Fidelity Bank Slashes Fraud Losses by 88%, Reports Strong H1 2024 Financial Performance
Fidelity Bank, Nigeria’s commercial bank with international authorization, has made significant strides in reducing fraud losses. In the first half of 2024, the bank cut its fraud-related losses by 88%, amounting to ₦457 million—down from the ₦3.8 billion recorded in December 2023.
This improvement is reflected in the bank’s recently released financial statement and marks a notable turnaround for the institution, which had previously grappled with fraud challenges.
In 2022, Fidelity Bank was embroiled in a high-profile fraud case involving ₦874 million stolen by some employees. Since then, the bank has taken steps to mitigate fraud risks, including imposing restrictions on neobanks with inadequate Know Your Customer (KYC) processes.
The sharp decline in fraud losses underscores the bank’s commitment to maintaining responsible banking practices in the financial sector.
In addition to its fraud reduction success, Fidelity Bank posted impressive financial results for H1 2024. The bank’s profits nearly tripled, soaring from ₦61 billion to ₦159 billion, fueled by robust revenue growth and heightened customer activity.
Its UK subsidiary, FidBank UK, also experienced a remarkable turnaround. After reporting losses in 2023, the UK arm posted a profit of ₦1.2 billion in H1 2024, doubling its revenue. This success was bolstered by an infusion of ₦5.1 billion in additional capital from its parent company, raising Fidelity Bank’s total investment in FidBank UK to ₦68 billion.
Source: BenjaminDada
