 million shares of the bank in a transaction valued at N239.4 million. According to a regulatory filing disclosed on the Nigerian Exchange Limited (NGX), the transaction occurred between November 21 and 22, 2024, at an average price of N15.96 per share.
Further details revealed that Onyeali-Ikpe purchased 9 million shares at N16.10 per share and 6 million shares at N15.75 per share. This acquisition, classified as an insider trading transaction, was made in compliance with regulatory requirements for directors of publicly listed companies.
Strong financial results drive market confidence
The share purchase comes amid Fidelity Bank’s impressive financial performance for the third quarter of 2024. Gross earnings surged to N772.5 billion, representing a 98.7% increase from the N388.8 billion reported in Q3 2023. The remarkable growth was attributed to higher interest income and increased operating income, which bolstered the bank’s revenue streams.
Net interest income also recorded a significant rise of 141.4%, climbing from N194.96 billion in Q3 2023 to N470.49 billion in Q3 2024. Fee and commission income further contributed to the strong performance, increasing by 54.4% to N56.28 billion, compared to N36.43 billion in the same period last year.
Profit growth showcases strong performance
Profit before income tax soared by 153.9% to N281.41 billion, compared to N110.99 billion in Q3 2023. Profit after tax also demonstrated robust growth, rising by 144.3% to N224.6 billion from N91.75 billion in the prior year. Fidelity Bank attributed its profit growth to gains from equity instruments, with other comprehensive income increasing by 141.4% to N23.66 billion from N9.79 billion in Q3 2023.
Onyeali-Ikpe’s acquisition reflects confidence in the bank’s future prospects, underpinned by its exceptional financial performance. As Fidelity Bank continues to expand its earnings and profitability, investor sentiment remains high, reinforcing the institution’s position as a leading player in Nigeria’s banking sector.
