Fidelity Bank Plc has posted an impressive financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion—a 167.8 percent increase compared to the N39.5 billion reported in the same period in 2024.
According to the unaudited financial statements released on April 30, 2025, and published on the Nigerian Exchange (NGX), the bank also saw its Gross Earnings rise to N315.4 billion, marking a 64.2 percent year-on-year growth from N192.1 billion in Q1 2024.
The growth in earnings was attributed to a 38.6 percent year-on-year expansion in interest-generating assets and a significant boost in non-interest revenue, including gains from foreign exchange transactions, trade income, and commissions from increased customer activity.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, expressed satisfaction with the performance. “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year,” she said.
The report also highlights strong deposit growth, with Total Deposits rising by 11.1 percent year-to-date (ytd) to N6.6 trillion from N5.9 trillion in December 2024. Low-cost deposits grew by 10.6 percent to N6.1 trillion, representing 92.2 percent of total customer deposits. Local currency deposits increased by 2.0 percent, while foreign currency deposits jumped by 21.4 percent—from \$1.9 billion in December 2024 to \$2.3 billion.
Net Loans and Advances rose by 5.0 percent ytd to N4.6 trillion, with growth concentrated in local currency lending. The bank’s cost of risk improved, dropping to 0.6 percent from 1.5 percent in the 2024 financial year.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.
Fidelity Bank Plc, a Tier-1 commercial bank, serves 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 garnered several accolades for excellence, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay BAFI Awards, Most Innovative Mobile Banking Application award by Global Business Outlook, and Most Innovative Investment Banking Service Provider by Global Brands Magazine. It was also named Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and Export Financing Bank of the Year by BusinessDay BAFI Awards.