Fidelity Bank CEO Acquires ₦239 Million Worth of Shares

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 worth N239.4 million.\

The transaction, which occurred between November 21 and 22, 2024, was executed at an average price of N15.96 per share. According to a disclosure on the Nigeria Exchange Limited on Monday, Onyeali-Ikpe purchased 9 million shares at N16.10 each and an additional 6 million shares at N15.75 per share.

This acquisition, reported as part of an insider trading notification, complies with regulatory requirements for share transactions by directors of listed companies.

In related news, Fidelity Bank Plc reported a strong financial performance for the third quarter of 2024. The bank’s gross earnings surged to N772.5 billion, a 98.7% increase from N388.8 billion in the same period last year. This growth was largely driven by higher interest income and other operating income.

Net interest income also grew by 141.4%, from N194.96 billion in Q3 2023 to N470.49 billion in Q3 2024. Additionally, fee and commission income rose by 54.4%, from N36.43 billion in Q3 2023 to N56.28 billion in Q3 2024, further boosting the bank’s overall performance.

Fidelity Bank’s profit before tax for the period increased by 153.9%, reaching N281.41 billion, up from N110.99 billion in Q3 2023. The bank also reported a profit after tax of N224.6 billion, a 144.3% rise from N91.75 billion in the same period last year. This growth was supported by other comprehensive income, including fair value gains on equity instruments, which grew by 141.4% to N23.66 billion from N9.79 billion in Q3 2023.

What you need to know:

Recent Developments

Rights Issue and Public Offer: In June 2024, Fidelity Bank undertook a significant capital-raising initiative, comprising a ₦29.6 billion Rights Issue and a ₦97.5 billion Public Offer. This move was part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements set by the Central Bank of Nigeria (CBN).

Share Acquisition by CEO: Recently, the CEO acquired shares worth ₦239 million. This acquisition reflects confidence in the bank’s growth prospects and stability.

Share Information

Stock Symbol: Fidelity Bank trades under the symbol “FIDELITYBK” on the Nigerian Stock Exchange (NSE).

Current Share Price: As of the latest data, the share price is around ₦16.00.

Market Performance: The bank’s shares have shown significant growth, with a 1-year change of approximately 79.78%.

Financial Health

Market Capitalization: Fidelity Bank has a market cap of around ₦512 billion.

Revenue and Net Income: The bank reported a revenue of ₦601.74 billion and a net income of ₦232.3 million.

Earnings Per Share (EPS): The EPS stands at 7.26.

Dividend History: Fidelity Bank has a history of raising its dividend for five consecutive years.