Fidelity Bank Soars: PBT Jumps 167.8% to ₦105.8 Billion in Q1 2025

The unverified financial reports published by the bank on the Nigerian Stock Exchange (NSE) as of April 30, 2025, show a significant rise in Gross Earnings, jumping up to N315.4 billion. This represents an annual surge of 64.2%, compared with N192.1 billion during the corresponding timeframe previously.

The growth in interest income was mainly driven by a significant year-over-year (YoY) rise of 38.6% (and 7.4% year-to-date [YTD]) in the earnings asset base. Non-interest revenues saw an uptick due to foreign exchange (FX)-related gains, trading activities, and commissions from various banking services, all bolstered by heightened customer activity.

Regarding the bank’s performance, Dr. Nneka Onyeali-Ikpe, OON, who serves as the Managing Director and CEO of Fidelity Bank Plc, commented, “At the beginning of the year, we achieved over 100% growth in profits and maintained this positive trend in the expansion of our earning assets.”

This demonstration highlights the robustness of our business strategy and strengthens our belief in achieving improved outcomes for the 2025 fiscal year.

Other sections of the unaudited financial statements also indicate significant progress, with Total Deposits rising by 11.1% year-to-date (ytd) to ₦6.6 trillion from ₦5.9 trillion as of December 2024. This growth was largely fueled by an increase of 10.6% ytd in low-cost deposits reaching ₦6.1 trillion, accounting for 92.2% of all customer deposits. Additionally, local currency deposits saw a modest rise of 2.0% ytd, whereas foreign currency deposits surged by 21.4%, jumping from $1.9 billion in December 2024 to $2.3 billion.

Net loans and advances rose by 5.0% year-to-date to reach ₦4.6 trillion. The expansion in the bank’s loan portfolio primarily benefited local currency loans, with the cost of risk dropping to 0.6% from 1.5% in the fiscal year 2024.

“Starting the year with this optimistic drive strengthens our dedication to fostering individual and business development, all while improving our financial stability. Moving forward for the remainder of the year, we continue to concentrate on establishing a robust banking presence characterized by a varied income portfolio,” Onyeali-Ikpe noted additionally.

Fidelity Bank Plc, which ranks among the top financial institutions in Nigeria, operates as a comprehensive Deposit Money Bank catering to more than 9.1 million clients via digital platforms, 255 branches across Nigeria, and its UK subsidiary, FidBank UK Limited.

The Bank has received numerous national and global accolades, such as the 2024 Excellence in Digital Transformation & MSME Banking Award from the BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application prize for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider recognition by Global Brands Magazine.

Moreover, the bank received recognition as the Best Bank for Small and Medium Enterprises (SMEs) in Nigeria from the Euromoney Awards for Excellence and was named the Export Financing Bank of the Year at the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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