...Delivers Strong Earnings Growth and Sustained Momentum Across Key Performance Metrics
Fidelity Bank Plc, one of Nigeria's leading Tier-1 financial institutions, has reported an exceptional financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion. This reflects an impressive 167.8% growth compared to N39.5 billion reported in Q1 2024.
According to the bank's unaudited financial statements released on the Nigerian Exchange (NGX) on April 30, 2025, Gross Earnings rose to N315.4 billion, marking a 64.2% year-on-year increase from N192.1 billion in the same period of 2024. This growth was primarily driven by a 38.6% YoY (7.4% YTD) expansion in the bank’s earning assets, while non-interest revenue surged due to increases in FX-related income, trade, and commissions on banking services, reflecting higher customer transaction volumes.
Commenting on the results, Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, said: “We started the year with triple-digit profit growth and sustained momentum in expanding our earning assets. This performance highlights the resilience of our business model and reinforces our confidence in delivering even stronger results for the 2025 financial year.”
Other highlights from the unaudited financials include:
- Total Deposits grew by 11.1% YTD to N6.6 trillion, up from N5.9 trillion in December 2024. This was driven by a 10.6% YTD rise in low-cost deposits, now totaling N6.1 trillion, and representing 92.2% of total customer deposits.
- Local currency deposits increased by 2.0% YTD, while foreign currency deposits rose by 21.4%, from $1.9 billion in December 2024 to $2.3 billion.
- Net Loans and Advances grew by 5.0% YTD to N4.6 trillion, with the growth largely concentrated in local currency loans.
- Cost of risk declined to 0.6%, from 1.5% in FY 2024, underscoring improved credit quality.
Dr. Onyeali-Ikpe added: “Beginning the year with such positive momentum reinforces our commitment to supporting individuals and businesses, while enhancing our financial sustainability. As we move further into 2025, we remain focused on building a resilient, diversified banking franchise.”
Fidelity Bank Plc continues to be ranked among Nigeria’s top-performing banks, serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria, and its UK-based subsidiary, FidBank UK Limited.
The bank has also earned several local and international recognitions, including:
- 2024 Excellence in Digital Transformation & MSME Banking by BusinessDay BAFI Awards
- 2024 Most Innovative Mobile Banking Application (Fidelity Mobile App) by Global Business Outlook
- 2024 Most Innovative Investment Banking Service Provider by Global Brands Magazine
- Best Bank for SMEs in Nigeria by Euromoney Awards for Excellence
- Export Financing Bank of the Year by BusinessDay BAFI Awards